These loans are for borrowers that qualify for conventional program with a 620+ credit score. The benefit of this program is a very low 3% down payment instead of the typical 5% down, which allows more resources for closing costs. The goal of the program is to give moderate income borrowers the opportunity to have more loan options. Please note that any loan with less than 20% down will require Mortgage Insurance until the loan has 20% equity and at this point the MI is removed from the monthly payment. It also allows for a lender credit to help lower the closing costs and out of pocket expenses if needed. Additionally, this is an income driven program designated by zip codes. Income limits are $67,550 throughout the state of Florida. In some areas there are no income limits.
The higher the credit score the lower the interest rate and in many instances a lower mortgage insurance premium. I offer credit enhancement services to any client that needs it. This is not a credit repair service offer. This service is free of charge and it allows the buyer to see what is needed on their behalf to get to their goal.
Although my main office is located in Miami, I can service the entire state of Florida, including Miami, Broward & Palm Beach County. I mainly work from my personal office in Boca Raton. Please contact me at (561)-808-5535 or firstname.lastname@example.org if you have any questions about any of the other programs I can offer.