All Types of Mortgages
Hi Income Poor Credit or Good Credit Little Money
Which one are you?
- Good Credit but Little Money? A 1% down loan is for you?
- Hi Income but Poor Credit? An FHA loan is for you?
- No Idea where to start? Call me. If you qualify for any loan program, I will find it.
To get a mortgage, you need: money, credit and a loan officer.
First, money. You need documented income: as shown in your pay stubs, w-2s, and tax returns or some steady reported income. Then, a bank account with money for your down payment.
Second, credit. This means a credit score, current credit items (such as credit cards, auto loans, etc.) and a credit history. You don’t need excellent credit, just not really bad credit. A 580 score is usually good enough to start. And nothing bad recently. No late payments or car repossession in the last year; no bankruptcy in the last 2 years, no foreclosure-short sale in the last 3 years.
You cannot get a mortgage if you have tax liens, court judgment or your student loans in default.
Third, a loan officer. A loan officer figures this process for you and finds you the ideal loan program. I am a Florida licensed mortgage broker and loan officer and I can help you find the ideal mortgage.
Here is the list of some of the loan programs:
- FHA: credit score to 580, 3.5% Down
- FHA: credit score to 500, for 10% Down.
- FHA: credit score of 640, $0 Down FHA Loan
- Conventional: credit score to 620, 3% down if First Time Homebuyer
- Conventional; 700 score, First Time Homebuyer, 1% Down
- USDA: credit score to 580, 0% Down
- VA: credit score to 550, 0% Down
- Jumbos: credit score to 600, 20%-25% Down
- Jumbos: 95% LTV if above 720 FICO
- Bank Statement Deposits for Income – 500 Credit Score
FLORIDA: Orlando Homebuyers