![\"Banks](\"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2016\/05\/3percent.jpg\")
<\/a>Banks Rush to Offer 3% Down Payment Loans<\/p><\/div>\n
<\/p>\n
As some banks veer from Federal Housing Administration loans, they’re offering their own low down payment mortgages to appeal to home shoppers struggling to save enough to buy a home. Wells Fargo made headlines this week when it debuted its 3 percent down payment loan.<\/p>\n
JPMorgan Chase also announced its offering called the \u201cStandard Agency 97%\u201d program, a 3 percent down payment loan geared for first-time home buyers and requires a FICO score of 680. Chase also has a loan program called \u201cDreaMaker Mortgage,\u201d which offers a 5 percent down payment \u2013 3 percent of which can come from the borrower as well as flexible funding options for closing costs and reduced mortgage insurance requirements.<\/p>\n
Other banks have recently announced their low down payment offerings. Earlier this year, Bank of America began offering a 3 percent down payment loan that did not involve the Federal Housing Administration and does not require mortgage insurance. The bank requires a minimum FICO score of 660.<\/p>\n
Wells Fargo\u2019s newly launching lending program, \u201cyourFirstMortgage,\u201d requires a 620 FICO minimum score and minimum down payment of 3 percent for a fixed-rate conventional mortgage of up to $417,000. Down payment assistance also can come from gifts and community assistance programs. Customers who complete a homebuyer education course can earn a 1\/8 percent interest rate reduction, although the course is not required.<\/p>\n
Brad Blackwell, executive vice president and portfolio business manager at Wells Fargo, says the monthly payment for the loan will be less than a government-insured FHA loan.<\/p>\n
“We’ve taken all the complexity of the home mortgage lending process, removed it from the front-line consumer, so that it’s easy for them to understand and Wells Fargo is taking care of all the capital markets and other types of complexities behind the scenes,” says Blackwell.<\/p>\n
Bank giants have been leery of FHA loans lately, with JPMorgan Chase CEO Jamie Dimon\u2019s calling FHA lending \u201ctoo costly and too risky\u201d to pursue extensively.<\/p>\n
\u201cWe have dramatically reduced FHA originations,\u201d Dimon wrote in his yearly letter to shareholders. \u201cCurrently, it simply is too costly and too risky to originate these kinds of mortgages. Part of the risk comes from the penalties that the government charges if you make a mistake \u2013 and part of the risk is because these types of mortgages default frequently.\u201d<\/p>\n
Dimon acknowledges Chase\u2019s new low down payment lending program also carries some of those risks, but he believes it responds to customers\u2019 needs.<\/p>\n
\u201cMortgages are important to our customers,\u201d Dimon wrote in the letter. \u201cFor most of our customers, their home is the single largest purchase they will make in their lifetime. More than that, it is an emotional purchase \u2013 it is where they are getting their start, raising a family, or maybe spending their retirement years. As a bank that wants to build lifelong relationships with its customers, we want to be there for them at life\u2019s most critical junctures.\u201d<\/p>\n
Source: \u201cWells Fargo Launches 3% Down Payment Mortgage,\u201d CNBC (May 26, 2016) and \u201cChase Quietly Launches Its Own 3% Down Mortgage Lending Program,\u201d HousingWire (May 26, 2016)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Banks Rush to Offer 3% Down Payment Loans As some banks veer from Federal Housing Administration loans, they’re offering their own low down payment mortgages to appeal to home shoppers struggling to save enough to buy a home. Wells Fargo made headlines this week when it debuted its 3 percent down payment loan. … <\/p>\n
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