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Buying a home

Low-down-payment conventional loan (Conventional 97)

The short answer This conforming option lets eligible buyers finance most of the home's value with a small down payment. It is a specific eligibility path with its own rules, including first-time-buyer requirements for the standard purchase version, and refinance rules differ. Mortgage insurance, closing costs and any required reserves still matter.

Last reviewed: October 18, 2026 · General education, not a loan offer or approval. Availability and terms depend on the lender, the property and your file.

It may fit if

  • You have steady, documented income but limited savings for a down payment.
  • You may be a first-time buyer purchasing a primary home.
  • You want to compare this path with HomeReady, Home Possible or FHA.

Tradeoffs to weigh

  • Mortgage insurance usually applies and raises the monthly payment.
  • The small down payment does not cover closing costs, prepaid items or reserves.
  • Lenders can add their own requirements on top of agency rules.

What to have ready

  • Whether you have owned a home recently (first-time-buyer status).
  • The area or price range you're shopping in.
  • Your savings for down payment and closing costs, including any gift funds.
  • How you're paid and your main monthly debts.

Questions people ask

Is this the same as HomeReady?

No. Both can offer a small down payment, but income limits, borrower criteria and other rules differ.

Does the small down payment cover everything due at closing?

No. Closing costs, prepaid expenses and any required reserves are separate.

Your next step

Tell me what you're trying to do. I'll check which options fit your situation and walk you through the tradeoffs.

Start my applicationTalk to Marcus

Related topics

Conventional mortgage HomeReady Home Possible FHA mortgage VA mortgage USDA-backed home loan See the loan programs All topics

Sources

Official program and consumer sources this page is based on. Lender rules can be stricter than these.

Marcus Wright
Who you'll work with

You work with me, start to finish.

Marcus Wright · Loan Officer, NMLS #2789841

Originates through Q Mortgage LLC, NMLS #2567464. Licensed in Texas.

Check my license on NMLS Consumer Access

I aim to get back to you within a few working hours, often sooner.

Se habla español. Every page and form here works in Spanish.

How it works

  1. 1. Tell me your goalCall, book a time or send a note. No SSN and no credit check to start a conversation.
  2. 2. I compare your optionsI look at your income, property and plans, and explain the costs and tradeoffs of each route in plain language.
  3. 3. Apply when you're readyYou apply through a secure application. The lender's underwriting makes the final decision, and I keep you updated until closing.
Contact

Let's talk about your loan.

Call, book a time, or send a quick note. Whatever's easiest.

(682) 403-3406Tap to call Pick a timeBook a call on my calendar Weekend timeSat–Sun, 11 a.m.–7 p.m. Central. I confirm it personally. marcus@qmortgage.aiEmail me anytime

Hours Weekdays 8 a.m.–8 p.m. Central. Weekends 11 a.m.–7 p.m. Central by appointment.

I aim to get back to you within a few working hours, often sooner.

Tell me about your loan