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.
As a small business owner, buying a home is a little more complicated than with traditional employment and Kevin and his team have made two home purchases extremely straightforward and fast. Kevin is very clear on the process, timelines, communication, and steps to be taken throughout the mortgage process. I will be using Kevin for all of my future home needs!
Alex with InterLinc Mortgage worked around the clock to make our family's dream home come true. He will seriously do everything in his power to make a deal happen, and is accessible throughout the process. I would use again in a heartbeat.
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!!
Cathy and her team are amazing! As a first-time homebuyer buying from out of state, I was dreading the process! Would I be able to communicate effectively? Would I be a priority with someone that I never met? I was soooo blessed to be referred to Cathy! Every email responded to promptly! Every question was answered! I came to closing with everything being in place. Cathy and her team were honest and explained things in a way I could understand. Transparency, professionalism and southern hospitality – you can’t go wrong with Cathy, Machelle, and Rachel!
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!
Rebecca and her team at InterLinc Mortgage Services are great to work with. They kept my Buyer and me informed and answered our questions promptly. Truly professional with a heart of service to the client. Bravo!!!
This team is top notch!!! They have helped me with my last two home purchases and both times they have gone over and above for an amazing customer experience!!! They are a true pleasure to work with and make buying a home painless!!! Love the Lithgow team!!!!
The service was outstanding. They were patient. Encouraging, and very knowledgeable. We can't thank them enough for helping make our dream of owning a home come true.
Eric and his team were wonderful to work with! We actually applied with then twice, the first time we needed to work on some financial things, but instead of just turning us away, they actually told us how to fix it for better chance to get a better home loan! Every question was always answered clearly and quickly! They were pleasant to work with and I will not be going anywhere else if we ever needed another home loan! Thanks to everyone at InterLinc Mortgage!!!!
Bill thanks for all of your help! You and your staff have been phenomenal!