Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply

User Stats

23
Posts
9
Votes
Sheila Reyes
  • Investor
  • NYC/NJ
9
Votes |
23
Posts

Conventional 97 Loan

Sheila Reyes
  • Investor
  • NYC/NJ
Posted

Hi everyone! I am just beginning my real estate investing journey and wanted to know more about the Conventional 97 Loan. I read about the advantages of a Conventional 97 Loan vs an FHA, but I was wondering if I could use this loan on a multi-family property (2, 3, 4 units).

I read online that there were loan limits for 2-, 3-, and 4-unit homes but I understood that I could still use the Conventional 97 loan to put at least 3% down on the property. My lender said I could not use it on multi-families. Is that true? 

I would like to know if with a FICO score above 775 if I am better off with an FHA or a Conventional 97...?

Most Popular Reply

User Stats

9,935
Posts
10,791
Votes
Chris Mason
  • Lender
  • California
10,791
Votes |
9,935
Posts
Chris Mason
  • Lender
  • California
ModeratorReplied

I just got a pop-up from biggerpockets.com. I like that my 5,000th post was about one of my favorite 2-4 unit loan programs. :)

  • Chris Mason
  • Loading replies...