Why Rent? Own a Home for as Little as 3% Down!
A new home is now within reach! Just put 3% down!
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Think you need 20% down to get a conventional loan? We’ve got great news. The Home Possible® and HomeReady® programs by Freddie Mac and Fannie Mae allow first-time and repeat home buyers to get into a new home with as little as 3% down. A little savings goes a long way.
If your income is below the area median income (AMI) or you live in an underserved area, you can put just 3% down on a home. Based on your income, HomeReady clients can also receive a $1,500 credit toward their closing costs.
More Good News
When you choose a Home Possible or HomeReady mortgage, your mortgage insurance can be canceled after your loan balance drops below 80% of your home’s appraised value. That helps reduce your monthly mortgage payment and could mean more money in your pocket.