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Is it true that minimum down payment for non-fha is 3%?

If this is true, what are the requirements for it? by jonathan.pierce630 from Houston, Texas. Mar 21st 2017 Reply


Timothy Howard (timehoward)
#70 ranked lender in Utah - 150 contributions

yes, both Fannie and Freddie Mac have such a program. With only 3% down, you will have some private mortgage insurance until you reach 78% of the loan value/

Mar 21st 2017
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Bill Cook (loanpro)
#636 ranked lender in California - 43 contributions

Yes, it is true. 3% down but Non-FHA or conventional loans have higher credit standards and lower DTI ratios.

Mar 22nd 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Well... Yes, no, and maybe. More information is needed based on your personal situation. But yes, for the average person, both Fannie Mae and Freddie Mac offer a 3% down conforming loan options, up to the local conforming loan limit ($424,100 in most of the country). If you are a first time home buyer, you can even get reduced mortgage insurance on it. For these loans in MN, WI, and SD, visit me at www.FirstTimeHomeBuyer-MN.com

Mar 22nd 2017
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John Burke (jburke)
#30 ranked lender in Texas - 187 contributions

Hi Jonathan,Yes & no. VA & USDA do not require a down payment. Fannie Mae & Freddie Mac both have programs designed to compete directly with FHA. These programs offer reduced PMI & rate adjustments to help make home ownership more affordable. Both of the programs have income limits to qualify. For example: The maximum income limit for most of Houston for the Fannie Mae program is $68,000 per year.| Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

Mar 23rd 2017
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