A Miami Conventional Loan
Like when shopping for your dream home can be a bit overwhelming and challenging, you can say the same when entering into the financing of your new home. Many homeowners become overwhelmed when faced with having to secure financing for their new home purchase. Add to this, contractual time limits causing you to secure your financing quickly. In most cases, the type of loan you’ll need to secure is a Miami conventional loan.
According to wikipedia, “In the United States, a conventional mortgage home loan is a home mortgage loan that conforms to GSE (Fannie Mae and Freddie Mac) guidelines. The most well-known guideline is the size of the loan, which as of 2013 was generally limited to $417,000 for single family homes in the continental US. Other guidelines include borrower’s loan-to-value ratio (i.e. the size of down payment), debt-to-income ratio, credit score and history, documentation requirements, etc.”
In order to qualify for a conventional loan, borrowers must typically meet three minimum requirements:
The standard down payment for a Miami conventional loan is anywhere between 5% and 25% of a home’s value depending on the borrower’s credit and financial condition. For example, if the property you are trying to secure costs $100,000, the lender may want you to place a 20% or $20,000 down payment. Buyers with stronger credit are usually able to place as little as 5% down in order to secure their home’s financing.
Lenders want to make certain your debt-to-income ratio, or the percentage of monthly income you spend on debt payments, including mortgages, student loans, auto loans, minimum credit card payments and child support, will leave you at a comfortable level, not overextending yourself.
Your credit score also plays an important role as you qualify for a conventional loan. Lenders vary on the minimum FICO credit score requirement. This is not standard in the industry. However, remember, the higher your credit score, the better the terms you will receive on your Miami conventional loan. In this case, too, the stronger your initial down payment, the better your lending terms will be.
Why Work with Mario Quintero
Buying a home isn’t just a matter of finding the right house. Negotiating and reaching a workable price level work hand in hand. You must secure mortgage financing to purchase your dream home. Because of this, as a trusted Miami realtor and efficient Miami mortgage broker, Mario will help your dream home become a reality.
Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me be both your trusted Miami realtor and Miami mortgage broker. Don’t attempt to negotiate on the purchase of your home on your own. Mario helps you reach the best price through his extensive negotiating skills.
Get in Touch with Mario
I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.
Call me today at 305-598-1600 or contact me here.