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  1. You Need 25% Down to Finance a Condo.

    • Many major lenders restrict condo financing BUT…

      • Although FHA financing is generally not available, conventional loans with as little as 1-3% down can be used to purchase most condos as a primary residence

      • The condo association must carry adequate insurance for replacement value, have no major pending litigation against the association and have collect reserves of 10% of gross revenue in their yearly budget.  Other less likely restrictions may also apply.

 

  1. You Need a 660 Credit Score for Mortgages with Less than 20% Down

    • It’s not unusual for many lenders to set higher credit score requirements BUT…

      • Conventional financing is available with 5% down with a 620 credit score

      • FHA financing with 3.5% is available with a 580 score

 

  1. You Need to Wait 4-7 Years after a Bankruptcy, Short Sale or Foreclosure

    • Conventional and FHA loans require those waiting periods BUT…

      • Non-Prime loans require no waiting period with 20% down

      • With 10% down the waiting period is only 12 months

      • Rates are higher but it’s a perfect loan to buy now before prices go higher and refinance later

The lesson to be learned is "Do not take NO for an answer" before speaking with Danny Poulos and the Elite Lending Team at Milestone Mortgage!

Posted by DANIEL POULOS on August 8th, 2018 6:59 PM

Pay ZERO lender and broker fees PLUS get a CLOSING COST CREDIT on our Zero Mortgage Plus program.

We put the choice in the hands of the borrower!  You choose your combination of rate and closing cost credit to customize your mortgage terms to fit your needs.

Every client has their own unique situation!

  • How much of your savings do you want invested in your home?
  • What's more important, your monthly payment or limited immediate funds?
  • How long do you plan on living in the home?
  • Do you want the biggest home you can afford or do you prefer a modest home and rather fit travelling into your budget?

We help you customize your mortgage financing to fit your goals and life style and have been serving local family's mortgage needs for 30 years.

See what your neighbors say about their experiences with The Elite Lending Team at www.EliteLending.reviews

Posted by DANIEL POULOS on July 18th, 2018 9:56 AM

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