Conventional MortgageConventional Mortgage with 3% Down

At TruWest Credit Union we know saving for a down payment to purchase a home can be challenging. That’s why we’re proud to offer a Conventional 3% down mortgage program. This program offers a lower down payment option than FHA financing and typically has lower mortgage insurance costs. 

Considerations for a Conventional 3% down payment mortgage

Who is eligible?
Everyone is eligible for the 3% down payment option and first-time homebuyers may qualify for additional discounts.

Can gift funds be used?
Yes, funds received as a gift from a relative, a grant or other sources can be used toward your down payment and closing costs.

TruWest is proud to offer the WISH Program (Workforce Initiative Subsidy for Homeownership), which provides qualified homebuyers a match of up to $15,000 of down payment funds. For each dollar you put toward a down payment, a match of $3 is received in WISH grant funds!

Do I have to have perfect credit to qualify?  
No, we understand credit situations vary and want to help make homeownership possible for you. Click here to view your eligibility after certain credit events.

What about mortgage insurance?
If your down payment is less than 20% of the home’s purchase price, you will need to pay Private Mortgage Insurance (PMI) as part of your mortgage payment each month.

First-time homebuyers typically have lower mortgage insurance costs.

Additional requirements for a 3% down payment mortgage:

  • The home is the primary residence
  • The home is a one-unit property (including townhomes and PUDs)
  • The mortgage has a fixed rate 

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