A Flex 97% loan requires 3% of the home’s purchase price as a down payment. The home must be a single-family, owner-occupied home and borrower must have a credit score of over 720. A Flex 97% can be especially helpful for first time homebuyers who can afford monthly payments, but cannot afford a down payment. Flex 97% loans are available as a 30 or 15-year fixed rate mortgage or an adjustable rate mortgage.