The 3% down payment home loan program has been updated to help more people qualify. You Do Not Need 20% down to buy a home anymore.

Are you looking for a low down payment mortgage in Dallas or the greater Texas area? Do you want to buy a Dallas Texas home and only want to put 3% down? With our conventional 3% down or HomeReady home loans you can buy your dream home with very little down payment.  Again, you don’t need 20% down anymore.

The 3% Down Payment Home Loan is a program which allows for a 3 percent down payment, low mortgage insurance rates, and a 100% gift from blood or by-marriage relatives. At least one borrower on the loan must be a first time home buyer for the HomeReady Program but not for a regular 3% down.

We even offer this loan with Lender Paid Mortgage insurance to help keep your payments as low as possible. If you are looking for a 3% down payment home loan in Dallas contact The Richard Woodward Mortgage Team.

Another option is a Fannie Mae version called HomeReady and a Freddie Mac version called Home Possible, both offer even better payment options but are limited by income and requires Home-Buyer Education and Counseling.

The 3% down payment mortgage program, for which the 3% down payment may come as a gift, is an excellent alternative to FHA loans. In many respects, it’s more aggressive than the FHA’s mortgage in that guidelines are simpler and less-restrictive.

FHA offers as 3.5% down payment and with VA and USDA home loans, buyers can buy with no down payment at all.

The 3% Down Payment Home Loan program requires a 3 percent down payment plus closing cost. The 3 percent minimum is based on the lower of the home’s appraised value or purchase price. 3 percent on a $200,000 home purchase is $6,000 for down payment. Closing cost, tax and insurance escrows, and 1st years insurance is also do at closing but can be paid by the seller if negotiated.  Read all the details here.

Allow me to provide you a custom analysis of mortgage options for you.  Get started now with an no obligation application and I will show you the benefits of buying and owning your own home.

Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender, Specialty Lending Manager
Office:  (214) 945-1066

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Service First Mortgage  NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070

Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice. The views expressed on this site are those of the individual author and do not necessarily reflect the positions, strategies or opinions of Service First Mortgage or its affiliates.