HOME LOANS

I truly love first time home buyers. It serves me a great pleasure to greet and educate through the whole process. There are so many moving parts in this process and varies from person to person and family to family. With over eighteen years of experience you can count on with working with one of the best.

A VA loan is the best loan a veteran can have. This is your entitlement is from serving in the Armed Forces and to use as your primary residence only. This loan requires no money down and debt to income ration is a bit higher than the standard loan which is a bonus. Another pro is that there is no mortgage insurance which is a huge money savings and closing cost is capped and may be paid by the seller. There is a one time funding fee depending on the amount of the loan charged to you. You can roll this fee into the loan as well. You may also use your IRA to borrow for closing cost without penalty, withdraw just before closing and keep receipt. Show receipt to accountant  so that it shows in conjunction with buying a home. This is a well deserving loan and being that this is your entitlement I highly encourage you to use it. Each loan serves a unique purpose to meet your needs. Remember interest rates vary based on credit score. Starting very soon in 2023 utility bills, and some communication services will count on Equifax. I tell many, I sell experience then a home.

CONVENTIONAL LOANS

This is the second strongest loan in the seller eyes. You can use this loan for your primary or investment property. using as an invest property the rate is slightly higher. Typically 5-20% down and credit score over 720 can qualify you and loan backed by Fannie Mae or Freddie Mac. Current laws requires Private Mortgage Insurance is for loans of 80 percent loan to value. 

FHA LOANS

This is the common entry level loan for any buyer. This loan require's min 580 credit score and up. Some lenders don't process below 580, if so the interest rate is higher. Most lenders start at 620 credit score.Emphasizing again the higher the credit score the better the interest rate is with less risk. Mortgage insurance is required on these loans. If short on funds you can receive a gift fund to help from a family member to assist. Generally these funds must be (seasoned in your account for 60 days or more). A certain letter format is required (ask your lender). A one time 3.5 percent fee amount of the loan is charged for borrowing the money. 

USDA LOANS

These loans are designed for rural areas with 100 percent financing. These loans are backed by the government. The con is when the government runs out of this money set aside, that is it until it is replenished. Ensure you use this loan in the beginning of the fiscal year. Generally a 620 credit score is required to qualify and may vary from lender to lender. 

As for searching for Orlando Real Estate, I am one of the finest realtor's on time you can find. Call me today as your trusted advisor and professional realtor at 407 479-8583 for immediate response for a personal lender. Serving Dr Phillips and Central Florida. Facebook Kevin Sells Florida and Kevin Selling Florida. Tik Tok each Friday for a highway of information. Click here to learn more about Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html