How Do I Apply For The Conventional 97 program?
The Conventional 97 program is not a new program. However, it is a decidedly cheaper option as compared to the FHA. The Federal Housing Administration has raised its mortgage insurance rates so many times that its benchmark product has moved to second place.
If you are buying a home and plan to make a low downpayment; or refinancing one and have little home equity, look to the Conventional 97 program. Purchase a home with just 3% down and reduced or no MONTHLY mortgage insurance.
Down payment as low as 3% (even for first time homebuyers)
Reduce or even eliminate monthly Mortgage Insurance (not possible with FHA)
Usually faster, easier and with a lower monthly payment than FHA
Use gift funds for your entire down payment
Refinance your current mortgage with as little as 5% equity (regardless of current mortgage program)