With the 3% Down Conventional Loan Program, an applicant does not have to allow a big down payment keep you from owning your dream home. Stable Housing payments and building equity are some of the benefits to Home Ownership.
What is the 3% Down Conventional Loan Program?
3% Down Conventional Program allows an applicant to put less money down than FHA and other typical home loan programs that require 5% to 20% down. 3% Down program allows for No Private Mortgage Insurance or a lower interest rate with Lower Private Mortgage Insurance based on Program guidelines. The 3% Down Program also extends to lower credit scores.
- Down payment as low as 3% (even for first time homebuyers)
- Reduce or even eliminate monthly Mortgage Insurance (not possible with FHA)
- Usually faster, easier and with a lower monthly payment than FHA with closings in 30 days
- Use gift funds for your entire down payment
- Refinance your current mortgage with as little as 5% equity (regardless of current mortgage program)
- Conventional 30 Year Fixed Loan Program with Low Rates
How Does the 3% Down Conventional Loan Work?
Applicant would put 3% Down of the Purchase Price. Low down payments help out with the upfront costs of buying a home and minimize funds to close. To ask about down payment sources, please call Home Mortgage Specialists, Inc. at 309-222-8286.
Am I Eligible for a 3% Down Conventional Loan?
Income Limits and Credit Limitations apply for this 3% Purchase Program. Income Limits apply based on the County your purchasing the home in – To check the income limit that you are purchasing a home in please put in the property address. Currently, Peoria, Tazewell, and Woodford Counties are at a $72,500 income limit. We do have 3% Down Loans without income limits for First Time Home Buyers. Call us to see if you qualify.
Applicants with credit scores of 680 or higher can qualify for this program. If your credit score is below 680 then you may qualify for other Low Down Payment Program Loans.
Get Pre-Approved for a 3% Down Conventional Loan
If you are looking to purchase a home in Peoria, Chillicothe, Dunlap, Morton, Metamora, Bartonville, East Peoria, Washington, Pekin or anywhere throughout the State of Illinois, contact Home Mortgage Specialists, Inc. at (309) 222-8286 for more information, or simply fill out the form on this page under Apply Now.