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Quick application

With Millennial Home Loans quick online loan application, determining if you qualify for a Conventional Low Down Payment Loan and for how much, has never been easier.

Talk to a Conventional Low Down Payment Loan Mortgage Expert

Not ready to apply online? No problem. Answer a few questions, and a Conventional Low Down Payment Loan Mortgage Expert will call you back.

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 Loan Program Guidelines

Loan Purpose

  • Purchase
  • Refinance: Limited Cash Out Refinance

Credit Profile

  • 620 minimum middle credit score for all borrowers on the loan
  • Desktop Underwriting findings must be “Approved/Eligible” and Loan Prospector findings must be “Accept”
  • Waiting period after a major negative credit event
Conventional Loan TypeBK – Chapter 7BK – Chapter 13 DischargedBK – Chapter 13 DismissalForeclosure*Short Sale, Deed-In-Lieu, Pre-Foreclosure*Modified Mortgage*
Standard4 years2 years4 years 7 years4 years2 years
With Extenuating Circumstance2 years2 years5 years3 years (requires 10% down)2 yearsNo waiting period

* If a property was included AND surrendered (i.e. property wasn’t retained and the debt wasn’t reaffirmed) in a Chapter 7 Bankruptcy, the borrower may potentially be able to defer to the Chapter 7 waiting period Vs. the Foreclosure waiting period.

Income Restrictions

Loan Amount

  • Loan amount not to exceed 2019 conventional loan limits of $766,550 or if the property is in a High Balance area the FHFA Conforming Loan Limits


  • As determined by Automated Underwriting System. Requires a Desktop Underwriter “Approved/Eligible” and Loan Prospector findings must be “Accept” findings

Property Type

  • Owner-occupied only
  • 1 to 4 unit properties
  • Fannie Mae/Freddie Mac approved condos
  • PUD’s (i.e. Townhomes)
  • Log cabin homes provided Appraisal Report lists other comparable log cabin homes that have recently sold in the area


  • All loans must be fully documented per Agency Guidelines
  • For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)

Down Payment/Closing Costs – Purchase

  • Minimum down payment on a purchase transaction and equity position on a refinance transaction, based on transaction type:
    • Primary residence:
      • conventional loan limits: 3% (requires that all borrower(s) occupy the property and for purchase transaction that at least one borrower must be first time homebuyer)
      • high balance loan limits: 5%
      • conventional loan limits – two to four-unit property: 5%
  • Seller contribution toward buyers closing costs and escrows from 3 to 6% of the purchase price


  • Amortization period: 15 and 30-year fixed rate
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