Florida First Time Home Buyer Loan Program, Best Rates
Florida First Time Home Buyer Loan Program, With Only 1% Down Payment.
- You put down 1% and the lender contributes 2% or $5,000 (whichever is less)*.
- No property ownership interest in the last 3 years.
- Available for Condo Home Mortgages as well.
- Great low rates.
- Available with no monthly Mortgage Insurance.
- 720+ Credit Score required.
- 3% Seller Credit towards buyers closing costs allowed.
- Borrower income limits may apply.
- 2% lender contribution may only be applied to down payment.
What is a 1% Down First Time Home Buyer Conventional Mortgage Loan?
A “conventional mortgage” simply refers to any mortgage loan that is not insured or guaranteed by the federal government. Conventional mortgage loans can be both fixed mortgages or adjustable-rate mortgages. These types of loans may be conforming or non-conforming, with the former meeting the standards set forth by government-sponsored enterprises Fannie Mae and Freddie Mac. Be careful not to confuse conventional with conforming, as the two terms are very different. However, neither are considered government loans, despite the fact that Fannie and Freddie are now under government control.
One major factor that determines whether a mortgage is conforming or not is the loan amount – loans over the conforming loan limit are considered a jumbo mortgages and will come with a higher mortgage rate as a result. Still, both types of loans are considered conventional. These days, conventional mortgages (whether conforming or not) typically have higher down payment and credit score requirements than FHA and VA government loans, and if the LTV exceeds 80 percent on a conventional loan, private mortgage insurance (PMI) is required by the mortgage lender.
With Fannie Mae’s 1% percent down-payment offering, borrowers must still meet standard eligibility requirements, including underwriting, income documentation, and risk management standards. Any buyer can take advantage of these loans as long as at least one borrower or co-borrower is a first-time buyer. These loans will require private mortgage insurance (PMI).
Has Your Loan Application Been Denied by a Bank or Lender or Maybe You Think You Won’t Qualify for a Florida Mortgage Loan Because?
- Don’t have enough Credit Report tradelines.
- First time home buyer.
- Credit Scores are a little Too Low, not to worry we can do a Rapid Rescore.
- Prior Foreclosure or Bankruptcy or Loan Modifications.
- Prior Mortgage Late Payments.
- Don’t have Enough Reserves.
- Debt to Income Ratio too High.
Not to worry our Loan Officers overcome these problems all the time, we know the Florida Mortgage Business and can Close Easy, Complex and Tough Deals. We do this by utilizing our “Outside The Box Thinking” to get you pre-approved for the maximum loan amount possible while keeping your down payment and closing costs as low as possible. Don’t just take our word for it, check out what our prior clients have to say about us!