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Conventional 97 Mortgage Home Loans

Just 3% Down in Maryland

Looking for a low down payment mortgage that isn't tied to FHA? The Conventional 97 Loan gives first-time homebuyers in Maryland the chance to buy with just 3% down, without paying the upfront mortgage insurance premium that comes with FHA loans.

This program follows standard Fannie Mae guidelines and is designed to provide a more affordable path to homeownership for buyers with good credit and steady income.

Key Benefits of the Conventional 97 Loan:

Only 3% down payment required
No upfront mortgage insurance premium (unlike FHA loans)
Private mortgage insurance (PMI) can be removed once you reach 20% equity
Competitive interest rates for well-qualified buyers
Available to first-time buyers (defined as not owning in the past 3 years)
Can be combined with many down payment assistance programs

Who Can Use the Conventional 97 Loan?

To qualify for a Conventional 97 Loan, at least one borrower must be a first-time homebuyer. The home must be a primary residence — no second homes or investment properties. Minimum credit scores generally start around 620, but higher scores (680+) receive better pricing.

This program is ideal for buyers who:

Want to avoid lifetime mortgage insurance
Prefer conventional guidelines over FHA property restriction
Have good credit but limited funds for a down payment
Plan to stay in their home long enough to reach 20% equity

It might be easier to get pre-approved for a mortgage than you ever imagined. We believe in making it as easy as possible for everyone to purchase their own home. Click here now to get started, it only takes a few minutes online.

Compare to Other Conventional Loan Options:

How to Get Started:

We’ll help you compare the Conventional 97 Loan with other low down payment options and check if you qualify for local down payment assistance in Maryland.

Start your application or request a free consultation below.