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.
The Lithgow Team was fantastic to work with! This was my first home purchase and they went out of their way to provide excellent communication and service during the entire process. Highly recommended!
Eric and his team gave me one of the most worry-free loan processes ever. He kept me updated every step of the way! True professional from start to finish. A+++++
Made the process very easy!
Very professional staff. We knew what was expected and required of us from the very first meeting. There were no surprises during this entire process. Everyone we worked with was professional, knowledgeable and extremely helpful!
I couldn't have asked for better service from Chris and the staff at InterLinc! They were ahead of the game at every turn and made the process very simple.
Moved from upstate New York, Eric and his team made the whole process so very easy I would recommend the Zanotelli team to anyone who is looking to move to the Great State of Oklahoma!!!! Thanks again.
InterLinc Mortgage is amazing to work with. I always know where the clients are in the loan process, and they are always quick to answer any questions I have. Shelby and his team have consistently gone above and beyond to get our clients to closing on time.
Did a great job informing me of what I wanted to do into getting a new home. I like everything and his team were go getters and all around impressive team players for me.
Even though the circumstances on how we rushed our loan to Shelby, the loan process was seemly smooth and we got to close on our house on time. Thank you!
Wow! What a lasting impressions you all left on our family! Between your speedy responses to sending our kiddos a book in the mail (thank you, Sheryl!) Again, thank you for being so personable and genuinely caring!