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3 percent down conventional experiences ?

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nuggets321
Frequent Contributor

3 percent down conventional experiences ?

So after my pending home purchase using USDA Guaranteed Loan fell apart (due to "health and safety" item-no drywall in garage and seller refuses to install) my lender is currently processing me for a 3% dwn "conventional".... any experience with such from anyone here ? My middle score was 711 with no lates/negative items... are these not all that common ?

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ezdriver
Senior Contributor

Re: 3 percent down conventional experiences ?


@nuggets321 wrote:

So after my pending home purchase using USDA Guaranteed Loan fell apart (due to "health and safety" item-no drywall in garage and seller refuses to install) my lender is currently processing me for a 3% dwn "conventional".... any experience with such from anyone here ? My middle score was 711 with no lates/negative items... are these not all that common ?


Minimum down payment requirement for conventional loans used to be 5% ... but that change in recent past to 3%. The guidelines are different and your loan officer probably knows that his employer would not require the garage to be sheetrocked.

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