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 allows a fast closing.

    One major misconception 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- Payment 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

    $ 510,000

    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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