People ask all the time, what’s the best low down payment mortgage home loan program. The question is hard, because there are so many. But one such program is Fannie Mae 97% Conventional Financing. There’s a low down payment, 3%, with no up front PMI (private mortgage insurance). Your PMI / monthly is based on your credit score. If you have good credit, the PMI isn’t much and, if you do a shorter term, the mortgage insurance is greatly reduced. If you buy a condo, there are no additional overlays, and a very simple condo process. No catch. Always ask your loan officer if you can qualify for Fannie Mae 97% Conventional Financing.
Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317
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