LOAN OPTIONS

Conventional Loans

Conventional Loans

It’s getting more and more popular to apply for conventional loan in florida, in fact, 60-70% of all applications opt for this type of loan. It’s not backed by the government, but follows Fannie Mae and Freddie Mac Guidelines. The process to get a conventional loan more flexible, it allows low down payments and allow a fast closing.

One major misperception is that conventional loans need 20% down. Today, we have programs with a little as 3% down.

Features of Conventional Loan:

  • You can use a conventional loan to buy a primary residence, second home, or rental property
  • Conventional loans are available in fixed rates, adjustable rates (ARMs), and offer loan terms from 15 to 30 years
  • Down payments as low as 3%
  • No monthly mortgage insurance with a down payment of at least 20%
  • No upfront Mortgage Insurance with down payment of less than 20%
  • Mortgage insurance is removable when home equity reaches 20% to the loan value
  • No Pre Penalty – if you decide to pay your loan sooner, you can do it with no penalty

Call Us (727) 251-5089

Down Payment

3 – 5 %

call for eligibility specification

Minimum Credit Score

620

call for exceptions

Maximum Loan Amount

$ 453,100

for most fl single family homes

Seller Contributions

2 – 9 %

% of price depends on ltv

DTI MAX

50 %

call for eligibility specification

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