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Conventional Low Down Payment Loan.
Down Payment As Low 3%
Use the Fannie Mae HomeReady, Freddie Mac HomePossible, or HomeOne Loan to Achieve Your Dream of Homeownership
3% Down Conventional Purchase Loan Program Benefits
- Borrowers can purchase a home with down payments as little as 3% down, provided one of the following:
- Income reported on the loan application is 80% of Fannie Mae or Freddie Mac’s Area Median Income limits; or
- One of the borrowers on the loan application is a first time homebuyer, as defined as not owning a house in the most recent three years
- Down payments can come from flexible sources including a family member gift or a loan against a 401k retirement account
- Income based programs offers reduced Mortgage Insurance Rates
- Borrower paid Mortgage Insurance permitted
- Up to 3% Seller paid closing cost assist and Down Payment Assistance programs allowed
- Loan amount up to conforming loan limits of $806,500
- Less restrictive appraisal report requirements than a comparable Government Loan appraisal report
- Safe, secure 15 and 30 Year fixed rate mortgage
Which Program is Best For You?
| Freddie Mac Home Possible | Fannie Mae Home Ready | Freddie Mac Home One | |
|---|---|---|---|
| Maximum Loan-To- Value | 97% | 97% | 97% |
| Down Payment | 3% | 3% | 3% |
| Home Buyer Education | Required. MI provided acceptable | Required. From Framework | If all borrowers are first time home buyers required from CreditSmart |
| Income Restrictions (Borrowers Only) | Home Possible® Income and Property Eligibility Tool - Freddie Mac Single-Family | Area Median Income Lookup Tool (fanniemae.com) | No |
| First Time Homebuyer | No | No | One borrower must be a first- time homeowner |
| Minimum Credit Score | 620 | 620 | 620 |
| Allowable Property Type | One Unit Only | One to Four Unit | One Unit Only |
| Ownership of Other Properties Allowed | No | Yes | No |
| Gift Allowed | Yes | Yes, for one unit only | Yes |
| Co-signers Allowed | No | Yes, with 5% Down | No |
| Reduced Mortgage Insurance | Yes | Yes | No |
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Today's Conventional Low Down Payment Loan Interest Rates
Conventional Low Down Payment Loan interest rates change on a daily basis.Â
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