Thinking of buying a property in Florida? As one of the fastest growing states, Florida has some of the best economic conditions when considering long term real estate acquisitions: from population growth, advantageous tax structures, great weather, NO state income tax, and so much more… There is a reason why it’s one of the top real estate investment destinations in the world. Investing in real estate has made many wealthy and that trend is NOT stopping.
Do you think a Conventional Loan is the way to go? Let’s find out.
First, let’s answer the question, what is a Conventional Mortgage Loan?
A Conventional mortgage loan is a loan, that is not insured or guaranteed by the federal government (unlike FHA or VA).
Because there are different sets of guidelines for different types of conventional loans, there’s no single set of requirements for borrowers. But, in most cases, you’ll need a credit score of at least 620 and an overall debt-to-income ratio of 45% or less.
We have personally helped buyers from all over the world with getting Conventional loans in Florida. The terms that you can qualify for depend on factors such as type of lender programs available for your situation, your financial portfolio and good standing, your credit score, amount of down payment and type of property you are buying.
We even have mortgage loans that don’t require any income verification, just your future rental income to qualify!
Your loan approval all depend on your application and financial standing. Our goal is to help you get approved.
Some of the things you’ll need to get ready are:
- Your driver’s license (Government-issued ID)
- Down payment for a Conventional mortgage loan starts at 3%, depending on a program
- Bank Statements, showing enough funds for down payment, closing costs and reserves
- Income-proving documents (W2, paystubs or Taxes/1099 if self-employed), but we also offer programs with no income verification!
Those documents we will need to start working with you and pre-qualifying you for a mortgage. The main thing you have to remember is that the Bank needs to be 100% sure you have a capacity for a mortgage payment every month. Income for that payment can come in many different forms and we are here to help figure out the best program for you!