Get a Conventional 30-Year Fixed Loan with as little as 3% down and enjoy predictable, stable monthly payments for the life of your mortgage. This popular option is perfect for first-time homebuyers looking for a budget-friendly way to achieve homeownership. Watch now to see why so many choose this loan and how it could be the right fit for you!
Key Features
Loan Term: 30 years, offering predictable, fixed monthly payments over the life of the loan.
Down Payment: As low as 3% of the home’s purchase price, making it accessible for buyers with limited upfront funds.
Interest Rate: Fixed, meaning the interest rate remains the same throughout the life of the loan.
Private Mortgage Insurance (PMI): Required if the down payment is less than 20%. PMI protects the lender in case of default, but can typically be canceled once the borrower has 20% equity in the home.
Credit Requirements: Generally, a credit score (620 or above) is needed to qualify for a conventional loan (lower credit scores may be permitted based on your personal circumstances).
Property Types: Can be used for primary residences, second homes, or investment properties. 6a. Single family, multi-family, condos, and co-ops are all allowed.
Pros
Lower down payment: 3% down option makes it easier to buy a home with less upfront cash.
