Conventional 97
E Mortgage Capital 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 be combined with Lender Paid Mortgage Insurance, where an up front fee can be paid to eliminate the monthly mortgage insurance (PMI).
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.
