Conventional 97 Loans – Home Financing with Just 3% Down

Why Choose a Conventional 97 Loan?

• Low Down Payment – You can buy a home with only 3% down, making it easier to get into a home without a large upfront payment.
• Competitive Interest Rates – Enjoy lower rates compared to some other low-down-payment options, keeping your monthly payments affordable.
• Flexible Eligibility – Easier to qualify for than some government-backed loans (like FHA).
• No Upfront Mortgage Insurance – Unlike FHA loans, the Conventional 97 loan doesn’t require upfront mortgage insurance, saving you money.
• Option for First-Time and Repeat Buyers – While it’s great for first-time buyers, you don’t have to be a first-time buyer to qualify.

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Who Qualifies for a Conventional 97 Loan?

• ✔️ 3% Down Payment – You need at least 3% of the home’s purchase price for the down payment.
• ✔️ Credit Score – A minimum 620 credit score is typically required.
• ✔️ Income Limits – There are no income limits, but your debt-to-income ratio (DTI) must meet lender guidelines.
• ✔️ First-Time or Repeat Buyers – While it’s great for first-time buyers, it’s available to anyone who meets the requirements.
• ✔️ Primary Residence – The home must be your primary residence (not an investment property).

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How The Mortgage Source LLC Can Help

At The Mortgage Source LLC, we make applying for a Conventional 97 loan simple and stress-free. Our team will:

• Help you determine if you qualify for a Conventional 97 loan based on your financial situation.
• Find the best interest rates and loan options to save you money.
• Guide you through the application process to ensure everything goes smoothly.
• Provide expert advice so you can make informed decisions about your home loan.