Mortgage and Real Estate Blog

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Low 3% down home loans

Low down payment mortgages for first time home buyers

Just 3% DOWN PAYMENT MORTGAGES for First Time Home Buyers.

 

Minneapolis, MN: Lack of down payment money is the biggest hurdle for most first time home buyers.  We eliminate that hurdle here at Mortgages Unlimited for low and moderate income buyers in MN, WI, and SD with the HomeReady Mortgage from Fannie Mae (R).

Conventional Loan - Low Down Payment Benefits:

  • More people qualify.
  • Just 3% down payment
  • Ideal for first-time homebuyers, millennials, and low- to moderate income borrowers.
  • Flexible sources of funds for a down payment, including gifts and grants.
  • Income limits as high as 170% of area medium income – no limits in underserved areas.
  • Mortgage Insurance drops off automatically at 80%, unlike FHA loans, which stays forever.
  • Avoid minor repair issues potentially associated with FHA loans
  • Standard conventional 30-yr fixed

Not every mortgage loan is right for every person or situation.  We'll review your application to determine if this, or some other program works best for you. There is never any obligation to review your mortgage loan options.

Learn more at: http://firsttimehomebuyer-mn.com/homeready-conventional-loan.html

 

NMLS 274132.  Equal Housing Lender. Not everyone will qualify. Licensed in MN, WI, and SD only. Not an offer to enter into an interest rate lock agreement.

Comment balloon 1 commentJoseph Metzler • November 10 2016 09:32AM
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