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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.
- NMLS#
John Thomas
Loan Officer - NMLS# 3094
Get a personalized and successful home loan approval experience
See how much you qualify for in 60 seconds or less.
PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.
