• A conventional mortgage product is originated in the private sector, and is not insured by the government while the FHA program does receive federal backing. Fannie and Freddie are the two government-sponsored enterprises that buys home loans from lenders, securitize them, and then sell them to investors. They have specific requirements for the loans they can purchase from lenders.

• AVAILABLE FOR: primary, secondary and investments (all types of properties)

• LOAN AMOUNT: max $510,400

• DOWN PAYMENT:

• Min 3% for primary

• Min 10% for second home (it needs to be min 100 miles away from your primary)

• Min 20% for investment

• Min 25% for condo not approved by Fannie Mae

• MIN CREDIT SCORE: 620 for 80% / 640 for 90%

• PMI: if down payment less than 20%

• Waiting times:

• Short sale & Foreclosures 7 yrs

• Bankrupcy 4 yrs

An FHA loan is also originated in the private sector, but it gets insured by the government through the Federal Housing Administration.

• AVALIABLE FOR: only primary residence (not many condos approved FHA) First time home buyer (no ownership for the last 3 years)

• LOAN AMOUNT: max $373,750

• DOWN PAYMENT:

• Min 3.5%

• CREDIT SCORE: min 580

• PMI:

• For all loans.

• 1.75% upfront mortgage insurance added to your base loan amount + 0.85% a year (paid monthly)

• PMI will be paid for the life of the loan unless you buy with 10% down or higher, in which case is paid for 11 years.

• Waiting times: • Short sale & Foreclosures 3 yrs

• Bankrupcy 2 yrs

• Non occupant borrower allowed

• AVALIABLE FOR: only primary residence, eligible veterans.

• LOAN AMOUNT: max $510,400

• DOWN PAYMENT: 0%

• CREDIT SCORE: min 580

• PMI: NO / Funding fee added to the base loan amount (1.4% to 3.6%)

• AVALIABLE FOR: all types of residence and properties.

• LOAN AMOUNT: max $750,000 / min $75,000

• DOWN PAYMENT:

• 25% for single family residence

• 30% condos

• 40% Orlando area

• 50% income from Venezuela

• 60% LTV for refinance

• CREDIT SCORE: min

• OTHER:

• Corporate title (Case by case)

• Condo approval based on condo questionnaire

• No POA allowed

• 6 months reserves deposit in a Checking account

Commercial loans are loans for commercial properties or residential investment properties (multi-family). You can include several investment properties in one loan.

Each lender has its own particular guidelines, there is not one rule for commercial loans only that usually the ltv and rate is higher than residential.

A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.

The number of refinance options available to borrowers can be overwhelming, but in order to choose or even know if it is convenient to refinance is important to ask yourself what is the reason for the refinance?

• Lower your rate

• Eliminate Mortgage Insurance

• Cash out on the equity

• Debt consolidation

When you refinance, you apply for a new loan, usually with a new lender and at closing, the Title Company is in charge of paying off your current loan with the funds received from the new lender. Usually the new loan will be enough to also pay the closing cost and whatever is left is your cash out.