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Home buying just got a lot easier!
The average borrower wants a conventional mortgage when they purchase a home. Rates are lower and the terms seem friendlier. What if you don’t have the standard 20% down payment, though? What if you only have 3% to put down – are you out of luck? The good news is there is a Conventional 97 program.
The Conventional 97 First-time Buyer Program helps more families achieve the homeownership milestone with a 3% down payment, regardless of income levels or geographic location. Many of today’s home buyers will meet guidelines for this new loan option.
Take a look at some of the criteria in order to qualify for this type of loan:
SOLUTION FOR DOWN PAYMENT CHALLENGES
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Minimum down payment: 3%
BROAD ACCESS
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No geographic restrictions or income limits
GETTING READY FOR HOMEOWNERSHIP
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Homeownership Education required
PROPERTY ELIGIBILITY
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Primary Single Unit Residences (including condos)
FINE PRINT & ELIGIBILITY
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At least one borrower must be a 1st time homebuyer (no ownership in last 3 years)
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Borrowers may not have any ownership in any other residential property at time of closing
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Non-owner occupant co-borrowers not permitted
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Homeownership education: Certificate required when all borrowers are first-time buyers, at least one borrower must complete the course
Have questions or need some guidance? Give the experts at Greenway Mortgage a call today 732.832.2967.
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