Conventional 97 (3% Down)
A conventional loan that lets qualified first-time buyers put down just 3%. Unlike FHA, the mortgage insurance drops off once you build enough equity.
- Down payment
- 3% down for many first-time buyers.
- Credit context
- Usually needs a credit score around 620 or higher. Private mortgage insurance applies below 20% down and cancels once you reach about 20% equity.
- Income rules
- No income limit on the standard version. Credit, down payment, and debt-to-income drive approval.
Individual lenders set the interest rate, fees, mortgage-insurance treatment, and final approval requirements. Compare written Loan Estimates before choosing.
How repayment works
Your monthly housing payment usually includes principal and interest, and may also include property taxes, homeowners insurance, mortgage insurance, and association fees. Your lender’s written Loan Estimate and Closing Disclosure control the actual costs and terms.
A lower advertised down payment does not necessarily mean the lowest monthly payment or lowest total cost.
Who it may fit
- Households balancing two credit profiles
- First-time buyers who want a clearer path
These are situations worth exploring, not a qualification decision.
What could rule it out
HomeBase does not yet have enough structured issuing-body rules to screen this loan reliably. Confirm credit, income, occupancy, property, and borrower requirements with the lender.