First Time Home-buyer 3% Down Loan – HomeOne

First Time Home-Buyer Conventional Loans offer a great way to purchase your first home with very little down payment required.  In fact, there are now 4 different 3% down payment Conventional loans available.  The newest kid on the 3% down payment loan option block is the HomeOne Conventional Loan.   HomeOne is for First Time Home-buyers only.

Apply for a Home Loan 
Team@JeremyHouse.com
602.435.2149

3% Down Conventional Loans Programs

All 3% down Conventional loans are not created equal.  In fact, some are available only to first time home-buyers.  Meanwhile, others help home-buyers with income below preset limits whether they are  first time home-buyers or not.

Conventional Loans with a 3% Down Payment

1. HomeOne *NEW (Must be First Time Home-buyer & No Income cap rule)
2. 3% Down (Must be First Time Homebuyer & No Income cap rule)
3. HomePossible (Must make less than set income cap & no First Time Homebuyer Requirement)
   • HomePossible Max Income Lookup
4. HomeReady (Must make less than set income cap & no First Time Homebuyer Requirement)
   • HomeReady Max Income Lookup

Each of these 4 products have different benefits and features.  It is important to consult with a loan officer to find out what product best fits your needs.

Apply for a Home Loan 
Team@JeremyHouse.com
602.435.2149

Who is Not Eligible for a 3% Down Conventional Loan?

Borrowers are not eligible for any of the 3% down Conventional loans when:

• No one on the loan application is a first time homebuyer AND
• Income for all borrower(s) on the loan exceeds HomeReady and/or HomePossible caps (see hyperlinks above)

The next lowest down payment option for this borrower on a Conventional loan is 5%.

By Jeremy House