topic Who offers conventional 97 mortgage loans ? in Mortgage Loans

Who offers conventional 97 mortgage loans ?

Bees18 — Fri, 04 Oct 2019 04:11:05 GMT

Hi we are first time home buyers looking to find information, at this point what we know is very limited but from what we have read we would want to try for a Conventional 97 loan. When trying to google info on who offers these and people's experiences with them I am not coming up with much.

who offers them and what are the pros and cons. We are looking for low downpayment and low closing cost.

scores are around 760. Decent income. Very good credit.

Re: Who offers conventional 97 mortgage loans ?

Mortgage-Specialist — Fri, 04 Oct 2019 14:24:51 GMT

The only real pro/con with 3% down instead of 5% down is a slightly higher interest rate and slightly higher monthly mortgage insurance

Re: Who offers conventional 97 mortgage loans ?

NC_Mtg_Loaner — Sat, 05 Oct 2019 03:35:25 GMT

Actually, the 97% conventional loan programs are typically only available for those buyers in low to moderate income categories unless the property itself is in a qualifying zone---Fannie Mae and Freddie Mac can verify those addresses--and the MI is typically subsidized in order to keep the loan affordable.

Consult with your trusted LO to see if you qualify though, but any lender that does business with FNMA or FREDDIE MAC ought to offer these programs for you if you are eligible.

Re: Who offers conventional 97 mortgage loans ?

homeloanexpert — Mon, 07 Oct 2019 11:45:29 GMT

Hello Bees18,

There are several good options for you. In fact there are many good LOs on this site who can help you.

Best Wishes!