Home buying just got a lot easier!

The average borrower wants a conventional mortgage when they purchase a home. Rates are lower and the terms seem friendlier. What if you don’t have the standard 20% down payment, though? What if you only have 3% to put down – are you out of luck? The good news is there is a Conventional 97 program. 

The Conventional 97 First-time Buyer Program helps more families achieve the homeownership milestone with a 3% down payment, regardless of income levels or geographic location. Many of today’s home buyers will meet guidelines for this new loan option.

Take a look at some of the criteria in order to qualify for this type of loan:

SOLUTION FOR DOWN PAYMENT CHALLENGES

• Minimum down payment: 3%

BROAD ACCESS

• No geographic restrictions or income limits 

GETTING READY FOR HOMEOWNERSHIP

• Homeownership Education required

PROPERTY ELIGIBILITY

• Primary Single Unit Residences (including condos)

FINE PRINT & ELIGIBILITY

• At least one borrower must be a 1st time homebuyer (no ownership in last 3 years)
• Borrowers may not have any ownership in any other residential property at time of closing 
• Non-owner occupant co-borrowers not permitted
• Homeownership education: Certificate required when all borrowers are first-time buyers, at least one borrower must complete the course

Have questions or need some guidance? Contact us today.