Conventional Loans

• Multiple terms available
• No mortgage insurance with down payments greater than 20% loan-to-value
• Easy to shop and compare since this is a widely available product
• Typically offers lower rates if you meet loan requirements

Basic Requirements:

• 620 minimum FICO

Down Payment Options:

• 3% — First-Time Home Buyer
• 5% — Primary Residence
• 20% — Investment Property
• 10% — Second Home

Maximum Loan Amount: 

$806,500

Low Down Payment Option: Conventional 97% LTV

A conventional 97% LTV loan is similar to a traditional conventional loan; however, this program allows buyers to purchase a home with only a 3% down payment.

Qualification Guidelines:

• Loan amount may not exceed $806,500
• Must be a one-unit, single-family property
• Must be owner-occupied
• At least one borrower must not have owned a home in the last three years
• Must be a fixed-rate mortgage
• Minimum FICO score: 620

*Other restrictions may apply.

A conventional 97% LTV loan is often a strong option for first-time homebuyers because the guidelines align with their typical financial profile. Another advantage is that the entire 3% down payment may come from gifted funds, provided the gift is from a:

• Relative (by blood or marriage)
• Legal guardian
• Domestic partner
• Fiancé or fiancée