Yes. Many first-time homebuyers can purchase with just 3% down using conforming conventional programs. You will carry PMI until you reach 20% equity — and we will show you the exact monthly cost before you shop.
Fannie Mae HomeReady and Freddie Mac HomePossible are the most common paths to 97% financing on a primary residence.
FHA accepts lower credit scores and 3.5% down, but mortgage insurance often lasts much longer. Conventional 3% down can win on total cost if your credit and income are solid.
At 3% down you need $9,000 toward the purchase price (before closing costs). We will also estimate earnest money, prepaid items, and cash-to-close so there are no surprises.
Ryan and Steve confirm eligibility before you fall in love with a listing.
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Related guides to help you compare options and move toward pre-approval.
3%, 5%, 10%, and 20% down compared side by side.
Low-down options and a clear path for purchase #1.
How score tiers affect approval and PMI.
Program details and our payment calculator.
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Recent articles from our blog on conventional loans, credit, and homebuying.
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We will check first-time buyer status, income caps, and real PMI pricing on today’s rate sheet.