{"id":19820,"date":"2013-06-10T13:58:17","date_gmt":"2013-06-10T13:58:17","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=19820"},"modified":"2013-06-10T13:58:17","modified_gmt":"2013-06-10T13:58:17","slug":"conventional-loans-with-3-down-they-are-real","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/conventional-loans-with-3-down-they-are-real\/","title":{"rendered":"Conventional Loans with 3% Down – They Are Real!"},"content":{"rendered":"

Conventional Loans <\/a>with 3% Down – They Are Real!<\/p>\n

Now might be a good time to think about a Conventional loan <\/a>with only 3% Down.\u00a0 Why you ask?<\/em>\u00a0 Well with FHA’s new mortgage insurance policy <\/a>in place for both the 30 year and 15 year loans, a good alternative is a Conventional loan especially when we can get you one with only 3% down!!<\/strong><\/span><\/p>\n

The main reason is that on a conventional loan <\/a>the mortgage insurance drops off when the loan to value reaches 78%.<\/span> Unlike with FHA where the mortgage insurance<\/a> continues for the life of the loan regardless of loan to value, conventional loans offer an out at a certain point. On average we find that conventional mortgage insurance on this loan tends to be about 30% less than that on FHA.<\/strong><\/p>\n

For those of you trying to conserve your cash and don\u2019t want the mortgage insurance on your loan for its life then a 3% down conventional loan is the answer.<\/span><\/p>\n

Another great use of this is when you have a home to sell but it\u2019s not sold before closing<\/strong>. We have had several instances where someone is selling a home which will provide them with a substantial down payment but they don\u2019t have it yet. In a case like this we can close with 3% down and then once the other home seller we will allow a principle reduction and will re-amortize the loan with hopes to have enough equity as to avoid any future mortgage insurance.<\/p>\n

You might be wondering if this applies to renovation loans<\/a>. Unfortunately it does not however if you need a low down payment on a renovation loan<\/strong> don\u2019t forget about the FHA 203k<\/a>. The down payment is still 3.5% and while there might be mortgage insurance there is a chance that later on down the road we can refinance you, using your great equity position, into a convention loan.<\/p>\n

Want to stick with the conventional route but need a renovation loan<\/strong>? We also have the HomeStyle Renovation Loan <\/a>which is Fannie Mae\u2019s answer to the conventional renovation loan. The down payment starts at 5% on this one but the important thing to remember is that the mortgage insurance follows the same rules \u2013 can be removed when the loan to value hits 78% or when you purchase at 80% loan to value.<\/p>\n

A big thing to take into account is credit score. With a conventional loan, especially one that only has 3% down you would want to have a FICO score <\/a>in the 760+ range. Reserves are another big thing to consider. Having funds in a 401k, IRA, savings, etc is a plus when you are applying for a conventional loan. Since the loan is Underwritten by our Underwriter as well as one with the mortgage insurance company we want to present as nice of a file as possible. The name of the game is making the Underwriter feel as comfortable as possible with the information they have been presented with to review.<\/p>\n

Of course, as with any loan, conditions and guidelines do apply so please call me for details<\/a> about the Conventional\u00a0with only 3% down.\u00a0 As stated they do exist so let us write a conventional loan with 3% down for you today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Now might be a good time to think about a Conventional loan with only 3% Down. Why you ask? Well with FHA’s new mortgage insurance policy in place for both the 30 year and 15 year loans, a good alternative is a Conventional loan especially when we can get you one with only 3% down!!<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[58,62],"tags":[155,106],"class_list":["post-19820","post","type-post","status-publish","format-standard","hentry","category-mortgage","category-mortgage-programs","tag-conventional-3-down","tag-fha-mortgage-insurance"],"acf":[],"yoast_head":"\nConventional Loans with 3% Down - They Are Real!<\/title>\n<meta name=\"description\" content=\"Conventional loan with 3% down, unlike FHA with mortgage insurance for the life of the loan. 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