97% Financing
With 97% financing, also known as conventional financing, borrowers can secure a loan for up to 97% of the home’s purchase price or appraised value, reducing the upfront cash required for the purchase which is great for borrowers with low funds for a down payment. Loans can be financed up to 97% if the loan is for your primary residence. If the loan is for a second home, it will finance up to 90%. If the loan is for investment properties 80% may be financed. If you finance over 80%, you will have to pay monthly personal mortgage insurance (PMI).