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.