3% Downpayment Loans

Most 97% loans (or 3% down loans) are marketed to consumers as first time home buyers loans. Although it is not required, this type of financing is perfect for the first time home buyer who either doesn't have a lot of money accumulated for a down payment, or who doesn't want to use his or her total savings to get into a house.

Because of the low downpayment requirement, and the subsequent risk to the investor, these types of loans are highly credit driven -- and the rate varies accordingly.  These loans do require private mortgage insurance (PMI) and do require that the property be occupied by the borrower (no investment properties). One of the best features of this type of financing is that the 3% downpayment can come from a gift.

To find out if you would qualify for this type of financing, please call to start the pre-qualification process.