Buying a new home con be an exciting time in your life. However, in order to make the purchase, most people need to finance the new home. In order to do this, you need to understand the types of mortgage loans available to you to see which one best suits your needs. You can go with a traditional loan, or if your credit is less than perfect, you might need to choose the non-conventional route. Read below to learn more about the differences…and if you need assistance NOW, just call our mortgage loan specialists at (561) 324-8606. From Pompano Beach to Delray Beach,Boca Raton, to Stuart, we’re here tswer your mortgage loan questions.
A conventional loan is a loan that the federal government does not back. You might want this type of loan if your credit score is good or excellent. You have a minimum down payment, and the lender will look at your debt to income ratio. You might also need to bring cash to the closing to cover the closing cost. With these loans, you can obtain a fixed rate where your interest rate does not change, or you can get an adjustable rate where your interest can go up or down depending on the market.
Non-Conventional Federal Government Loans
A non-conventional loan is backed by the federal government. They will offer more flexible options for you if your credit is less than perfect. You might also qualify if your income is not very high.
FHA Loans: If your credit score is not great, this might be the loan for you. They require small down payments, and you can qualify with a score below 600.
VA Loans: VA loans are for active duty military personnel and veterans. No down payment is required, and you do not have to be a first time homebuyer.
Fannie Mae: In order to qualify for a Fannie Mae mortgage, you normally need to have a certain debt to income ratio and normally have a credit score of above 620.
If you are looking for a new mortgage, contact us today. We can work with any type of credit. We also handle foreign nationals, so no social security number is required. Call one of our mortgage loan specialists in Delray Beach, Deerfield Beach and throughout South Florida at (561) 324-8606. We can help answer any questions and find the right loan for you.
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Locations: Lord Mortgage & Loan Boca Raton Office
6971 N. Federal Highway; Suite 103
Boca Raton, FL 33487 (561) 807-9001