Many condo listings disclose that they will only accept cash or Conventional financing. Often the only reason FHA is omitted is because the listing agent is not aware of the little known fact that we can finance the purchase with an FHA loan even if the condo project is not approved.
Good News! The condo project does NOT have to be pre-approved by FHA. We can qualify individual units for FHA financing using the same full review process we use on 3% down Conventional financing.
It is very likely that any condo unit that qualifies for Conventional financing can also be funded by FHA.
This is VERY handy for buyers with lower credit scores and higher debt ratios that Conventional financing will not allow. That makes this an invaluable option for first time home buyers that need to find a home in lower price ranges.
Call for details!
In these challenging times the true No Income Doc loan is a welcome mortgage loan option.
Visit www.NoDepositUSDA for more details on this incredible loan product for low and moderate income families!
Search for properties that qualify for No Money Down USDA mortgage loans. Danny Poulos and the Elite Lending Team at Milestone Mortgage specialize in no down payment rural property loans in Jupiter, Stuart, Palm City, Port St Lucie and the rest of Palm Beach, Martin County and St Lucie County and others in Florida.
Self employed borrowers often find themselves struggling with debt ratios on their mortgage applications as a result of expense write-offs on their business tax returns.
Our No Tax Returns mortgage allows the use of bank statements to document cash flow to be used to calculate income in lieu of providing 1120's or 1040's.
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
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.
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
You Need to Wait 4-7 Years after a
Bankruptcy, Short Sale or Foreclosure
Conventional and FHA loans require those waiting
Non-Prime loans require no waiting period with 20% down
down the waiting period is only 12
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!
For example, let's say you live in a county with an FHA loan limit of $515.250 for a 2-unit property. You can put as little as 3.5% down, live in one of the units and collect rent from a tenant of the other unit. You can even use the projected rent from the other unit as income to assist in qualifying!
What better way for a first time homebuyer to begin building wealth through real estate?
Conventional loans also allow for 1-4 unit properties but the required down payment runs from 15-25%.
I think this would be a more popular buying strategy if more buyers and real estate agents were familiar with it! If you want to learn more please call Danny Poulos direct at 561-373-4149 and I will gladly walk you through it!
There are plenty of good reasons to refinance – to eliminate PMI, to lower payments to ease monthly obligations, to access equity,… BUT to lower your interest rate is NOT always a good reason.
Because of the way a loan amortizes (gets paid off), lowering the rate does not always mean paying less interest. If one of the first questions your loan officer asks is not “How long have you been in your current mortgage?” then they may not be doing a critical calculation. That’s because as you get deeper into your loan, even though the interest rate is constant, you pay less interest, in dollars, with each subsequent payment.
As mentioned, there are lots of good reasons to refinance, but if your major objective is to save money - keeping more dollars in your pocket, then there is a quick “hack” to make that determination.
Here’s how it works –
If you do not have access to custom amortization charts and a mortgage calculator, you may need the assistance of a professional. Don’t worry, I know one.
This does not mean that you won’t save money if you sell your home before the loan is paid off, but you need to compare the amortizations of both loans to see exactly what month your interest savings has covered your cost to refinance, and when you start “making money”.
The bottom line is to be aware if you are lowering your payment because you are saving interest or just because you are extending the terms of your loan. This “hack” strips the calculation down to actual dollars saved.
With just a copy of a recent mortgage statement, an estimated home value and your credit score this calculation can be easily done by an experienced mortgage professional.
Please call Danny Poulos (nmls#133260) directly at 561-373-4149 or email DJPoulos@EliteLending.biz to find out today if refinancing is right for you while rates remain at historic lows!
Get the Best Mortgage Rate! Tell us a little about your current needs and we can use that information to match you with just the right loan.