Conventional 97 Loan Program
In response to helping today’s buyers have a conventional low down payment program Fannie Mae and Freddie Mae have created the 3 percent down payment program known as the Conventional 97. Below are highlights of the program:
- Loan Limits may not exceed the county limits you are buying, call for details.
- Only for Single Family Homes
- Only for those borrowers looking for a fixed rate product
- For First Time Home Buyer’s only
- Minimum credit score is 620. Those with credit under 680 might have a lower payment using the FHA product, call for details.
- Seller Concession are allowed not to exceed 3 percent of purchase price
- Private Mortgage Insurance is required
- Program has no income limitations
Call us today to see if you qualify for this program 631-589-3600