If you are looking for a low down payment mortgage option for your Long Beach home loan, look no further than the Conventional 97 loan program. This loan is still available to all U.S. residents and comes through Fannie Mae. It has simple guidelines, low mortgage insurance rates, and only a 3% down payment.
Mortgage rates are often comparable to an FHA loan, but the Conventional 97 program does not require you to pay the mortgage insurance up front and the insurance is generally cheaper. The Conventional 97 program could also be used as a refinance option for your Long Beach home loan.
The Conventional 97 program can only be used for single family dwellings, including town homes, condominiums, and detached homes. This program is capped at a loan of $417,000, so be sure to look for a home valued at $430,000 or less to maximize your benefits. Your Long Beach home loan must also be for a property that you plan to occupy. This cannot be used for investment properties, or to refinance a dwelling that used to be your primary residence, but that you are now renting out. What a great opportunity to get into a home with a small down payment, begin your search for a new Long Beach home today and contact me first, so we can get you pre-approved.
About Ric Dizon
[…] small down payment is possible with the Conventional 97 loan. The loan application requirements for those looking to get into a home with only a small down […]