Three Percent Down Home Loans in Clackamas County

Why Three Percent Down Works in Clackamas County

Conventional programs that allow a three percent down payment help well-qualified buyers enter the market sooner. Income limits, mortgage insurance, and credit requirements can feel complicated, so Tu breaks them down with examples from Sunnyside townhomes, Milwaukie bungalows, and Happy Valley condos. He also explains how local assistance,such as Oregon Bond programs, employer grants, or community second mortgages,can pair with a three percent down option when guidelines allow.

Because Tu operates right in Clackamas, he knows which neighborhoods regularly appraise within conforming limits and which listings may need extra reserves. He also coordinates with your agent to position low-down conventional financing as a confident, organized offer in multi-bid scenarios.

Who Uses This Program

First-time buyers building careers in Portland or Clackamas who want to own near transit and nightlife without waiting years to save a large down payment.
Single professionals targeting Sunnyside or Oak Grove condos and willing to leverage mortgage insurance while building equity.
Young families eyeing starter homes in Happy Valley or Damascus while balancing student loans and childcare budgets.
Buyers layering assistance who plan to combine county or employer programs with their own savings and need help documenting those funds.

Local Market Insights

Sunnyside & Happy Valley: Townhomes and newer condos often fit conforming price caps, making them great candidates for three percent down plans.
Milwaukie & Oak Grove: Vintage homes can require small repairs; Tu outlines how to handle appraisal notes without derailing the loan.
Oregon City & West Linn condos: Association dues can change qualifying ratios, so Tu models payments with HOA estimates in advance.
Damascus & rural pockets: Larger lots might push values higher; Tu compares conventional vs. FHA to make sure you are in the right program.

How Tu Guides the Process

Discovery call: Discuss income, monthly comfort zone, gift funds, and targeted neighborhoods along I-205 or Highway 224.
Budget & documentation: Upload pay stubs, bank statements, and any assistance letters through Tu’s secure portal.
Fully underwritten pre-approval: Fairway’s team reviews credit, income, and reserves so you can shop with confidence.
Offer strategy: Tu works with your agent to position the low-down payment offer, including proof of funds for closing costs.
Appraisal + conditions: If value or repairs become topics, Tu explains options such as seller credits or minor fixes.
Closing prep: Final disclosures, insurance coordination, and funding timelines stay organized so moving day feels smooth.

Want to see if three percent down fits your budget? Call Tu Phan at (503) 765-1765 for a quick walkthrough before you schedule showings.

What First-Time Buyers Are Saying

“Tu was so helpful during our home purchase! He was always available to answer questions and provide updates. He went above and beyond to help us at every stage in the process.”

Katie S., Milwaukie first-time buyer

FAQs About Three Percent Down Loans

Can I use gift funds for the down payment?

Yes. Tu outlines how to document gifts, when donor bank statements are required, and how to keep underwriting satisfied.

Does mortgage insurance stay forever?

Conventional mortgage insurance can be removed once you build sufficient equity. Tu explains the current guidelines and plans a strategy to review your loan down the road.

Are there income limits?

Certain three percent down programs include household income caps tied to census tracts. Tu confirms eligibility early, maps out which neighborhoods qualify, and suggests alternatives if limits apply.

Can I combine down payment assistance with three percent down?

Often yes, provided guidelines align. Tu reviews county programs and employer benefits to see if grants or forgivable seconds can cover part of the three percent requirement.

How do I compete with higher-down offers?

Preparation helps. Tu delivers a clear pre-approval package, communicates directly with listing agents, and highlights strengths like strong credit and reserves.

Internal Links

Tu Phan | Fairway Independent Mortgage

12891 SE 97th Ave, Clackamas, OR 97015

(503) 765-1765