3% Down Conventional Loans Are Here For Real
First time homebuyers can now in fact put as little as 3% down and get conventional financing (no longer confined to the FHA only box). There are no prohibitive restrictions; in fact if two people are buying a home, only one of them need be a first time buyer.
This is a significant mortgage financing event and should bring more first time buyers into the active home buyers’ pool.
Enter 3% down payment conventional mortgage financing and the landscape changes dramatically. Conventional financing does not handcuff borrowers to mortgage insurance forever like FHA MIP does