Conventional 97 Loan: 3% Down Payment
Conventional 97 Loan: 3% Down Payment
Conventional loans require anywhere from 3-5% down-payment depending on the specific program. Fannie Mae and Freddie Mac both offer a first time home buyer program which will allow only 3% down for qualified borrowers.
Characteristics of 3% Down Mortgage
There are income limits per average median income of counties.
Borrowers don't have to be first-time homebuyers.
Properties must be owner-occupied.
Borrowers can't own any other property.
3% Down Payment Mortgage
Conventional loans will have PMI if there is less than 20% downpayment/equity. There are no up-front fees added to the loan and the PMI varies based on credit scores, the amount of down-payment and other factors. Buyers will have options of doing the monthly PMI or buying up-front via lender paid MI or borrower paid MI. Plus 3% down payment program needs Homeowner education.
Accepts some lower and no credit scores for these loans.
Offering much lower fees and mortgage rate.
Fast underwriting and approval process.
Knowledgeable loan officers who can get you to the right loan.
Apply for 3% Down Mortgage
At GlenLakes Mortgage we have all the resources needed to make your dream a reality. Are you ready to move forward with your next home purchase? One of our experienced mortgage professionals will guide you every step of the way. Apply now and find out if you qualify for a 3% down payment conventional loan.
FAQs about Conventional 97 Loan
While there are various requirements for a Conventional 97% loan the main requirement is you are a qualifying first-time homebuyer, or you can also qualify if you’re under certain income limits or you are applying with someone who is a first-time home buyer. Contact one of our loan specialists to go over all the requirements for a Conventional 97 loan.
Applying through a mortgage lender that offers the Conventional 97% loan along with meeting the requirements to qualify.
First time homebuyers or homebuyers who are under certain income limits could qualify with a credit score as low as 620! Contact one of our loan specialists to see if you qualify for a Conventional 97% loan.
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