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@StartingOver10 wrote:This program is also available through other non-bank mortgage lenders.
yep. it is just a 3% down conventional backed by fannie mae.
i believe there are income limits.
but i read somewhere that they are easing up on some of the overlays on this program.
i havent gotten a white paper on the changes yet
NWFCU (Northwest Federal Credit Uniion) also offers 3% down payment for first time home buyers and 0% down payment.
Just checked their website for rates and thats what I found out:
97% Financing - First Time Homebuyer
30 Year Fixed First-Time Homebuyer
Rate APR Points
3.500% 4.015% 0.000%
100% Financing
30 Year 100% Fixed Rate
Rate APR Points
4.000% 4.532% 0.000%
I have applied for this program and posted my experiance so far here:
http://ficoforums.myfico.com/t5/Mortgage-Loans/Wells-Fargo-yourFirst-Mortgage/td-p/4710081
As many already mentioned, there are many lenders who offer 3% down payment.
Bank of America, Chase, and hundreds of non-bank direct lenders offer 3% down payments. They all have their cute names for these loan programs. Great marketing tactics.
These are all just part of the "Home Ready" program I think:
NWFCU offers these both mortages with 3% down
30 Year Fixed First-Time Homebuyer Conventional ( I chose this one)
3.500% | 4.026% | 0.000% |
HomeReady Mortgage 30yr
3.500% | 3.948% | 0.000% |
@MontegoMack wrote:I'll definitely follow this thread...I'm hoping to app for a mortgage in about a year and I really want to make sure I take a look at all viable options. I'm even hoping to get a membership at NFCU (sent in my app yestreday) to see if they'll be competitive.
This sounds like a good one! I think Chase may have something similar.
Anyone know for certain?
Have you considers a NACA mortgage?
That's really the best program if you are willing to put in the time and woirk.
I looked at NACA, but I think my price range and income may be disqualifying.