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Conventional 97 Loan Program

A relatively the new selection for reduced money off lenders try the conventional 97 program supplied by Fannie mae and you may Freddie Mac. As a result you may want to buy a home with only an effective 3% down payment. That is lower than FHA already means.

• Fixed rate mortgage
• Limitation amount borrowed are $424,100
• The house should be much of your house
• Have to be an individual-home otherwise condo
• Cannot has possessed a property over the last three ages

This choice, while it is a normal financing, simply need an excellent 620-credit rating so you’re able to be considered. This will make it very much in the reach for many consumers. Additionally, it allows you to shell out your down payment within the good present off family otherwise loved ones. (más…)