Conventional Loans
What is a Conventional 97 loan?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
The Conventional 97 is a Fannie Mae and Freddie Mac program allowing just 3% down for qualifying buyers, mostly first-timers. It's a low-down alternative to FHA with removable PMI.
Because PMI cancels at 20% equity, it can beat FHA over time for borrowers with solid credit. We'll check your eligibility and compare the monthly cost to FHA.
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