Just 3% DOWN PAYMENT MORTGAGES for First Time Home Buyers.
Minneapolis, MN: Lack of down payment money is the biggest hurdle for most first time home buyers. We eliminate that hurdle here at Cambria Mortgage for low and moderate income buyers in MN, WI, IA, ND, SD with the HomeReady Mortgage from Fannie Mae (R).
Conventional Loan – Low Down Payment Benefits:
- More people qualify.
- Just 3% down payment
- Ideal for first-time homebuyers, millennials, and low- to moderate income borrowers.
- Flexible sources of funds for a down payment, including gifts and grants.
- Income limits as high as 170% of area medium income – no limits in underserved areas.
- Mortgage Insurance drops off automatically at 80%, unlike FHA loans, which stays forever.
- Avoid minor repair issues potentially associated with FHA loans
- Standard conventional 30-yr fixed
Not every mortgage loan is right for every person or situation. We’ll review your application to determine if this, or some other program works best for you. There is never any obligation to review your mortgage loan options.
Learn more at: http://firsttimehomebuyer-mn.com/homeready-conventional-loan.html