Conventional Mortgage Loans
What is a 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.
Conventional Mortgage Loan Down Payment Requirements
- 3% down payment for First Time Home Buyers.
- 5% down payment for non-First Time Home Buyers.
- 10% down payment on Second Homes.
- 20% down payment on Investment Properties.
- We offer these same low down payments on Condos.
What are the Requirements for getting a Conventional Mortgage Loan?
- 620 minimum credit score.
- Florida properties only on condos, single-family homes, and townhomes.
- 4 year waiting period for prior short sales, and bankruptcies.
- 50% maximum DTI.
- Down payment can be gifted from a relative.
Why Should You Choose Us For Your Conventional Mortgage Loan?
- Check out what our Prior Clients have to Say About Us.
- We work for You and Not the Bank.
- We have the Best 30 Year Fixed Rates.
- “We Think Outside The Box“
- Fast loan closing (as little as 30 days).
Are You Concerned You May Not Qualify for a Conventional Mortgage Loan Because?
- Debt to Income Ratio is too High.
- Credit Scores are a little Too Low, not to worry we can do a Rapid Rescore.
- Prior Foreclosures, Short Sales or Bankruptcies.
- Prior Mortgage Late Payments.
- Don’t have Enough Reserves.
Not to worry our Loan Officers overcome these problems all the time, We know the Florida Jumbo Mortgage Business and can Close Easy, Complex and Tough Deals.
Don’t just take our word for it, check out our prior client reviews!