Another great low down payment option mortgage is the Fannie Mae Conventional 97 which only requires a 3% down payment. The 3% Down Payment Conventional Mortgage is here! There are other 3% down programs like Home Possible and Home Ready but they have slightly different qualifying criteria. Qualifying for this low down payment mortgage option in San Marcos, San Diego or anywhere in CA has never been easier.
This 3% down payment conventional mortgage program is designed and perfect for the first time home buyer who has decent credit but lacks a big down payment and is looking for an alternative to an FHA loan. Unlike other 3% down programs it does not have income restrictions or census track requirements. As with any mortgage with less than 20% down there will be some form of mortgage insurance.
- 640+ Fico Score
- At least one borrower must be a first time home buyer
- Primary Residence Only
- Debt to Income may exceed 45%
- Flexible reserve requirements
- Home buyer education is required
- No income caps
Do you Qualify? Is This Mortgage Program Right For You?
With so many mortgage options out there it’s hard to know which way to turn. You need to get pre-approved today!
Call or text (760) 565-2436 or email me and I will walk you through the programs and how to qualify. It’s free and easy.
Like what you see? Let’s get started.
Other low down payment loans you may be interested in:
Research Options Learn About Jason Your Mortgage
See Today’s Rates About Us Apply Now
Buy a House Facebook Call (760) 565-2436
Refinance Instagram Sign up for Emails
Our Blog Contact Us
Calculator The Mortgage Process