Mortgage Miracles Happen is a conventional mortgage broker for home mortgage loans in Alaska, Arizona, Colorado, Florida, Idaho, Texas, Utah, Wyoming for conventional home loan financing.

Contrary to what many people have heard that you have to have 20% down, this is NOT true.

We offer mortgage loans to purchase a home with as low as 3% down payment.

Down payment as low as 3% down (97% LTV / Loan amount of the purchase price).

3% Down Payment – You cannot make more than the Maximum Income Guidelines permit.

Fannie Mae – Home Ready – 3% Down

Freddie Mac – Home Possible Mortgage – 3% Down Purchase & Refinance

5% down payment – up to the conforming loan limits. – With & without mortgage insurance options.

Mortgage insurance is required on loans that have less than 20% down payment.

Loans that have no mortgage insurance with less than a 20% down payment (or LTV that is greater than 80%), the way there is no MI is by having a slightly higher interest rate. The bank is paying for the mortgage insurance by having a higher interest rate. So it’s a trade-off, have MI by a monthly premium or pay a higher interest rate.

We can help you with determining which loan option is best for your circumstances, an FHA mortgage loan or a conventional mortgage loan.