The Advantages of Conventional 97
Low Down Payment Options
Start your homeownership journey with just a 3% down payment, allowing you to preserve your savings for other goals.
Competitive Market Rates
Benefit from interest rates comparable to standard conventional loans, ensuring long-term affordability for your home.
No Upfront Fees
Unlike FHA loans, there is no required upfront mortgage insurance premium, reducing your initial closing costs significantly.
Qualification Criteria
01
Credit Score Requirements
A minimum credit score of 620 is typically required, though higher scores may access better rate pricing and lower mortgage insurance premiums.
02
First-Time Homebuyer Status
At least one borrower must be a first-time homebuyer, defined as someone who hasn't owned a residential property in the past three years.
03
Income & Asset Verification
Borrowers must provide documentation of steady income and sufficient assets to cover the 3% down payment and necessary closing costs.
04
Property Eligibility
Eligible properties include one-unit primary residences, such as single-family homes, condos, townhomes, and planned unit developments.