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Swee Ng
Conventional 3% Down Payment for buying a house in Phoenix AZ
Posted on January 12, 2014Conventional 3% Down is a Fannie Mae program that requires a minimum down payment of 3% for homebuyers with limited funds. This is a lower down payment than FHA financing, and these loans also usually have lower mortgage insurance (MI) costs.
Our Lender Partner - Academy offers 30-year fixed-rate Conventional 3% Down loans with these benefits:
- Financing: 97% financing with a 3% down payment (gift funds allowed). Closing costs may be paid by the property seller, employer-assistance, or with gift funds.
- Mortgage insurance (MI): Flexible plans and payment options for MI. No upfront MI required. Unlike some other loan programs, MI drops off automatically when the loan is paid down to 78% loan-to-value.
- Qualifications: The loan must be approved through Fannie Mae’s automated Desktop Underwriter system. One borrower must be a first-time homebuyer.
- Eligible properties: One-unit, primary residence; planned unit development (PUD), and Fannie Mae-eligible condominiums.
Several low down payment financing options including; Down Payment Assistance Program, FHA
Swee Ng, is a Gilbert resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us.
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