FLORIDA

SINCE 1995

‍‍‍DIRE‍‍‍CT LENDING

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CONVENTIONAL

HOME LOANS

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.  

At a Glance

Minimum Down Payment

3%

Minimum Down Payment to avoid PMI

20%

PMI (Private Mortgage Insurance)

Applies if financing > 80% of sales price

Minimum mid-credit score

620

Min/ Max Loan Amount

$50,000 - $484,350

Loan Repayment Terms

10 yrs, 15 years, 20 years, 30 years

Amortization

Fixed rate or adjustable rate

Prepayment Penalties

None

CONVENTIONAL HOME LOANS

The most popular home loan in America

Conventional loans are one of the most common loan types.  They are the standard around which most other loan programs are designed. Commonly referred to as "conforming" loans, they 'conform' to a set of underwriting criteria established by Government Sponsored Entities Fannie Mae (FNMA) and Freddie Mac (FHLMC).

Qualifying is usually straight-forward, but can be unyielding if your scenario doesn't fit into conforming underwriting standards.

If you're thinking about Conventional financing, we'd love the opportunity to answer all of your questions and review your options.

GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation

GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation

LOAN SIZE LIMITS

For most counties in Florida, the maximum loan size for a single-unit homes is currently $484,350.  The maximum loan size in Monroe County - $529,000  Click HERE for a 2018 list of all US Counties.

OCCUPANCY

Owner-occupied, Second/Vacation Homes, and Investment properties

ACCEPTABLE HOME TYPES

  • Single Family Homes
  • Multi-Unit Homes (2-4 units)
  • Townhomes / Villas
  • Condominiums - Condo association must qualify for a limited financial review (with a 25% down payment and/or combined with a second loan or HELOC), or a full financial review (if down payment < 25%).
  • Specialty home types - on a very limited basis. (log homes, dome homes, stilt homes, etc.  For these property types, we suggest our specialty property program.

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(813) 928-9610

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KEY FEATURES

  • Low Down Payment- as little as 3% down required.
  • Special PMI pricing available in certain geographic areas with 3% down ( Fannie Mae's HomeReady).
  • Semi-flexible credit score requirements– scores as low as 640.  (620 on a case-by-case/ manual underwriting basis)
  • Gift Funds from a family member are acceptable
  • Allows for non-occupying co-borrowers (family can help co-sign on the loan to qualify)
  • Self-Employed borrowers - most recent year's tax return can be used to qualify for income (instead of averaging two years)  **Must be in business for 5 years, otherwise the traditional method of averaging the most recent two years tax returns applies.)
  • Interested Party Contributions (IPC's)- up to 9%, depending on down payment.  This includes credits from sellers, real estate agents, builders, etc.)
    • Owner Occupied or Second/Vacation Home
      • If down payment is less than 10%, the max contribution is 3%
      • If the down payment is 10% - 24.999%, the max contribution max is 6%
      • If the down payment is 25% or greater, the max contribution max is 9%
    • Investment Property - the max contribution is 2%

NON-US Citizen Requirements