Innovative Mortgage Services
Innovative Mortgage Services

Traditional Loan Programs

Conforming Loans

 

Conforming loans are industry standard for qualified borrowers that have established credit, verifiable income and are better suited for borrowers with credit scores in the 700’s.  Borrowers can be first time homebuyers or seasoned home buyers.  Conforming residential loans can be used for all types of occupancy, including owner occupied, second home, or investment properties. 

 

  • Down Payment:  3% or more down payment is typically required.  Down payment for primary residence can be in the form of a family gift.
  • Credit Scores:  Ideal for borrows with credit scores greater than 700 (Lower credit scores are accepted with pricing adjustments.)
  • Loan Limits:  Up to $485,350 (Higher loan limits apply to high cost areas)
  • Occupancy:  Owner occupied, second home, or investment properties are allowed

 

FHA Loans

 

FHA home loans are a favorite of first time homebuyers that will be occupying the property as their primary residence.   These loans are easier to qualify for than the more strict conforming loans as they allow less than perfect credit and require just 3.5% down payment.  By allowing higher debt to income ratios, more first time borrowers are able qualify using this product than any other product.

 

  • Down Payment:  3.5% or more down payment is typically required.  Family gift money is allowed for down payment.
  • Credit Scores:  Ideal for borrows with credit scores greater than 640 (Lower credit scores in a range of 580 to 639 can be accepted with pricing adjustments and tighter underwriting criteria.)
  • Loan Limits:  Up to $314,827 (Higher loan limits available in certain high cost areas)
  • Occupancy:  Owner occupied residence only

 

VA Loans

 

VA (Military Veteran) home loans are one of the best loans available today and are intended to help those who have served honorably.  By providing 100% financing, the burden of a down payment is removed plus there is no monthly mortgage insurance which further helps Veterans qualify for a new home.  Less stringent credit score requirements, flexible debt to income ratios, and more favorable underwriting criteria help to make home ownership a reality for many veterans.

 

  • Down Payment:  Zero.  100% financing!  No down payment required.
  • Credit Scores:  Scores above 640 provide the best terms for a VA loan.  (Lower credit scores in a range of 580 to 639 can be accepted with additional underwriting conditions.)
  • Loan Limits:  Up to $485,350  (Higher loan limits apply to certain high cost areas.)
  • Monthly Mortgage Insurance:  None!   

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USDA Rural Home Loans

 

USDA Rural home loans are intended to serve buyers that are seeking to own a home in less populated setting such as a small town or rural area.  These loans are an excellent mortgage source providing 100% financing for first time homebuyers thereby removing the burden of a down payment.  Monthly mortgage insurance for USDA home loans is one of the lowest in the industry. 

 

  • Down Payment:  Zero.  100% financing!  No down payment required.
  • Credit Scores:  Ideal for borrows with credit scores greater than 640.
  • Income Caps:  Total household income will determine a borrower’s eligibility when it comes to USDA loans.  Generally, a 1-4 member household income cannot exceed $82,700.
  • Occupancy:  Owner occupied residence only.   

 

Services Provided by: Giles Wardian of Team Innovative (407) 963-1151

Licensed Mortgage Specialist NMLS #349296

Innovative Mortgage Services, Inc. NMLS #250769

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