Something tells me you haven't actually tried to do that. No bank is going to lend 970k with such little equity. The only program that does do that, FHA, have

Something tells me you haven't actually tried to do that. No bank is going to lend 970k with such little equity. The only program that does do that, FHA, have loan limits and in SF for a single family home that is about 625k... BUT, in hot markets like SF and the east coast, no seller is going to accept your offer with only 3% down because of the risk the lender having an LTV issue and the sale falling apart. In markets like NYC, Boston, DC, SF, etc you need to come in with a) offer over ask b) at least 20% down.