A conventional loan that doesn’t require 20% down? (No, really) | Home & Living | pilotonline.com
Not so fast. There is another, lesser-known loan program called the HomeReady mortgage from Fannie Mae. With the HomeReady mortgage, you can use as little as 3 percent for the down payment. The 3 percent option is also lower than a typical FHA loan, which requires a 3.5 percent down payment. In addition, the mortgage insurance may be canceled when the homeowner reaches 20 percent equity in the property. The benefit could leave you with a lower monthly payment in the future.
Source: A conventional loan that doesn’t require 20% down? (No, really) | Home & Living | pilotonline.com