Conventional 97 Loan

The Conventional 97 Loan is an excellent low down payment mortgage option for homebuyers seeking an alternative to FHA-backed loans. This mortgage allows borrowers to finance up to 97% of the home’s value, making it easier to purchase a home with a lower initial investment.

For example, if you're purchasing a home priced at $100,000, a Conventional 97 Loan allows you to borrow up to $97,000, leaving you with just a $3,000 down payment. This low down payment feature makes it an attractive choice for first-time buyers or those who haven't owned a home in the last three years.

Key Features of the Conventional 97 Loan:

Low Down Payment: Only 3% required for qualified buyers.
Gift Funds Eligible: Your down payment can be funded entirely through gift funds from an eligible donor.
Flexible Credit Requirements: A minimum credit score of 620 is required.
No Income Restrictions: This loan is available regardless of income level.
First-Time Buyer Advantage: Must be a first-time homebuyer or not have owned property in the last three years.
Owner-Occupied: All borrowers must occupy the home as their primary residence.

The Conventional 97 Loan is a fantastic option for those looking to purchase their first home with a minimal down payment. Whether you're a first-time buyer or someone who hasn't owned a home in the past three years, this loan product provides flexible, affordable financing to help make homeownership possible.

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