More lenders w/ low down payment loans
As REALTOR® magazine reports, several banks have developed their own low downpayment mortgages without going the FHA route. We have listed more details about each one here, but if you know of other similar mortgage products you would recommend please let us know in the comments.
JPMorgan Chase: This Standard Agency 97% loan is designed for first-time buyers and lets them put down as little as 3% if they have a minimum FICO score of 680. At least one of the borrowers must be a first-time buyer. The company website doesn’t have this listed as one of their products (yet?) but you can read more details in this HousingWire article. Chase has posted information about their DreaMaker Mortgage which requires a 5% downpayment, only 3% of which must be from the customers own funds. The rest can be in the form of gifts and/or assistance programs.
Bank of America: Their Affordable Loan Solution product allows for down payments as low as 3% and does not require mortgage insurance. Borrowers must have a minimum FICO score of 660 and cannot own other properties at the time of closing. Learn more on the Bank of America website here.
Wells Fargo: Called “yourFirstMortgage“, borrowers need a minimum FICO score of 620 and can receive gifts or assistance from community programs towards their downpayment (which must be at least 3%). They also take into account rent, tuition, and utility payments as part of the client’s credit history. If the customer completes an optional homebuyer education course they can 1/8 percent interest rate reduction.
- See more at: http://mrisblog.com/blog/three-lenders-with-3-downpayment-mortgages-that-are-not-fha-loans/#sthash.z2heaTpt.dpuf