

Conventional 97 Loan
“I want a low-down payment loan that’s not backed by the FHA.”
- Low down payment option
- Down payment can be gift funds from eligible gift donor
- Minimum credit score of 620
- NO income restriction
- Must be a 1st time home buyer or not owned property in most recent 3 years
- All borrowers must occupy
There are a multitude of low-down payment options for today’s home buyers. The Conventional 97 mortgage was created to serve as something of an alternative to loans backed by the Federal Housing Administration (FHA), giving potential buyers more options when it came to choosing a loan product.
As the name implies, a Conventional 97 loan is a mortgage that allows you to have a loan-to-value (LTV) ratio of as high as 97%. This means that if you are purchasing a home with a $100,000 asking price, you can borrow up to $97,000 and will have just $3,000 to put down as your down payment.
Shop Loans
Discover all of the mortgage options, and find the loan that fits your needs!
Home Buyer Tools
Get all the knowledge and resources you need to buy and maintain a home.
Calculators
Feel like crunching some numbers on your own? Check out our mortgage calculators!