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ChangiBear
Posts: 60
Registered: ‎03-18-2012
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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.

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Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
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Re: 3% down conventional mortgage lenders

NACA does 0% down conventional...

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JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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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!
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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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!
New Contributor
ChangiBear
Posts: 60
Registered: ‎03-18-2012
0

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)
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

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!
Contributor
rehr22
Posts: 78
Registered: ‎12-22-2009
0

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?


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Frequent Contributor
basballguy
Posts: 360
Registered: ‎02-20-2008
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Re: 3% down conventional mortgage lenders

Who is NACA?


Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

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!
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

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!

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