Palm Beach Florida Mortgage Programs For All Situations
Florida Mortgage Lenders .com is a mortgage loan originator based in Hollywood, FL. We offer more options, transparency, and a simpler way to find the right Hollywood FL mortgage lender for your situation. We offer NonQM Wholesale and Private mortgage loans, offering various mortgage products designed to fit unique needs.
Palm Beach Florida Mortgage Programs
Q:A: Questions & Answers
Q: How do I know how much mortgage payment I afford? A: Generally, borrowers can qualify for up to 50% of their before-tax income for the housing payment plus all other payments on the credit report. The breakdown is up to 30-40% of your total income for housing, and no more than 50% of your total income for the housing payment plus all other payments on the credit report.
Q: What are the closing costs? A: Closing costs vary depending on the type of loan you apply for. Closing costs include prepaid taxes, insurance, City, County, and State Taxes, transfer taxes, Title fees, and surveys. The appraisal, and home inspections are paid outside of closing costs paid at the title company. Closing costs can vary greatly depending on the loan program. And, costing cost can be paid by the seller but first be negotiated in the contract.
Q: Do I need perfect credit to qualify for a mortgage? A: NO, We have bad credit FHA mortgage lenders that NON-QM lenders that go down as low as a 500 credit score. And with compensating factors, and with good reasons we can ask for an exception. With these lower credit scores, you can expect a larger downpayment. In addition, some lenders will require reserves in the account. Learn More »
Q: Can I apply for a mortgage loan if I’ve been self-employed for less than two years?A: Yes, we have Florida mortgage lenders that can approve you before being self-employed for at least 1 year we can use your previous w2 to prove you have been in the same line of work to show close to a 2-year history.
Q: Can I use another property as cross-collateral if I don’t have access to all the funds needed now? A: Yes Under the right conditions leaders will offer up to 80% financing pledging other property as Cross Collateral.
Q: Are self-employed no tax return mortgages more expensive? A: Yes, the downpayment and closing costs are more dependent on credit. All self-employed have to decide if they want to claim more in taxes or pay slightly higher mortgage payments.
Q: How do mortgage lenders calculate self-employed income? A: A full doc loan with the best interest rates requires using your after-expense income to qualify. For some self-employed that write off too much income, we have an alternative no-tax return mortgage option that averages bank statement deposits for 12 to 24 months for income.
Q: Can I get a mortgage as a self-employed borrower with no proof of income? A: Yes, we have no income verification lenders for primary homes in Florida. These loans are approved on Down payment, Credit, Character, and Reserves.
Q: Why should self-employed borrowers use a mortgage broker? A: Mortgage brokers have access to nationwide private Florida mortgage lenders that have more flexibility than banks.
Q: What is the difference between prequalification and preapproval? A: Pre-qualification is useless it does not verify your information. You always want all of your information reviewed before you waste your time looking at homes that do not meet your specifications.
Q: How long will the pre-approval process take? A: Pre-approval depends on how quickly you fill out the application and provide the information needed to verify your mortgage application. Verification includes proof of Cash, Credit, Capacity, and Collateral. It’s possible to get pre-approved in 1 day depending on the complexity of your situation.
Q: How long will it take to close after I write a contract on a house? A: You can usually close within 30 days assuming no issues with title or appraisal.
Q: What are private mortgage lenders? A: Private Florida mortgage lenders fund loans instead of traditional banks or mortgage companies, often used for investment properties or unique financial situations.
Q: What is a jumbo loan? A: A jumbo Florida mortgage lender makes loans that exceed the conforming limits set by the Federal Housing Finance Agency (FHFA). Jumbo Florida mortgage lenders offer these mortgage loans to purchase high-value properties. We have super jumbo lenders up to 30 million.
Q: What are foreign national loans? A: Foreign national loans are designed for non-U.S. citizens who wish to buy property in the United States. Florida foreign national mortgage lenders require different qualification criteria than standard mortgages.
Q: What are bank statement loans? A: Bank statement loans allow borrowers to qualify for a mortgage based on average bank deposits rather than traditional income documentation like W-2s or tax returns, often ideal for self-employed individuals.
Q: What is a first-time homebuyer loan? A first-time homebuyer loan offers special incentives, such as lower down payments and interest rates, to help individuals purchase their first Florida home.
Q: What are the typical property types Florida Mortgage Lenders deal with? A: Florida Mortgage Lenders handle Single Family Homes, Condos, Co-ops, Manufactured Homes, Investment Properties, Multi-Family units, and Commercial properties.
Q: What is an investment property loan? A: 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. Our investor loans or DSCR loans allow you to use only the income from the property to qualify.
Q: What is a commercial loan? A: 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.
Q: What types of homes qualify for FHA loans? A: FHA loans typically cover single-family homes, FHA-approved condos, townhomes, and manufactured homes, as long as the property is livable and move-in ready.
Q: Can I get a mortgage for a condo through Florida Mortgage Lenders? A: Yes, Florida Mortgage Lenders offer loans for nonwarrantale condos and warrantable Florida condos, but the condo must meet specific criteria for approval.
Q: What are manufactured home loans? A: Manufactured home loans are designed for properties built in a factory and moved to a site, often manufactured homes can qualify for traditional financing as long as you’re buying manufactued land with a home.
Q: What are multi-family home loans? A: 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.
Q: What is a no-tax return loan? A: 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.
