3% Down Conventional Loans

This exciting program is designed for low-to-moderate-income homebuyers. It provides significant flexibility in credit guidelines for borrowers with limited cash resources! It is a fixed rate program available for a 30 year fully amortized term.

  • PERFECT FOR FIRST-TIME HOMEBUYERS!
  • UNLIMITED GIFTS & GRANTS!*
  • SIMPLER & LESS RESTRICTIVE MORTGAGE GUIDELINES!

 

FINANCING GUIDELINES:
  • Fixed rate, 30 year loan
    Insert Table here
  • 3% down on single unit properties
  • 5% down on 2-4 units
  • NO MINIMUM contribution from borrower’s own funds!*
  • 3% minimum for 2-4 units
  • FICO Credit Score of 620 or higher*
  • Minimum credit score determined by Desktop Underwriter
  • Private Mortgage Insurance required
  • At least one borrower must be first-time homebuyer OR have not owned in past 3 years
  • Homebuyer education required*
    • Loan To Value ratio less than/equal to 95%: Prior to the date of the Note, a minimum of one borrower on the loan must complete an approved homebuyer education program if all borrowers are first-time homebuyers.
    • LTV above 95%: Prior to the date of the Note, at least one borrower must complete an approved homebuyer education program. Purchases only.

  • Attached/Detached
  • Single-Family Residences
  • Attached/Detached
  • Planned Unit Developments
  • Low-Rise/High-Rise Condos
  • 1-4 Units

  • Log Homes
  • Manufactured Housing
  • Mixed Use
  • Mobile Homes

  • Monroe County: $67,000
  • Ontario County: $67,000
  • Wayne County: $67,000
  • Livingston County: $67,000
  • Yates County: $60,900
  • Steuben County: $56,600
  • Genesee County: $75,095
  • Erie County: $63,900
  • Niagara County: $63,900
  • Cattaraugus County: $56,600
  • Chautauqua County: $56,600
  • Wyoming County: $62,600
  • Steuben County: $56,600
  • Onondaga County: $67,700
  • Oswego County: $67,700
  • Oneida County: $59,500
  • Jefferson County: $56,600
  • Cayuga County: $62,600
  • Madison County: $67,700
  • Cortland County: $62,695
  • Washington County: $72,000
  • Orange County: $65,000
  • Caledonia County: $64,100
  • Addison County: $72,600
  • Lamoille County: $67,200

 

Contact a Premium Mortgage Loan Officer Today for more details:

 

*Not all buyers will qualify. Rates subject to change without notice. This is not an offer to lend.
A loan is not guaranteed. Contact Premium Mortgage Corporation for further information about rates and fees.