Conventional 97 Loans

Conventional 97 Loans is a grant for homebuyers in Georgia. The Conventional 97 loan program allows qualified homebuyers to purchase a home with as little as 3% down payment. Offered through Fannie Mae (standard 97% LTV, HomeReady) and Freddie Mac (HomeOne, Home Possible), this program is designed primarily for first-time homebuyers. The 3% down payment may be sourced from personal savings, gifts, or eligible down payment assistance grants. No income limits apply for the standard Fannie Mae 97 LTV; HomeReady and Home Possible require income at or below 80% AMI. Minimum credit score of 620 required. Low down payment of only 3%. Down payment can come from personal savings, gift funds, or eligible DPA grants. No income limits for standard Fannie Mae 97 LTV. Available through HomeReady (income limit: 80% AMI) and HomeOne programs. Cancellable PMI once equity reaches 20%. Competitive interest rates. Available for first-time homebuyers who have not owned a home in past 3 years. Can be paired with eligible state and local DPA programs. Funding comes from Federal.

Conventional 97 Loans is structured as a grant, so it is not repaid. The assistance is recorded in 1st Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Conventional 97 Loans is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: 3+ years since last ownership. The program lists a minimum credit score of 620. A homebuyer education course is required, through Any HUD-approved housing counseling agency. Online courses available at Framework (frameworkhomeownership.org) and eHome America. In-person courses from local HUD-approved counselors also qualify. Citizenship or immigration status: U.S. Citizen or Permanent Resident. At least one borrower must be a first-time homebuyer (no homeownership in past 3 years) for Standard 97/HomeOne; HomeReady and Home Possible may allow non-FTHB with income limits. Private mortgage insurance (PMI) required. Down payment may come from savings, gifts, or eligible DPA grants.

Conventional 97 Loans sets its income limit as follows: No income limit for Standard 97/HomeOne; 80% AMI limit for HomeReady (Fannie Mae) and Home Possible (Freddie Mac). Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Conventional 97 Loans caps the purchase price as follows: Must not exceed conforming loan limits: $832,750 (standard); higher in high-cost areas. Eligible property types include Single Family, Condo, Townhouse, 2-4 Unit, and New Construction. New construction is eligible.

Conventional 97 Loans serves homebuyers purchasing anywhere in Georgia.

Applications for Conventional 97 Loans go through the administering agency, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.