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Conventional Low Down Payment Loan. Down Payment As Low 3%

Use the Fannie Mae HomeReady, Freddie Mac HomePossible, or HomeOne Loan to Achieve Your Dream of Homeownership

With Millennial Home Loans quick online loan application, determining if you qualify for a Conventional Low Down Payment Loan and for how much, has never been easier.

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Conventional Low Down Payment Loan interest rates change on a daily basis. To receive a quick quote on current interest rates Click Here to receive an update interest rate quote.

3% Down Conventional Purchase Loan Program Benefits

  • Borrowers can purchase a home with down payments as little as 3% down
  • Down payments can come from flexible sources including a family member gift or a loan against a 401k retirement account
  • Income based programs offers reduced Mortgage Insurance Rates
  • Borrower paid Mortgage Insurance permitted
  • Up to 3% Seller paid closing cost assist and Down Payment Assistance programs allowed
  • Loan amount up to conforming loan limits of $647,200
  • Less restrictive appraisal report requirements than a comparable Government Loan appraisal report
  • Safe, secure 15 and 30 Year fixed rate mortgage

Which Program is Best For You?

Freddie Mac Home Possible Fannie Mae Home Ready Freddie Mac Home One
Maximum Loan-To- Value 97% 97% 97%
Down Payment 3% 3% 3%
Home Buyer Education Required. MI provided acceptable Required. From Framework If all borrowers are first time home
buyers required from CreditSmart
Income Restrictions (Borrowers Only) Yes. Click Here Yes. Click Here No
First Time Homebuyer No No One borrower must be a first-
time homeowner
Minimum Credit Score 620 620 620
Allowable Property Type One Unit Only One to Four Unit One Unit Only
Ownership of Other Properties Allowed No Yes No
Gift Allowed Yes Yes, for one unit only Yes
Co-signers Allowed No Yes, with 5% Down No
Reduced Mortgage Insurance Yes Yes No