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We are government loan EXPERTS! The Mortgage Firm has been originating government loans since 1995 and we love them! Below is a brief description of each loan type. Please call a Loan Consultant with any questions at 407-539-3476. FHA - Federal Housing Administration FHA 203(b) - Only 3.5% required down payment
- Seller can contribute up to 6% of sales price to closing costs & prepaids
- No minimum credit scores!
- Gift funds and allowed from family members or non-profit organizations
- No cash reserves are required
- No income limits
- 85% cash out refinance is available.
- Streamline FHA to FHA refinances are available
- Low monthly mortgage insurance rates.
New FHA Loan Limts for Central Florida Counties - (One Family) As of 03/25/2009 Orange - $353,750 Seminole - $353,750 Brevard - $291,250 Volusia - $303,750 Osceola - $353,750 Lake - $353,750 Polk - $271,050 Hillsborough- $292,500 Duval - $387,500 VA - Vetern Affairs home loan - 100% financing with no monthly insurance payment
- Loans up to $417,000
- Purchase and refinance loans available
- No limit on income or geographic location
- Available to veterans who served the minimum duty with other than a dishonorable discharge, active duty with at least 181 days of duty, un-remarried surviving spouse of eligible veteran (COE), & National Guard/Reservist
- Want to see how much you are eligible for or need your Certificate of Eligibity
USDA - Rural Development Loans FHA 203(k) - Click here for a more detailed info. - Revonation mortgage which allows a borrower to purchase or refinance a property including the cost of the renovation or addition as a part of the mortgage
- Equity is not needed to add improvements
- It is an assumable mortgage
- Renovation closing costs and the costs to refinance can be included in the loan.
- Realtors can use renovation to imporvie a property they list or to sell a property that is not moving
- Appraisal is required but is based on the after-improved value of the property.
- Minimum of $5,000. No maximum.
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