Buying and owning a home is a dream everyone’s dreams of. However, we often need some assistance to be able to afford a home that meets all our your requirements. Conventional loans are one way you can materialize that dream home and make it a reality.
Florida State Mortgage Group, Inc. provides conventional loans. We understand that owning your a home does not happen for many people in the US. Conventional loans offered by mortgage lenders in Fort Lauderdale can turn that around.
Our goal is to make sure everyone has a chance to make their dreams come true. We are qualified and vetted to offer conventional loans in Fort Lauderdale when commercial banks fail to do so.
Being Florida natives, we are fully aware of the market and its trends along with the issues that locals face when it comes to financing. We aim to make right these issues and find effective solutions.
What are Conventional Loans?
To make it simple, conventional loans in Fort Lauderdale are those that are or not backed by government agencies, such as the Federal Housing Administration (FHA) and VA. However, they are in compliance with strict eligibility guidelines set by Fannie Mae and Freddie Mac.
Both of these stock-holding companies purchase loans from lending institutions and resell to the investment community. Each year, they reevaluate and redefine restrictions.
Typically, conventional loans have better rates and terms compared to other forms of loans. Also, down payments can be as low as 3% or as high as approximately 20% and the time-frame for paying off the loan may be between 10 to 30 years.
Am I Qualified for a Conventional Loan?
The terms and fee of securing a conventional loan depend on various factors. The borrower’s profile, credit score, the property in question, the down payment, and the lender all impact eligibility.
To get approved for a conventional loan in Fort Lauderdale, you need to meet the following requirements:
A solid score on a good-excellent scale. The better the credit score, the better the chances you have of qualifying for better rates, fees, and terms.
The property you’re buying should be qualified and meet the limits set by Freddie Mac and Fannie Mae.
You need sufficient funds to cover a down payment. By working with leading lenders, we offer conventional loans that can help you find a loan with a down payment as little as 3%.
What are Fixed Rate Conventional Loans?
Fixed rate loans are a type of conventional loans. They are fully amortized loans that have a fixed interest rate. This means that the rate will not rise or fall over the term your mortgage lasts.
Understandably, these are the most commonly applied for. They offer borrowers more security as the mortgage payments won’t change over time. These loans amortize over a period of 15, 20 or 30 years.
Adjustable Rate Loans
Compared to Fixed Rate Loans, these loans initially offer lower interest rates. They are more suited to the needs of borrowers who accept the probability of fluctuating interest rates. In most cases, this is to take advantage of a low interest rate at the beginning.
Unlike fixed rate conventional loans, these are set for 5- to 7-year terms. These are based on 30- year amortized loans.
Home and Condos
$484,350
(Monroe County $529,000)$620,200
(Monroe County $677,200)$749,650
(Monroe County $818,600)$931,600
(Monroe County $1,017,300)Furthermore, self-employed borrowers need to provide 1 year’s income to qualify for a conforming loan. First-time home buyers are eligible to receive a Florida Mortgage Credit Certificate (MCC).
Florida State Mortgage Group, Inc. Specializes in All Forms of Conventional Loans in Fort Lauderdale and Other Florida locations.
Give us a call today at (954) 359-3000 to find out what options are available to you, or click the button below to get started.
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