First Time Home Buyer 3% Down Payment

Missouri Mortgage Clearing House is passionate about providing assistance for our clients in St. Louis or surrounding areas of Missouri. Whether you are a first time home buyer, or just looking for a loan option with a low down payment, our 3% Down Loan Program is a great option available through Fannie Mae & Freddie Mac. This government-sponsored mortgage is provided through the Federal Home Loan Mortgage Corporation. To purchase a home with a low down payment, you need not look any further!

This down payment assistance program is a 30 year fixed rate mortgage with competitive interest rates and no prepayment penalty. It applies to owner occupied homes only and is available to first time home buyers or people who have not owned a home within 3 years. As a home buyer this 3% down loan is beneficial, allowing you to purchase your new home with a low down payment. We are also able to close in a timely manner.

Home buyer programs have a defined process to apply for, but have many options and opportunities. To qualify for our 3% Down Loan Program, there is specific criteria, but Missouri Mortgage Clearing House is willing to work with you to determine your eligibility. Based on your answers to just a few questions, we will be able to figure out what programs you qualify for, and how we can help you achieve a low down payment.

Are you considering renting a house or apartment? You may not be aware that one month’s rent and security deposit could get you into your dream home as a down payment. Did you know that you could purchase a home with a 3% down payment and ask for seller paid closing costs to save on your upfront expenses.

Although low down payments are an excellent choice for many first time home buyers, a common myth is that they are not an option for other types of home buyers. In fact, you may be considered a first time home buyer even if you’ve already owned a home. If you have not owned a home in over three years, you may be eligible. Additionally, depending on where you are looking to buy, you may qualify for other special benefits.

The 3% Down Loan Program can be used for homes of many costs, from inexpensive homes to homes with higher costs. In fact, on average, as many as 70% of all homes are eligible for low down payment programs. Our down payment assistance programs are also compatible with more than just FHA Loans.

Missouri Mortgage Clearing House is celebrating its 21st year located in Fenton, Missouri. We also work with clients in St. Louis, St. Charles MO, Jefferson County MO, Kansas City MO, Springfield MO as well as throughout the entire state of Missouri.

For more information or to see if you qualify please call us at (636) 717-1900, Apply Now, or fill out the information to the right and we’ll get in touch with you.