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First Time Home Buyer Loan

First Time Home Buyer Loan – 3% Down Payment

This low down payment First Time Home Buyer Loan allows you to obtain loan amounts up to $453,100 with only 3% down payment. To be considered a first-time buyer, you must not have owned a home in the past three years. However, with this loan program, you simply must not own any properties currently.

You can use your own funds or gift funds from a family member for the down payment are allowed, and the home must be an owner-occupied single unit home (including condos). This means you can’t buy two- to four-unit properties, a second home, or investment properties with this loan.

Conventional 97% mortgages are 30-year fixed loans and do require mortgage insurance. Mortgage insurance is an extra fee on top of the monthly mortgage payment.

What are the Requirements for getting a 3% Down First Time Home Buyer Loan?

  • 620 minimum credit score.
  • Condos, single-family homes, and townhomes.
  • 4 year waiting period for prior short sales, and bankruptcies.
  • 50% maximum DTI.
  • 3% down payment can be gifted from a relative.

Why Should You Choose Us For Your First Time Home Buyer Loan?

Can you get a Florida First Time Home Buyer Loan with only a  3 Percent Down Payment?

Yes, you can for primary residence purchases!

Do you have to pay Monthly Mortgage Insurance (PMI) on a First Time Home Buyer Loan?

Yes, mortgage insurance is required for our First Time Home Buyer Loan!

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