Conventional Home Loans
Conventional Home Loan - 3% Down
With our Conventional Home Loans, you'll be on your way to home ownership in no time. With just 3% down, you may be able to qualify. Plus, that 3% can come entirely from a gift.
When you're buying a home, lenders don't look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Use our home affordability calculator here to determine how much of a mortgage you may be able to obtain.
A Conventional 3% Down Sample Scenario:
Product/Terms (Fixed) 30 YR Purchase price $200,000 Loan Amount $194,000 Down Payment $6,000 Interest Rate 3.875% (30 day lock) APR 4.711 Total Monthly payment $1,290.39*
*Payment quote is for principal and interest only and does not include monthly charges such as private mortgage insurance, property taxes, and homeowners insurance. Your actual monthly obligation will be greater.
The primary barrier to home ownership for first-time homebuyers is saving money for down payments and closing costs. A conventional loan is an option that allows you to purchase a home without the burden of saving a large down payment.
- 3% down payment (Lower than FHA. Gift Funds Permitted)
- Only available on a one-unit primary residence
- One borrower must be 1st time home buyer
- No income limits
Apply with our online application. It walks you through the process and allows you to submit documents securely using your phone, tablet or computer. You also get 24/7 access to your loan in progress and a direct line of communication with your loan officer to make sure your loan stays on track for closing!
After your application is completed, your mortgage banker will contact you to answer any questions you may have and request items if they need additional documentation.
Once everything is finalized, we'll send you the application package. This package will contain papers for you to sign and a list of items we'll need to verify the information you provided about your finances during the online application.
You'll also need to obtain title insurance. If you are purchasing a new home, we'll work with the real estate broker or seller to ensure the title work is ordered as soon as possible. If you are refinancing, we'll take care of ordering the title work for you.
After we receive all your paperwork — your application package, the appraisal and the title work — we'll contact you to schedule your loan closing. If you are purchasing a home, we'll also schedule the closing with the real estate broker and the seller.
The closing will take place at the office of a title company or attorney in your area who will act as our agent. A few days before closing your Mortgage Banker will contact you to walk through the final information.