Yes, you have read it correctly. A Conventional 30 year loan, 3% down and NO MI!! This is the CHFA Advantage. I’ve previously posted about this unique loan that CHFA rolled out this year. It is quickly gaining popularity.
The only other loan that offers a lower down payment is FHA (3.5%) but you will have MI, and now the mortgage insurance with FHA is for the life of the loan.
By doing a CHFA Advantage loan with NO MI, you could end up saving up to $100/mo and when you calculate that for the life of the loan, you would end up saving thousands per year. This is a remarkable program.
The CHFA Advantage is also available for refinances, make sure to find out more.