Conventional 97
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Conventional 97 is a Fannie Mae and Freddie Mac program allowing a 3% down payment on a primary residence.
What Conventional 97 means
It lets buyers use conventional financing with minimal down, paying PMI until they reach 20% equity. It's often cheaper than FHA for borrowers with solid credit.
Florida example
A Florida first-time buyer with a 740 score uses Conventional 97 to put just 3% down on a $350,000 home, paying $10,500 down plus PMI that cancels once they reach 20% equity.
What it is
The Conventional 97 is a loan that lets qualified buyers put just 3% down. It is backed by Fannie Mae or Freddie Mac.
It is a strong low-down option for buyers with good credit.
Who it fits
It suits first-time and repeat buyers who have solid credit but limited savings. PMI applies until you build equity.
We compare it to FHA to find your cheaper path. Apply now and we will run both for you.
Related program: Learn more →