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3% down conventional mortgage lenders

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ChangiBear
New Contributor

3% down conventional mortgage lenders

Hello,

 

Has anyone here done a 3% down conventional loan within the past year or so?  Does anyone know of any lenders that do 3% down conventional loans?  Please PM me or post below.  Thank you.

Cleared to Close on 9/9/13!
Closing on 9/17/13

8/31/12 FICO 733 (lender pulled)
1/7/13 Transunion 718, Equifax 710 (MyFico)
2/20/13 Equifax 729
8/13/13 Ex 751, Eq 766, TU 741 (all lender pulls)
Message 1 of 11
10 REPLIES 10
chasmith
Valued Contributor

Re: 3% down conventional mortgage lenders

NACA does 0% down conventional...

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Message 2 of 11
JM-AM
Valued Contributor

Re: 3% down conventional mortgage lenders

They all do them. Qualifications may be a little stricter.
Good Luck
May all your dreams and wishes become a reality!
Message 3 of 11
JM-AM
Valued Contributor

Re: 3% down conventional mortgage lenders

Personally I dont see the benefit of going Conv with 3% down.

Rates are higher going Conv. and you still paying PMI.

The rate alone probably cost you 25-75 a month for the duration of the loan.
Good Luck
May all your dreams and wishes become a reality!
Message 4 of 11
ChangiBear
New Contributor

Re: 3% down conventional mortgage lenders

I don't qualify for NACA due to the price of the home being above max limit in my area.  

 

I'm looking for a 3% down conventional because I'm going to pay off my car note to lower my DTI, and that will cut into my savings for the downpayment.

Cleared to Close on 9/9/13!
Closing on 9/17/13

8/31/12 FICO 733 (lender pulled)
1/7/13 Transunion 718, Equifax 710 (MyFico)
2/20/13 Equifax 729
8/13/13 Ex 751, Eq 766, TU 741 (all lender pulls)
Message 5 of 11
JM-AM
Valued Contributor

Re: 3% down conventional mortgage lenders

If you have less then 10 months left on the car note it wont be included in your DTI.
Good Luck
May all your dreams and wishes become a reality!
Message 6 of 11
rehr22
Contributor

Re: 3% down conventional mortgage lenders


@JM-AM wrote:
Personally I dont see the benefit of going Conv with 3% down.

Rates are higher going Conv. and you still paying PMI.

The rate alone probably cost you 25-75 a month for the duration of the loan.

What % point would you say is more beneficial with with a conventional?


Starting Score: (2009) EQ = 626 | TU = 664
Current Score: (03-18-2014) EQ = 737 | TU = 703 | EX = 723
Goal Score: 740


Take the myFICO Fitness Challenge
Message 7 of 11
basballguy
Frequent Contributor

Re: 3% down conventional mortgage lenders

Who is NACA?


Message 8 of 11
JM-AM
Valued Contributor

Re: 3% down conventional mortgage lenders

Naca is a company that works with you to get you a loan to buy a house.

If they are available in your area its a good program, just isnt very fast.
Good Luck
May all your dreams and wishes become a reality!
Message 9 of 11
JM-AM
Valued Contributor

Re: 3% down conventional mortgage lenders

How much you put down is really dependent on you.

Sometimes we have to put minimum down, because of finances, and other responsibilities. We all been there.

If was me I would put minimum 5% and pay PMI upfront.
Good Luck
May all your dreams and wishes become a reality!
Message 10 of 11
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