Conventional 97 Loan Program

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


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