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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!

Posted by Daniel Poulos on August 5th, 2022 12:05 PM

     Home equity has gone through the roof and it doesn't really benefit the owner's until they sell.  Instead of just feeling good about it they are accessing that equity and changing their lives!
     The majority of typical families have limited savings, worry about how they would handle a financial emergency and are carrying revolving debt with interest that is just an eternal money burn.
     If you were in that situation could you use $100,000 or more if it costs you less than $700/mo?  Would you be better off if all your debts were paid off and you had the piece of mind of some money in the bank or sound investments?  How about finally doing those home improvements you have been dreaming about that add more instant value to your home?!
     THAT is why people are still refinancing even though rates are up some.
     If refinancing might change YOUR life please reach out to me and we'll figure out together if it makes sense.  I have been changing the lives of local families for over 30 years!
     Danny Poulos, 561-373-4149.  Nmls#133260
Posted by Daniel Poulos on June 3rd, 2022 10:42 AM
This is not like the dangerous "No Doc" programs of the 2000's.  It requires acceptable credit (at least 640) and at least 20% down plus some reserve liquidity.  The higher the credit score, the less the required down payment.

Most limited documentation programs are either "Bank Statements" for self employed borrowers or "Cash Flow" for investment products and we do a ton of them. BUT this new program, which we have an exclusive on, is not that.

This new program requires no disclosure of income or employment and is for primary and second homes, purchases and refinances.

Loan amounts go to $3M with as little as 20% down.  It's almost like a "hard money" loan but with rates in the 6's and 7's.

Among the borrowers it is perfect for are...
  • Recently divorced with no history of receiving child support or alimony yet (purchase or refinance)
  • Self employed who's income was affected by the pandemic
  • Those with non-documented income sources
  • Married couples where one party's credit is not high enough to include on the application so their income is not considered.
  • Retired with assets but not taking distributions
  • All scenarios where common sense underwriting is better than what is on paper
Great rates, 30 day close and no hoops to jump through!

Please visit for more details and rate quotes and call me directly anytime with questions.


Posted by Daniel Poulos on June 2nd, 2022 12:03 PM

In these challenging times the true No Income Doc loan is a welcome mortgage loan option.

  • This brand new product requires no statement or documentation of employment or income!
  • Loans to $3M at 80% LTV
  • 640 Minimum Credit Score
  • Approval is based strictly on credit worthiness and asset verification.
  • Rates are very reasonable and the property may be a primary or second home!
  • Purchases and refinances 
  • Ask about our INTEREST ONLY option!

Posted by Daniel Poulos on May 26th, 2022 10:41 AM

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 BeachMartin County and St Lucie County and others in Florida.

Posted by Daniel Poulos on September 7th, 2021 6:36 PM


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.

Posted by Daniel Poulos on September 7th, 2021 6:35 PM

  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 September 7th, 2021 6:32 PM
I'm surprised more people don't buy 1-4 unit properties.
     Why wouldn't a first time homebuyer look for a duplex-fourplex, live in one of the units and let the other tenants pay for his mortgage, especially when you can use an FHA loan with just 3.5% down?

     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!


Posted by Daniel Poulos on September 7th, 2021 12:53 PM

          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.   

  • Determine what your new mortgage loan amount is going to be, including any costs or pre-paids that you want included in your new mortgage.
  • Apply your new, lower interest rate to this loan amount
  • Calculate how many months it will take to pay off your new loan if you continue to make your current mortgage payment.
  • How does this compare to the remaining months on your current mortgage?
  • Multiply the difference in the number of months to pay-off by the monthly payment
  • VOILA!   That is actual dollars in your pocket if you refinance to lower your rate but maintain your current payment.  If the rate reduction is significant, that savings will be substantial – very substantial!

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 to find out today if refinancing is right for you while rates remain at historic lows!

Posted by Daniel Poulos on August 31st, 2021 8:29 PM

Why Get Pre-Approved FIRST?

Ralph Waldo Emerson, American essayist and poet, once said that the future belongs to those who prepare for it. This is sage advice for home buyers who need to lay the necessary groundwork to buy the home of their dreams.

Anyone who has seen the news for the last 10 years knows that borrowing “ain’t what it used to be”. There are lots of new regulations and procedures in place, mostly with the intent of protecting the borrower. That being said, the same changes have made the borrowing process a little more arduous.

For that reason you should start the process earlier and certainly before you go home shopping.

There are 3 legs that your mortgage application needs to be able to stand on –

1. Income / Employment

2. Assets / Down Payment

3. Credit / Debt

It is never too early to start getting your "ducks in a row" in any of these 3 areas. It is strongly suggested that you meet with a mortgage banker for a professional consultation very early in this process.

Here's what the mortgage banker will do –

  • Pull a credit report and credit scores from all 3 repositories: Equifax, Experian and Trans Union.
  • Carefully review and analyze all 3 credit reports for accuracy and then calculate applicable monthly debt totals.
  • Calculate the income that will be used to offset your monthly debt.
  • Explain the acceptable sources and minimum asset requirements for the applicable mortgage loan program.

How will planning ahead help you?

  • Income – Certain types of income, commissions, bonus', part time, self employment, etc have to have been received for certain minimum periods. Other types of income need to be documented that they will continue for designated periods. So, timing may be everything for some applicants.
  • Down Payments – It's best to know how much cash you will need to close so you can be ready when the time comes. Also, if you don't want to be buried in unnecessary documentation of a paper trail, the mortgage banker will show you what assets to consolidate so that aggravation can be avoided.
  • Credit – The best practice is to check your credit report yearly for accuracy and to check for signs of identity theft but it really becomes critical when applying for a mortgage.

There is a fine line between approval and denial and it is drawn by your credit score! The rate of interest is also affected by your score, so if you don't make every effort to increase your credit score BEFORE application it may end up costing you an avoidable fortune over the life of your mortgage loan.

The Difference Between being Pre-Qualified and Pre-Approved

Without good preparation, many buyers get lulled into the mistaken notion that if a lender pre-qualifies them for a mortgage this means that they have been pre-approved for a home loan. Unfortunately, there's a world of difference between these two terms. If you've ever been confused by the two, we'll bring you up to speed on how these terms differ - and why a misunderstanding can mean disaster for borrowers.

The Skinny on Getting Pre-Qualified

Getting pre-qualified is the initial step in the mortgage process, and it's generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify. Pre-qualification can be done over the phone or on the internet, and there is usually no cost involved. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home.

The initial pre-qualification step allows you to discuss any goals or needs you may have regarding your mortgage with your lender. At this point, a lender can explain your various mortgage options and recommend the type that might be best suited to your situation.

Because it's a quick procedure, and based only on the information you provide to the lender, your pre-qualified amount is not a sure thing. The pre-qualification really is just the amount for which you might expect to be approved based on the information you have provided. For this reason, a pre-qualified buyer doesn't carry the same weight as a pre-approved buyer who has been more thoroughly investigated.

The Skinny on Getting Pre-Approved

Getting pre-approved is the next step, and it tends to be much more involved. You'll complete an official mortgage application (and usually pay an application fee), and then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. (Typically at this stage, you will not have found a house yet, so any reference to "property" on the application will be left blank). From this, the lender can tell you the specific mortgage amount for which you are approved. You'll also have a better idea of the interest rate you will be charged on the loan and, in some cases, you might be able to lock-in a specific rate. With pre-approval, you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. Obviously, this puts you at an advantage when dealing with a potential seller, as he or she will know you're one step closer to obtaining an actual mortgage.

The other advantage of completing both of these steps - pre-qualification and pre-approval - before you start to look for a home is that you'll know in advance how much you can afford. This way, you don't waste time with guessing or looking at properties that are beyond your means. Getting pre-approved for a mortgage also enables you to move quickly when you find the perfect place. When you make an offer, it won't be contingent on obtaining financing, which can save you valuable time. In a competitive market, this lets the seller know that your offer is serious - and could prevent you from losing out to another potential buyer who already has financing arranged.

Once you and your
Realtor® have found the right house for you, you'll fill in the appropriate details and your pre-approval will become a complete application.

Getting Committed
The final step in the process is what's called a "loan commitment", which is only issued by a bank when it has approved you, the borrower, and the house in question. This means the home should be appraised at or above the sales price. The bank may also require more information if the appraiser brings up anything he or she feels should be investigated (i.e. structural problems, accessibility issues, outstanding liens or litigation in progress). Your income and credit profile will be checked once again to ensure nothing has changed since the initial approval.

A loan commitment letter is issued only when the bank is certain it will lend, so the commitment date on your purchase contract should be closer to closing than to the date of your offer. (The seller can ask to see that letter as soon as the date has passed, so beware of anyone who tries to put an early commitment date into your contract).

Wrap Up

· Plan ahead and speak to a mortgage banker as early as possible in the process

· Pre-approved and pre-qualified are not the same thing, so don't assume that the bank will provide your loan until you have the former.

· Have your pre-approval in hand so that you and your Realtor® can shop with confidence and make the strongest offers at the best price.

Posted in:General
Posted by Daniel Poulos on May 27th, 2021 12:46 PM
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