Home loans - The 3% Down Mortgage Loan
A mortgage that fits you:
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3% Down Mortgage Loans 
Rate:
6.50%
Origination: 1.0% Fee
APR*:
7.469%
Notes: 3% down payment is possible. Rates and fees depend on how large the loan
is, credit and loan-to-value ratio. Generally the better your credit and the less you
borrow, the better your rate. *Annual Percentage Rate.
Best Choice If:
- You are a first-time home buyer with limited assets
- You will occupy a single-dwelling residence and it's not an investment property
Advantages:
- Fixed rate of interest
- Level payments for the full term of the loan
- Down payment can come from gift funds
Disadvantages:
- You may end up paying more in interest over the life of the loan
- Fixed-rate loans don't always show a benefit until the 10th year of payments
This is one of many programs we
offer. Please visit us or
contact a mortgage
specialist to see if it's perfect
for you. You can also apply
on line right now.
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The FLEX 97 program lets you finance a home purchase with just 3% down payment
This loan program allows conventional financing for borrowers with conforming
credit. Your down payment can come from: your own funds; a gift from a family member,
from grants or loans from nonprofit organizations, from your employer(s), or from
government agencies.
These loans can allow for higher than normal debt-to-income ratios, but that does depend
on credit history. There is no minimum down payment for the "own funds" requirement,
so this can make it easier for many borrowers who rely on gift funds to help cover the down
payment.
Loans that use this program must be at a 30-year, fixed
rate. Minimum loan amount is $50,000 and up to $417,000 may be financed (for
qualified homes and borrowers). Go here to use
our calculator which examines how term and rate can affect your payments. We
also have a calculator
that helps borrowers determine how much home they can afford.