Loan Financing Programs

Zero Down Programs

  • Florida Bond Program
  • Lee County Program
  • USDA
  • VA
  • Doctor Loan Programs

FHA Loan Pros

  • Low 3.5 percent down payment
  • Low interest rates
  • Gift funds may be used for 100% of the down payment
  • 500 credit score may be approved
  • Easy refinance with FHA streamline
  • High debt-to-income ratios accepted
  • Sellers can pay up to 6% of the closing costs

FHA Loan Cons

  • Purchase price must not exceed the loan limit
  • More paperwork is involved
  • Mortgage insurance is expensive compared to other loans

FHA 203k Loans (Home Renovation Loan)

  • An FHA 203(k) mortgage will fund the purchase of the home plus give up to $35,000 cash to make repairs or renovations.
  • The requirements for 203k loans are the same as FHA loans except requiring a higher FICO score.
  • Many lenders will require you to have a 640 or higher credit score for an FHA 203k loan. T
  • he down payment for a 203k loan is the same as FHA, 3.5%. Gift funds can be used for a FHA 203k loan.

Conventional 97 Loan Pros

  • No front-end mortgage insurance is required like FHA loans
  • PMI automatically cancels when the loan-to-value ratio reaches 78% 3% down, which is even lower than an FHA loan.
  • A friend or family member can gift the down payment to the borrower

DOCTOR PROGRAM FEATURES:

The program is available for practicing physicians with a 720+ FICO score who are purchasing a single family detached home.

  • -100% loan to $650K with no mortgage insurance
  • -95% loan to $1.25M with no mortgage insurance
  • -90% loan to $1.5M with no mortgage insurance
  • -80% loan to $1.75M obviously with no mortgage insurance.
  • -30, 20 and 15 year fixed loans as well as a 5 and 7 year ARM.
  • -Can be used for Refinance
  • -MD, DO, DDS, DMD (other designations maybe acceptable)
  • -Approved Condominiums are acceptable
  • -One-Time Close Construction/Renovation loans
  • -Construction Loan Program only available in the following states: CA, AZ, CO, NM, TX, FL, and AL

Stated Income Loan Advantages Very little documentation is needed Tax returns not required

  • No income verification
  • Quick loan process Get up to 70% LTV (loan-to-value) of the property Many have no pre-payment penalties
  • Disadvantages High mortgage rates Large down payment requirements (30%+)
  • Cannot get a loan for more than 70% of the purchase price Closing costs are higher than traditional mortgages
  • Stated Loan Requirements
  • good credit score,
  • large amount of reserves
  • Large amount in savings High credit score requirement (700+) Bank statements are needed High level of income
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