Your Questions Answered

Florida Mortgage Lenders offer programs like Purchase, Refinance, FHA, VA, Conventional (Conv), NON-QM, Private Lenders, Commercial, Jumbo, Foreign National loans, No Tax Return loans, Bank statement loans, and First-time home buyer financing options.

A conventional mortgage loan is a home loan that is not insured or guaranteed by the federal government. It generally requires a higher credit score and larger down payment.

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, designed for low-to-moderate-income borrowers with lower credit scores.

A VA loan is a mortgage loan available to veterans, service members, and their families, backed by the U.S. Department of Veterans Affairs. It offers competitive rates and no down payment.

Non-QM (Non-Qualified Mortgage) loans are designed for borrowers who may not meet the strict criteria of traditional loans. These loans cater to self-employed individuals, investors, and people with complex income.

Private lender loans are funded by individuals or private institutions rather than traditional banks or mortgage companies, often used for investment properties or unique financial situations.

A jumbo loan is a type of mortgage that exceeds the limits set by the Federal Housing Finance Agency (FHFA). It’s typically used for purchasing high-value properties.

Foreign national loans are designed for non-U.S. citizens who wish to buy property in the United States. These loans have different qualification criteria than standard mortgages.

Bank statement loans allow borrowers to qualify for a mortgage based on bank deposits rather than traditional income documentation like W-2s or tax returns, often ideal for self-employed individuals.

A first-time homebuyer loan offers special incentives, such as lower down payments and interest rates, to help individuals purchase their first home.

Florida Mortgage Lenders handle Single Family Homes, Condos, Manufactured Homes, Investment Properties, Multi-Family units, and Commercial properties.

An investment property loan is a mortgage used to purchase properties for generating income, such as rental properties or properties to be resold at a profit.

A commercial loan is a mortgage designed for purchasing or refinancing properties used for business purposes, such as office buildings, retail spaces, or industrial properties.

FHA loans typically cover single-family homes, condos, townhomes, and manufactured homes, as long as the property meets FHA requirements.

Yes, Florida Mortgage Lenders offer loans for condos, but the condo must meet specific criteria for approval.

Manufactured home loans are designed for properties built in a factory and moved to a site, often with different financing terms than traditional homes.

Multi-family home loans are used to finance properties with two or more units, such as duplexes or apartment buildings. These loans can be for owner-occupants or investors.

A no tax return loan is a type of mortgage where the borrower is not required to provide tax returns for income verification. Bank statements or other documents may be used instead.

A bank statement loan uses bank deposits to verify income, whereas a traditional mortgage typically requires pay stubs, tax returns, and W-2s for income verification.

Yes, self-employed borrowers can qualify for mortgages through bank statement loans or other Non-QM options offered by Florida Mortgage Lenders.

A purchase loan is a mortgage used to buy a new property, whether for personal use or investment purposes.

A refinance loan replaces your existing mortgage with a new one, often to secure a lower interest rate, reduce monthly payments, or change the loan term.

A cash-out refinance allows you to borrow more than your current mortgage balance and take the difference as cash, while a rate-and-term refinance changes your interest rate or loan term without taking additional funds.

Refinancing with Florida Mortgage Lenders can help you reduce monthly payments, shorten loan terms, or access equity in your home for other financial needs.

Yes, refinancing is possible after bankruptcy, but waiting periods and specific requirements must be met depending on the type of bankruptcy and the loan program.

After Chapter 7 bankruptcy, FHA loans require a two-year waiting period from the discharge date, with certain conditions allowing for shorter times.

VA loans typically require a two-year waiting period after Chapter 7 bankruptcy, but shorter periods may be possible in specific situations.

Conventional loans require a four-year waiting period after Chapter 7 bankruptcy, measured from the discharge or dismissal date.

Yes, you can obtain a mortgage during Chapter 13 bankruptcy if you’ve made at least 12 months of on-time payments and have court approval.

You can get an FHA loan after 12 months of timely payments during Chapter 13 bankruptcy, with court approval.

The waiting period for a conventional loan after Chapter 13 bankruptcy is 2 years from the discharge date or 4 years from the dismissal date.

Chapter 7 involves liquidation and requires longer waiting periods for mortgages, while Chapter 13 includes a repayment plan and has shorter waiting periods due to partial debt repayment.

The minimum credit score for an FHA loan is generally 580, though some lenders may approve loans with scores as low as 500 with higher down payments.

VA loans don’t have a strict minimum credit score, but most lenders require a score of at least 580-620. However, some may approve lower scores with compensating factors.

VA loans offer benefits such as no down payment, no private mortgage insurance (PMI), and competitive interest rates for veterans and service members.

Closing costs are fees paid at the end of the home-buying process, typically ranging from 2% to 5% of the loan amount, and cover expenses like appraisal, title insurance, and attorney fees.

Yes, closing costs for refinancing may differ from purchase loans, but they generally include similar fees such as loan origination, appraisal, and title insurance.

Yes, closing costs can sometimes be rolled into the loan, especially with refinance transactions, to reduce out-of-pocket expenses.

PMI is insurance that protects the lender if you default on your mortgage. It’s typically required for conventional loans with a down payment of less than 20%.

You can avoid PMI by making a down payment of 20% or more, or by obtaining a loan that doesn’t require PMI, such as a VA loan.

DTI is the percentage of your monthly gross income that goes toward paying debts, including your mortgage. Lenders use it to assess your ability to manage monthly payments.

FHA loans typically allow a maximum DTI of 43%, though some lenders may approve borrowers with higher ratios if they have compensating factors.

The maximum DTI for conventional loans is generally 50%, but this can vary depending on the lender and borrower’s financial profile.

Mortgage pre-approval is a process where a lender evaluates your financial situation and gives you a conditional commitment for a loan amount, helping you understand how much you can afford.

Mortgage pre-approval typically lasts 60 to 90 days, after which you may need to reapply with updated financial information.

An appraisal is an evaluation of a property’s market value conducted by a licensed professional. It’s required by lenders to ensure the property’s value supports the loan amount.

No, lenders typically select appraisers from an approved list to ensure an unbiased valuation.

If the appraisal is lower than the purchase price, you may need to renegotiate with the seller, make up the difference with a larger down payment, or cancel the transaction.

Title insurance protects against potential issues with the property’s title, such as liens or ownership disputes, and is typically required by lenders to secure the loan.

Yes, homeowner’s insurance is required to protect the property and the lender’s interest in it, and you’ll need to provide proof of insurance before closing.

The waiting period is 2 years from the discharge date.

Yes, if 12 months of payments have been made on time and with court approval.

The waiting period is generally 4 years from the discharge date.

The waiting period is 2 years after discharge or 4 years after dismissal.

Yes, FHA, VA, and some other loans allow borrowers in active Chapter 13 repayment plans if they meet certain conditions.

A discharge eliminates debts; a dismissal means the bankruptcy was not completed, and the debts are still owed.

The waiting period for VA loans is typically 2 years after discharge.

Yes, you may qualify after 12 months of on-time payments with court approval.

The waiting period for USDA loans is typically 3 years after discharge.

Yes, after 12 months of on-time payments, with court approval.

Bankruptcy can significantly lower your credit score by 100 to 200 points or more, but it recovers over time with responsible financial behavior.

Yes, but lenders typically require a longer waiting period (up to 5 years) if you’ve had multiple bankruptcies in the last seven years.

The waiting period is generally 5 years after the most recent bankruptcy discharge or dismissal.

A seasoning period is the required waiting time after a bankruptcy before you can qualify for certain types of loans.

Factors include your credit score, repayment history after bankruptcy, income stability, and lender requirements.

Yes, lenders can deny applications based on bankruptcy history, but many offer programs for individuals with past bankruptcies.

Compensating factors can include a larger down payment, high income, significant savings, or strong credit after the bankruptcy.

Yes, you can refinance after a bankruptcy, but the waiting periods and requirements vary by loan type.

Chapter 7 involves liquidation and has longer waiting periods, while Chapter 13 involves repayment, allowing for shorter waiting times.

Yes, private lenders may have more flexible requirements for borrowers with bankruptcy history.

A conventional loan is a mortgage that is not insured or guaranteed by the federal government. It typically requires a higher credit score and a larger down payment than government-backed loans.

Florida Mortgage Lenders offers various loan programs including purchase, refinance, FHA, VA, conventional, NON-QM, private lenders, commercial loans, jumbo loans, and financing options for foreign nationals.

You can finance single-family homes, condos, manufactured homes, investment properties, multi-family homes, and commercial properties.

A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, designed for eligible veterans and active military members.

No, VA loans often require no down payment, making homeownership more accessible for veterans.

Eligibility for a VA loan is based on service history, including active duty, reserve, and National Guard members.

Yes, VA loans typically include a funding fee, which can be financed into the loan amount.

VA loans are primarily for primary residences, but in some cases, veterans can use them for a second home or investment property.

A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA).

Jumbo loans typically require higher credit scores, larger down payments, and thorough documentation of income and assets.

Interest rates for jumbo loans may be slightly higher than conventional loans due to the increased risk to lenders.

Yes, homeowners can refinance a jumbo loan to secure a lower interest rate or change the loan terms.

Jumbo loans can be used to finance various property types, including primary residences, second homes, and investment properties.

Non-QM loans, or non-qualified mortgages, are loans that do not meet standard underwriting criteria, often catering to borrowers with unique financial situations.

Borrowers with alternative income sources, self-employed individuals, or those with credit challenges may benefit from Non-QM loans.

Documentation requirements can vary but often include bank statements, proof of assets, and other non-traditional income verification.

Non-QM loans are not subject to the same regulations as conventional loans, providing more flexibility in lending criteria.

Interest rates for Non-QM loans may be higher than traditional loans due to the increased risk to lenders.

Commercial loans are financing options used to purchase or refinance income-generating properties such as office buildings, retail spaces, and multifamily units.

Commercial loans can finance various properties, including retail, office, industrial, multifamily, and mixed-use developments.

Qualification for a commercial loan typically involves reviewing the business’s financials, creditworthiness, and the property’s income potential.

Commercial loans usually have terms ranging from 5 to 20 years, depending on the lender and type of property.

Down payment requirements for commercial loans typically range from 15% to 30%, depending on the lender and the property type.

Foreign national loans are designed for non-U.S. citizens who wish to purchase property in the United States, often with different qualification criteria.

Common requirements include a valid passport, proof of income, bank statements, and possibly an ITIN (Individual Taxpayer Identification Number).

Yes, foreign nationals can obtain mortgages in the U.S., but they may need to meet specific requirements set by lenders.

Down payment requirements for foreign national loans typically range from 20% to 30% of the purchase price.

Not always; some lenders may allow foreign nationals to qualify without a U.S. credit history, using alternative documentation instead.

Closing costs are fees incurred during the finalization of a mortgage, including title insurance, appraisal fees, attorney fees, and lender charges.

Generally, mortgages are not transferable between properties, but some lenders may allow assumptions or transfers under specific conditions.