Conventional Loans
Conventional 3% Down Low-Income Homebuyer Program: A Flexible and Competitive Mortgage Option
The Conventional 3% Down Low-Income Homebuyer Program is a conventional mortgage option available through private lenders, typically conforming to Fannie Mae or Freddie Mac standards.
Program Details
The Conventional 3% Down Low-Income Homebuyer Program provides competitive financing options for homebuyers, refinancers, and property investors. These programs are suitable for borrowers with good credit and stable income, offering flexibility in terms and rates.
This loan type is not insured by the government, making it ideal for those who meet standard lending criteria and seek lower overall borrowing costs.
This loan type is not insured by the government, making it ideal for those who meet standard lending criteria and seek lower overall borrowing costs.
Eligibility Requirements
- Meet standard credit and income qualifications
- Property must meet conventional appraisal guidelines
- Down payments typically range from 3% to 20%
- May require private mortgage insurance (PMI) for LTV > 80%
- Intended for primary, secondary, or investment properties
- Property must meet conventional appraisal guidelines
- Down payments typically range from 3% to 20%
- May require private mortgage insurance (PMI) for LTV > 80%
- Intended for primary, secondary, or investment properties
Program Benefits
- Broad range of loan terms and structures
- Lower interest rates for strong borrowers
- No upfront mortgage insurance premium
- Can be used for a wide variety of property types
- Flexible refinancing and renovation options
- Lower interest rates for strong borrowers
- No upfront mortgage insurance premium
- Can be used for a wide variety of property types
- Flexible refinancing and renovation options
How to Apply
1. Choose a conventional lender or broker
2. Submit income, asset, and credit documentation
3. Property appraisal and underwriting
4. Receive approval and close on the loan
5. Begin monthly payments under agreed terms
2. Submit income, asset, and credit documentation
3. Property appraisal and underwriting
4. Receive approval and close on the loan
5. Begin monthly payments under agreed terms
Program Overview
Category
Conventional Loans
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.