FLORIDA CONVENTIONAL HOME LOANS
This loan has a 620 minimum Mortgage FICO Score.
When putting 3% down you get a reduced private mortgage insurance rate. For Incomes less than 80% Area Median Income – Primary home only.
For incomes on loan application less than 50% of the area median income. – Primary home only. Get $2500 in closing cost assistance.
For income on loan application less than 80% of the area median income. – Primary home only. Get $1250 in closing cost assistance.
With 20% down no mortgage insurance.
For Duplex – 15% Down.
For Triplex and Quadplex – 25% Down.
Conventional Loans DPA (Down Payment Assistance).
*Available to buyers who’s qualifying income is 80% or less than the Area Median Income for the property address. – 3% given to meet minimum down-payment requirement
*This Down-payment assistance is in the form of a subordinate soft second lien with a 0.00% interest rate. With a 5-year term, forgiven at month 61. Buyers(s) must remain current on their mortgage for the second mortgage to be forgiven.
*This may be combined with up to 3% seller concessions for prepaids and closing costs.
*This loan Conventional Loan has a Minimum FICO of 620
*Verification of rental history for previous 12 months required.
*Must receive automated underwriting system approval.
*For property types Single family, Townhome or Manufactured Home. (with permanent backing on skirting required) eligible.
*Designed for Conventional First time home buyers and repeat buyers allowed.
*Credit Smart Online Consulting Course required. Login (freddiemaclearning.com)
*Additional financial standards apply. Must show buyers have met stability of employment and income. By managing their finances and savings to a budget that exhibits responsible repayment patterns and a satisfactory credit history.