Academy Mortgage Offers the Conventional 97 *
With smaller down payment requirement and reduced-cost mortgage insurance (MI) premium, the Conventional 97 is a great alternative to the traditional FHA loan program for first-time homebuyers. In addition, the Conventional 97 loan program can even be combined with Lender Paid Mortgage Insurance, where Academy pays the MI for you through Lender Rebates.*
Here are a few things to know about the Conventional 97 loan program:
- One borrower must be a first-time homebuyer (First Time Buyer means that buyer has not owned a home in the past 3 years)
- Down payment and closing costs can come from gifts and/or certain down payment assistance programs. *Call for details.
- This loan be combined with Lender Paid Mortgage Insurance (LPMI)
- For owner-occupied properties only (Primary Residence, No Second Homes)
- Fixed interest rate
*Program guideline information may change without notice. Please contact Doug Bullwinkel for the latest program guidelines. Restrictions Apply.