¿Are you looking for more info about Home Mortgage Loan Programs? On this post we will break down all home mortgage loan programs available in United States.
A few days ago I received a call from a First Time Home Buyer client interested in information on home loans here in Miami, Florida. From this call I briefly wrote this article, which contains the list of all eligible programs for first time buyers.
How to access a mortgage loan?
In general, when applying for mortgage loans, the main thing that the bank verifies is income and employment history that has a minimum of 2 years. The credit score is also important, the minimum required to qualify is 620 in almost all programs, with perhaps a few exceptions. The last thing to check is 60 days of funds available to purchase.
The different Types of Mortgage Loans for First Time Buyers are:
FHA: a government program, widely used by first-time buyers, especially for the advantages in the minimum downpayment of 3.5% with a minimum credit score of 620. If your credit is lower and above 550, you can still qualify.
Conventional: There are several families here, Fannie Mae and Freddy Mac, each of them have several types of programs, for example, the Home Possible and Home Ready programs for First Time Home Buyers getting in with just 3% downpayment and 620 minimum credit score.
VA (Veteran Affairs): If you are eligible, you can enter with 0% downpayment and up to $0.00 in closing costs.
Loans for DOCTORS: if you are a doctor and you are looking for financing with 0% downpayment, this is the program for you, even if you have student debt payments on your credit, they will not be considered.
There are also programs for Self Employed clients with NO Tax Verification, such as 12 months of bank statements, or Profit & Loss. For more information you can contact me and it will be a pleasure to assist you.
As a Mortgage Loan Officer in Florida, I can advise you throughout the buying process. If you are thinking of buying a property in Florida, you can call me or write me on WhatsApp or clic here to contact me and I will be ready to provide you with a totally free Financial Advice.