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Old 02-17-2018, 07:50 PM
 
Location: South Carolina
381 posts, read 378,165 times
Reputation: 860

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Quote:
Originally Posted by damba View Post
How do people with few assets/money in the bank/single low income household qualify for 3% down conventional loans? The OP sounds very much in FHA territory to me(?)
It's Fannie Mae's Home Ready program and it's far better than FHA. The mortgage insurance is much lower and a buyer can eventually have it dropped when they've acquired 20% equity in their home. The "catch" to the program is that it does have an income cap, depending on state and county. In other words, if someone makes too much money they won't qualify for the 3% down, but could still qualify for a conventional with as little as 5% down.
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Old 02-18-2018, 04:02 PM
 
Location: Gallatin Valley
503 posts, read 1,448,637 times
Reputation: 446
Quote:
Originally Posted by SmartMoney View Post
FALSE! You can go conventional with as little as 3% down.

What state are you in? I will see what I can dig up for you, but whoever is feeding you information, stop listening to them. Now.
Montana. Thanks
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Old 02-18-2018, 04:03 PM
 
Location: Gallatin Valley
503 posts, read 1,448,637 times
Reputation: 446
Quote:
Originally Posted by LoanChic View Post
It's Fannie Mae's Home Ready program and it's far better than FHA. The mortgage insurance is much lower and a buyer can eventually have it dropped when they've acquired 20% equity in their home. The "catch" to the program is that it does have an income cap, depending on state and county. In other words, if someone makes too much money they won't qualify for the 3% down, but could still qualify for a conventional with as little as 5% down.
That sounds like a good idea. I will look into that. Thank you.
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Old 02-18-2018, 04:29 PM
 
Location: Gallatin Valley
503 posts, read 1,448,637 times
Reputation: 446
We have since moved to Great Falls, Mt. Used to be in Gallatin Valley
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Old 02-18-2018, 06:46 PM
 
4,011 posts, read 4,201,670 times
Reputation: 3118
Quote:
Originally Posted by Desertrose34 View Post
We have since moved to Great Falls, Mt. Used to be in Gallatin Valley
It’s beautiful out there
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Old 03-01-2018, 07:39 PM
 
Location: Redding, Ca
2 posts, read 1,354 times
Reputation: 20
It's a very common program, I do 3% down all the time. If they have the cash to close (or use grant programs) as long as they meet debt to income requirements they are fine.
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Old 03-02-2018, 07:16 AM
 
Location: MID ATLANTIC
8,643 posts, read 22,802,151 times
Reputation: 10461
Montana Department of housing has several loan programs to consider. You can even search for a lender near you. Find someone that offers the State programs and FHA. Ask them to show you program comparisons.

http://housing.mt.gov/HBDPA

Last edited by SmartMoney; 03-02-2018 at 07:21 AM.. Reason: Website added
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Old 03-08-2018, 09:13 AM
 
Location: Gallatin Valley
503 posts, read 1,448,637 times
Reputation: 446
Thank you everyone. I did see a few 3% down programs, Homeready and Homenow
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Old 03-08-2018, 09:16 AM
 
Location: Gallatin Valley
503 posts, read 1,448,637 times
Reputation: 446
Thank you for the link Smartmoney
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