At a Glance
Minimum Down Payment
Minimum mid-credit score
700 (for 90% total combined loan amounts on an Owner-Occupied Home)
720 (for 85% total combined loan amounts for a Second/Vacation Home)
PMI (Private Mortgage Insurance)
None, as long as the Conventional 1st loan is ≤ 80% of the purchase price
Owner Occupied and Second Homes Only
Min/ Max Loan Amount
$100,000 - $726,200 (1st Conventional Loan)
$50,000 - $500,000 (HELOC)
Loan Repayment Terms
30 Year Fixed Rate (1st Conventional Loan)Interest-Only Credit Line (HELOC)
Maximum Debt-vs-Income Ratio
45% of all debts, including the new home (Owner-Occupied Home)
43% of all debts, including the new home (Second/Vacation Home)
In this example, we've structured the first loan at $726,200 (the current maximum Conventional loan size) so that the majority of the financing is at a fixed interest rate. Then created a HELOC to fill the rest up to 90% of the purchase price. After that, the down payment completes the rest.
In this example, we've structured the first loan at $400,000 (80% of the purchase price), then created a new HELOC to fill the rest up to 90% of the appraisal value. The remaining 10% equity remains unfinanced.
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ACCEPTABLE HOME TYPES
NON-US Citizen Requirements
LOAN SIZE LIMITS
For most counties in Florida, the maximum loan size for a single-unit homes is currently $726,200. Click HERE for a map listing of all US Counties.
The Home Equity Line of Credit minimum/ maximum line size:
GENERAL QUALIFICATION NOTES
The Underwriting approval for both loans generally follows the same conventional underwriting guidelines for both loans, but may have certain exceptions, such as:
Minimum middle credit score to qualify:
Primary Residences: 700
Second/Vacation Homes: 720
Maximum debt ratio limit:
45% for primary residences
43% for second/vacation homes.
Max Combined Loan-to-Value (both loans):
89.99% for primary residences
85% for second/vacation homes.
Owner-occupied, Second/Vacation Homes only
This is not a commitment to lend. Not all borrowers will qualify for the loan programs listed. All program terms and conditions are subject to change and may be discontinued without prior notice. Contact loan originator for program questions and scenarios.