{"id":3257,"date":"2020-03-09T21:28:49","date_gmt":"2020-03-09T21:28:49","guid":{"rendered":"https:\/\/www.fmloans.com?p=3257"},"modified":"2023-09-17T22:13:55","modified_gmt":"2023-09-17T22:13:55","slug":"getting-a-conventional-loan-with-a-lower-down-payment","status":"publish","type":"post","link":"https:\/\/integrumresources.com\/fmloans\/getting-a-conventional-loan-with-a-lower-down-payment\/","title":{"rendered":"Getting a Conventional Loan With A Lower Down Payment"},"content":{"rendered":"\n

Are you interested in buying a home, but are concerned about how to afford a down payment? Coming up with money for a down payment is typically one of the biggest concerns for potential homebuyers. If this is a concern for you, there is a great option available that allows you to obtain a conventional loan with a 3% down payment. Our loan specialists at Foundation Mortgage can work with you to determine if a 3% down conventional loan is a viable option for you in order to help you purchase a home. If you are looking to purchase a property in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, contact us today for a consultation.<\/p>\n\n\n\n

A Conventional Loan With 3% Down<\/h2>\n\n\n\n

Conventional loans<\/a> with 3% down were created to make home ownership an accessible option to qualified buyers who do not have a substantial amount of money available for a large down payment. Conventional loans are loans that are not insured through the government, and often meet the income and down payment requirements set by government-sponsored enterprises like Fannie Mae and Freddie Mac. The purpose of these enterprises are to stimulate the economy by promoting the purchases of homes and by encouraging financial institutions to lend money to those who are seeking to buy a home. Conventional loans have many benefits, including lower costs, great rates, and more term flexibility.<\/p>\n\n\n\n

Fannie Mae offers two types of 3% down conventional loans known as \u201cConventional 97\u201d, which is available to first time homebuyers, and \u201cHome Ready\u201d, which is available in specific low income areas and is available to buyers who have previously purchased a home. Freddie Mac offers a 3% down mortgage known as \u201cHome Possible Advantage\u201d, and is similar to the Fannie Mae loan versions. Foundation Mortgage can help you understand which of these 3% down programs would be the best alternative for your situation.<\/p>\n\n\n\n

Requirements For a 3% Down Conventional Loan<\/h2>\n\n\n\n

When applying for a 3% down conventional loan, there are several requirements to consider, including:<\/p>\n\n\n\n