Buying Florida Didier Malagies

For Conventional loans, limits are now at $766,550 before entering Jumbo territory. You can buy a home for $806,842 putting 5% down and still be Conventional. Now for FHA the loan limit is $498,257. you can buy a home for $516,328 putting 3.5% down nowA VA mortgage can go up to $2,000,000 with no money down. 100% financing up to $2,000,000With the cost of everything going up, it is nice to see the Government increasing the loan limits to accommodate the higher pricestune in and learn at...

A residential DSCR (Debt Service Coverage Ratio) loan is a type of mortgage typically used for investment properties, where the approval and terms of the loan are based on the property’s income rather than the borrower’s personal income. The DSCR is a measure of a property's ability to generate enough income to cover its debt obligations. Here's a more detailed explanation:Key Points of a Residential DSCR Loan:Debt Service Coverage Ratio (DSCR):The DSCR is calculated by dividing the property'...

I learned a hard lesson on a loan last year, I had a borrower who was self-employed for the last 2 years but another company was self-employed for 3 years. I took that loan as a non-QM with a higher rate. The borrower had another broker run it and required only 1 year's return and he qualified which lost me the deal. He would not have qualified for the 2 year's returns. A hard lesson learned and always to have the loan run to see if you get just one year's return. Having one Year's return mak...

Mortgage brokers are intermediaries between borrowers and lenders, offering assistance in finding and securing mortgage loans. Here's what they typically provide:Access to Multiple Lenders: Mortgage brokers work with a variety of lenders, including banks, credit unions, and private lenders. This allows them to offer borrowers a range of options to suit their needs.Expertise and Guidance: Brokers have in-depth knowledge of the mortgage market, including various loan products, interest rates, a...

There are two main types of FHA 203(k) loans:Standard 203(k) Loan: This is for more extensive renovations and repairs, including structural changes and repairs that exceed $35,000. The loan amount is based on the projected value of the property after the renovations.Limited 203(k) Loan: This is for less extensive renovations and repairs, typically costing less than $35,000. It's often used for cosmetic improvements, such as updating kitchens or bathrooms.Some key points about FHA 203(k) loans...

1. Regular FHA where you can put down 3.5% have lower credit scores, higher income debt ratios2. FHA203k - Mortgage you can do with an added feature of having Home improvements where you buy a home and get things done like a new roof, air conditioning, etc ., and have it all in one.3. I am going to catch you on this one, did you know that Reverse Mortgage is an FHA?So really 3 different types of vehicles that can get you into a home or get home improvements included in the financing or ...