your florida mortgage brokers
why use a mortgage broker?
Motto Mortgage is happy to be your mortgage broker team. Not sure why using a mortgage broker is right for you? Mortgage brokers, like the people at Motto Mortgage, work as intermediaries between mortgage lenders and people like you who want the best deal on their mortgage loans. With a mortgage broker, though, you can take a look at all of your mortgage loan options from a variety of lenders at a variety of rates. As markets for mortgages have become more competitive, the role of the mortgage broker has become more popular and more important so that customers have access to the loan information they need to make an informed decision. Mortgage brokers exist to find a bank or direct lender that will be willing to make the specific loan that you are wanting and needing. That’s our goal at Motto Mortgage Superior. We don’t just want to get you a mortgage loan, we want to get you the right mortgage loan for you.
Our mortgage brokers are different from traditional mortgage lenders. A mortgage broker works as an intermediary between the borrower and the mortgage lender, while a loan officer usually works directly for the lender. Banks and other traditional mortgage lenders are out to sell their own products. A loan officer’s job is to sell you a loan from their lender. A mortgage broker’s job is to get you the right loan for your needs, no matter where it comes from. A mortgage broker has no affiliations to a particular lender and is free to give you all of your mortgage loan options. We want you to have all of the necessary information to make an informed decision.
buying a home in florida?
As a first-time homebuyer, there might be a lot of unknowns. Whether it’s the mortgage lingo, types of home loans, or even down payment requirements, there’s a flood of new information that can be overwhelming. We want to make sure you feel confident and educated throughout the entire process. If you’ve never owned a home, you are considered a first-time homebuyer. But you may also qualify as a first-time home buyer if you have not been an owner in a primary residence for at least three years leading up to the purchase of your new home. A house is most likely one of the biggest purchases you will ever make. If you have never applied for a home loan before, it can definitely feel daunting and overwhelming. But no worries! That’s why the Florida Housing Finance Corporation, known as Florida Housing, offers several programs to help Floridians buy a home for the first time. Some nationally available loan programs may also reduce barriers to homeownership. Here you can learn more about the first-time home buyer eligibility requirements in the great Sunshine State.
Florida HFA Preferred Conventional Loans are a great option or people seeking more affordable mortgage insurance and need down payment or closing cost assistance. Florida FHA Preferred 3% Plus Conventional Loans combines a low down payment with a closing cost grant. The Military Heroes Government Loan Program is for veterans and active-duty military. This loan provides low interest rates along with down payment and closing cost assistance. The FHA Preferred Grant offers three percent of the purchase price of the home to apply toward the down payment or closing cost. The Florida Housing Finance Corporation has these and other additional options to make home ownership more accessible for first time buyers. Talk to your mortgage broker to learn more about your options!
do you qualify for an FHA loan?
A Federal Housing Administration Loan is a government backed loan that works differently from a conventional mortgage loan. Federal Housing Administration Loans exist to help people pursue homeownership in spite of limited credit or limited access to finances for a down payment. The Federal Housing Administration loan program makes it possible to purchase a home with as little as 3.5 percent as a down payment and with a lower credit score than is required by traditional mortgages. Contrary to popular belief, FHA loans are not only available to first-time home buyers. They are also not only restricted to low-income applicants. Many people can be eligible for Federal Housing Administration loans.
The following is what you will need to know about qualifying for a Federal Housing Administration loan. In order to qualify for an FHA loan, you’ll need to have a verifiable income, which you can prove through recent payment statements or recent tax return documents. Many lenders like to see that you have worked for at least two years in the same field, and preferably for the same employer. With the FHA program, a lender may be willing to accept a shorter work history. At the bare minimum, the FHA requires that applicants have an established credit history with at least two lines of credit like a student loan payment, a car payment, or a credit card payment.
The largest hurdle toward qualifying for a Federal Housing Administration loan is your ability to afford the monthly payment in addition to any currently existing debt. Your mortgage payment plus any other monthly payments like a car loan, student loan, or credit cards, must equal less than 48 percent of your monthly income. If you don’t currently qualify in this area, you should focus on paying down as much of your other debt as possible before attempting to buying a home and work on building your credit score. The minimum credit score for a first-time home buyer is 580, but the FHA is not a lender – it’s the insurer. The lender who sets their minimum FHA credit score requirements could be as high as 640 for FHA loans, as opposed to 800 for conventional mortgages. Why would a home not qualify for an FHA loan? The borrower cannot purchase a home that exceeds the FHA loan limits. There are federally set limits to how much you can borrow with an FHA loan that vary by state and county. Fortunately, the limits are high enough that nearly all borrowers should not need an FHA loan to buy a more expensive home.
what loan is right for you?
It can be difficult to know what loan is right for you. There are many loan options available and not every loan is right for every family and situation. What would work perfectly for someone else might not be the best deal for you. The experts at Motto Mortgage are here to make sure you get the mortgage loan that’s right for your needs. Luckily, there are nationally available loan programs that may reduce barriers to homeownership for people with lower credit scores and lower incomes. Some loans are government backed, while others are not. We’re here to look at all of your loan options with you, and faster than you would be able to with a traditional lender. Because we have access to all of the loans at one time, we can run your credit score once and send applications for multiple loans all at once rather than one at a time. Click below to learn more about the different loans available to you and to help you find out what is right for you.