Florida Mortgage

Florida Mortgage

One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

There are 6 different types of programs available to you:

• Fannie Mae
• Freddie Mac
  
• FHA
  
• VA
  
• USDA
  
• Portfolio

Fannie Mae and Freddie Mac loans are also known as conforming loans and require a minimum credit score of 620. Fannie Mae and Freddie Mac have a maximum loan limit of $417,000.

Down payment requirements for Fannie Mae and Freddie Mac loans range from 0% down payment to up to 25% down payment depending on the property type, borrower's credit and program. A typical down payment on a conforming loan is 5% with a borrower having a credit score above 700.

FHA loans are mortgages that are insured by H.U.D. and require a minimum credit score of 500. FHA has a maximum loan limit determined by county-by-county basis with a maximum amount of $417,000.

Down payment requirements for FHA loans is 3.5% down payment with credit scores above 580 and 10% down payment with credit scores below 580. A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier to qualify for an FHA loan.

VA loans are mortgages that are guaranteed by the Veterans Administration and require a minimum credit score of 500.

Mortgage Rates

Apply Now!

                                Call us 888.958.5382

We look forward to working with you.