We are all about finding the right mortgage product that tailors to your unique needs. That’s why we offer various loan options that correspond with every borrower’s situations. Whether you are purchasing or refinancing your home, Fernencial Mortgage Lending of Florida will go above and beyond to ensure that you have the best mortgage to meet your needs. Our focus is providing you the flexibility of choosing the type of mortgage that fits your unique situation. APPLY NOW!
What is a Conventional Loan?
A loan program that meets or conforms to certain guidelines set forth by Fannie Mae and Freddie Mac, based on the requirements set by the Federal Housing Finance Agency (FHFA). The Conventional Loan Programs are available through and guaranteed by Fannie Mae and Freddie Mac, as the two government-sponsored enterprises (GSEs). They purchase mortgages, bundle and securitize them, and then sell them to investors through Wall Street and other channels. Conventional Loans are very popular as they have a large selection of loan options with competitive rates. Most lenders offer a wide range of different programs to fit different homebuyer situations. A Conventional loan is ideal for homebuyers with good credit (a median credit score as low as 620), and qualifying debt-to-income ratio, with a loan amount not to exceed the specified county limits.
Conventional Loans have both fixed and adjustable rate options available, including financing options up to 97% LTV Loan-to-Value (up to 95% with conforming high balance). If you don’t qualify for a Conventional Loan, Fernencial Mortgage Lending of Florida has alternatives such as FHA Loans or Non-QM Loans that fit your situations.
What is an FHA Loan?
A loan program that is available by the Federal Housing Administration (FHA), and issued through FHA approved lenders. Available to anyone but was designed to accommodate first-time homebuyers and low-to-moderate income borrowers.
FHA Loans are very popular due to their qualification requirements. They don’t require a large down payment and they have flexible credit score requirements.
FHA Loans require down payment as low as 3.5%, financing up to 96.5% Loan-to-Value, upfront, and annual mortgage insurance premiums, and the median credit score can be as low as 600.
Reverse Mortgage Loans
What is a Reverse Mortgage Loan?
A loan program that is commonly known as Home Equity Conversion Mortgage (HECM). It enables borrowers (62 years of age or older) to access equity in their property and use it to supplement retirement income. All borrowers to meet with a HUD approved counselor and undergo a financial assessment to determine if a reverse mortgage loan is the right solution. To be eligible, the subject property must be owned and occupied as primary residence. The subject property must be a single family, multi-family (up to 4 units) or an approved condominium or manufactured home.
A VA Loan doesn’t require monthly mortgage payments. It provides supplement retirement income. The loan amount can be dispersed in a lump sum or line of credit. The loan doesn’t have to be repaid as long as the borrower continues to occupy the property as primary residence and meet the loan terms.
Borrower is required to still make payments for property taxes, homeowner’s insurance, standard home maintenance, and HOA dues, if applica
What is a Jumbo Loan?
A loan program that exceeds the conforming loan limit requirement as determined by the Federal Housing Finance Agency (FHFA). Jumbo loan financing is ideal for borrowers who are to buy high-price or luxury homes.
Jumbo loans often have higher rates than standard mortgages. They may require higher down payment, as well as a higher median credit score requirement.
Loan programs for mixed-use or commercial properties such as multi-family homes, office buildings, churches, shopping centers, apartment complexes, industrial warehouses, etc.
Loan programs for borrowers that might not meet all the QM requirement items that comply with the Consumer Financial Protection Bureau (CFPB).