A conventional 97% LTV (loan-to-value) loan is similar to the traditional conventional loan; however, this specific program allows prospective home buyers to purchase a home with only a 3% down payment.
To qualify, the following guidelines must be met:
Loan amount may not exceed $484,350
Must be a one-unit, single family dwelling
Must be the owner's primary residence
At least one borrower has not owned a home in the last three (3) years
Must be a fixed rate mortgage
Minimum FICO score of 620
*Other restrictions may apply.
A conventional 97% LTV (Loan-to-Value) loan is an attractive option to first-time home buyers as the qualifying guidelines typically meet their home buying profile.
Another benefit of this loan program is that it allows for its entire 3% down payment to come from gifted funds; however, the gift must come from a person related to the borrower by blood or marriage, or the borrower's legal guardian, domestic partner or fiance/ fiancee.
I want to first and foremost thank all of you for putting up with me. I know I'm not the easiest but I truly appreciate all of you. Thank you for your time and diligence to making this dream come true for me. My family and I are extremely happy and excited!!
5 star service all around. My wife and I were fortunate enough to find Jackie to assist us with our home purchase in Hendersonville. She made the process very easy. We highly recommend her to anyone needing a home loan.
A wonderful group to work with! This team was very knowledgeable and patient throughout the whole process, which was great news for a 1st-time buyer and not to mention the personalized touch with their adorable closing gifts. Thank you for helping us get our dream home!
We were coming off an unpleasant experience with an inexperienced and unprofessional loan originator. I was bemoaning the fact that I thought we'd never get the deal done when our Realtor suggested that we contact Mitchell. That's when things began to move forward and, I have to say, much quicker than I had expected…Mitchell's group was great at keeping us prepared and on schedule, providing continual updates about our progress. I cannot be more enthusiastic in my recommendation of Mitchell to any family and friends who are in the market. You CAN do this and Mitchell can get it done for you!
Shelly was amazing to work with. She was always quick to respond to emails or phone calls. Since we didn't have a lot of time to work with, she was on the ball and made it happen. Truly a blessing to work with.
Was able to get our loan completed with ease when others couldn't. Quickly got us documentation for our loan in an afternoon so that we could make an offer on a property. Very responsive to all our questions.
Eric and his team are awesome!!! I bought a house without the use of a realtor and it proved to be difficult. Eric and his team helped me every step of the way. They were patient with me being inexperienced at buying a house. I highly recommend Eric and his team!!!
Scott Senner helped us to buy our house and acreage 3+ years ago. We had not sold our previous house yet, and ended up renting it out for over a year. Scott was extremely knowledgeable, helping us to negotiate the complexities of our situation. He was always honest and upfront about what we could and couldn't do. His kindness and responsiveness were always impressive and Scott has continued to be our "go to" person when it comes to our mortgage, refinancing, or referrals to other banking professionals. Scott has a customer for life with us!
From the start to the close, I knew what was going on and the plan for what’s next. This is excellent service. Thank you, Jackie. We will forever use you for our needs plus send you referrals. We trust you. Thanks again!
Everything went very smoothly. Everything went very efficiently. David demonstrated from the very beginning that he was glad to have me as a customer and made me feel as if i was his only customer.