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Here are some specific details about the requirements of the
1. FHA Loan:
The Federal Housing Administration (FHA) loan is designed to help
first-time homebuyers and those with lower credit scores.
To qualify for an FHA loan in Florida, you must have a credit score of
at least 580, a debt-to-income ratio of 43% or less, and a minimum
down payment of 3.5%.
2. Conventional Mortgage
A conventional mortgage is a loan that is not backed by the government. To qualify for a conventional mortgage in Florida, you will typically need a minimum credit score of 620, a debt-to-income ratio of 50% or less, and a down payment of 3% or more.
3. Non-Conventional Mortgage:
Non-conventional mortgages generally refer to loans that do not meet the criteria of traditional mortgage loans. This type of loan is an excellent option for those who cannot qualify for a conventional mortgage. The eligibility criteria for non-conventional loans vary depending on the lender.
4. VA Loan:
5. Foreign Nationals Loan:
5. Foreign Nationals Loan:
The VA loan is available to eligible military service members and veterans. To qualify for a VA loan in Florida, you must have a credit score of at least 620, a debt-to-income ratio of 41% or less, and a Certificate of Eligibility (COE).
5. Foreign Nationals Loan:
5. Foreign Nationals Loan:
5. Foreign Nationals Loan:
Our Foreign National Loan program is designed for non-US citizens looking to purchase a property in Florida. To qualify for this loan, you must provide proof of income and assets, have a valid passport, and provide a minimum down payment of 25%.
6. USDA Loan
5. Foreign Nationals Loan:
6. USDA Loan
The USDA loan is backed by the US Department of Agriculture and is designed to help those in rural areas who cannot qualify for a conventional mortgage. To qualify for a USDA loan in Florida, you must have a credit score of at least 640, a debt-to-income ratio of 41% or less, and meet income and property eligibility requirements.
7. JUMBO Loan:
A jumbo loan is a mortgage loan that exceeds the conforming loan
limits set by Fannie Mae and Freddie Mac. In Florida, the jumbo loan
limit is $548,250. To qualify for a jumbo loan, you will typically need a
credit score of 700 or higher, a debt-to-income ratio of 43% or less,
and a down payment of 20% or more.
At Dou Mortgage Group,
we believe that every buyer deserves exceptional service, and that's what we strive to provide. Our website is user-friendly, with all the necessary information organized in a clear and concise manner. What’s more, our team is always available to answer any questions or concerns you may have along the way.