Deanna Valeo

3% Down Fannie Mae loan is a better fit than FHA if you have the score July 7, 2012

New 3% conventional product from New American Mortgage

New American Mortgage's 3% down payment product allows excellent credit score borrowers (over 680 FICO) to buy with less down payment than FHA and often with a better monthly payment. 

This is good only for Single Family homes and townhome.  Condos and multi-family are not eligible.

To qualify for the lower down payment amount our buyers must have:

·         2-months of total house payment must be in reserve (left over) after closing

o   The funds must be their own funds 60% of 401K or IRA would qualify

o   no gifts for reserves

·         Must have 3-active trade-lines

·         Must not had a mortgage default for 7-years or more

·         The 3% down payment must come from the borrowers own funds and must be seasoned

o   Ineligible source of funds

o   Unsecured loan from a relative, domestic partner or fiancé, employer, public agency or non-profit organization

o   Home Equity lines

o   Cash on hand

o   Community seconds/ DAPs

o   Gifts or loans from an interested party to the transaction

·         Borrower cannot own any other properties at closing.


New American Mortgage - Call today

Todd Croy - NMLS #91428 NC, SC 
Deanna Valeo - NMLS #91421 NC, SC, VA (704) 488-1421

Accessible | Program Expertise | On-Time Closings

Due to new Federal Laws we are now providing a link to Mortgage News Daily average rates for mortgages - please see the note below regarding the rates listed.

**Please note the rates quoted are at the absolute best loan amount, the highest credit score and lowest LTVs allowed with a 1% origination fee and indicate the absolute lowest rate possible. You should use this list as a guideline and trend indicator and get a specific quote for your project (often it may be slightly higher).
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The Valeo-Croy Team and New American Mortgage Bankers are Equal Housing Lenders.This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for New American Mortgage to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply.   Date:5/14/2012