Down Payment Options as Low as 3-5%
When most people think of Conventional Loans, they think about a 20%* down payment. However, 20% down is not always required. Conventional Loans also offer a 5%** down payment option when paired with private mortgage insurance (PMI). You can also choose between a fixed rate or adjustable rate.
For those with low- to moderate-income, there are several programs that offer financing with as low as a 3%*** down payment:
Both programs are similar, but each has slightly different qualification requirements.
Conventional Renovation Loans
Interested in purchasing a fixer-upper? We offer renovation loans through Fannie and Freddie! The Fannie Mae HomeStyle and Freddie Mac CHOICERenovation® programs allow you to cover the cost of the purchase and renovation in one loan. Or you can use a renovation loan to make upgrades to an existing property.
Let’s Start the Conversation
*This example is for illustrative purposes only. Purchase transaction with $400,000 sales price and 20% downpayment ($80,000) = mortgage loan amount of $320,000. Conventional 30 year fixed interest rate of 6.50% / 6.783% APR has monthly principal and interest payment of $2023.00 . Taxes and Insurance are not included: adding them will increase the actual payment. Certain state and county loan amount limits may apply. Interest rates shown are subject to change without notice.
**This example is for illustrative purposes only. Purchase transaction with $400,000 sales price and 5% downpayment ($20,000) = mortgage loan amount of $380,000. Conventional 30 year fixed interest rate of 6.50% / 7.15% APR has monthly principal and interest payment of $2,402.00 . Monthly Private Mortgage Insurance payment based on 700 FICO credit score is an estimated $162.00; making total principal, interest, and mortgage insurance monthly payment of $2,563.00. Taxes and Insurance are not included: adding them will increase the actual payment. Certain state and county loan amount limits may apply. Interest rates shown are subject to change without notice.
***This example is for illustrative purposes only. Purchase transaction with $400,000 sales price and 3% downpayment ($12,000) = mortgage loan amount of $388,000. Conventional 30 year fixed interest rate of 6.50% / 7.38% APR has monthly principal and interest payment of $2,452.00 . Monthly Private Mortgage Insurance payment based on 700 FICO credit score is an estimated $223.00; making total principal, interest, and mortgage insurance monthly payment of $2,676.00. Taxes and Insurance are not included: adding them will increase the actual payment. Certain state and county loan amount limits may apply. Interest rates shown are subject to change without notice.