Last week we mentioned the Home Ready loan program but some of our customers don’t not fit best in that particular loan option. There are some other 3% down Conventional loan options that could be better and we wanted to share the details on one of those options…
Interested in a 3% down Conventional loan but their income exceeds the income limits of the Home Ready loan option? What if there was a 3% down Conventional loan without income limits? Guess what…we’ve got one!!
Here are the highlights:
- 97% Conventional Financing (3% down)
- NO Income Limits
- NO Geographical Restrictions
- NO Home Buyer Education Requirement
One Special Requirement
There is one special requirement to be eligible and that is that at least ONE of the borrowers must be a first time home buyer. “First time home buyer” is a bit deceiving, however. The definition of a “first time home buyer” is someone who has not been on title to a home in the most recent 36 months.
Pretty slim requirements to obtain a Conventional loan with as little as just 3% down! Now, buyers must qualify like they would for any other Conventional loan with restrictions for credit, ratios, assets, etc. If you or someone you know could benefit we would be happy to discuss this option, or any others we have, to see if they can qualify.
You might be wondering what this program is called. Well, it doesn’t have a name. This program is just an additional loan option we have under the standard Conventional loan options.