FAQ's

 

Q: What credit score do I need to qualify for a conventional loan?

A: A minimum of a 620 credit score. 

 

Q: How much do I need for a conventional loan down payment? 

A: For a conventional mortgage, a first time home buyer is a minimum of 3% down. For a repeat buyer, it would be a minimum of 5% down.

 

Q: What are the benefits of a conventional loan compared to other types of loans?

A: The benefit of a conventional mortgage if you are putting less than 20% down is once you get to a point where your equity reaches 20%, you can have the mortgage insurance removed. 

 

Q: What type of homes can I purchase with a conventional loan?

A: You can purchase any single-family home; any multi-unit up to 4 units and any condo using a conventional mortgage.

 

Q: How can I access cash to pay off debt? 

A: That would be based on whatever the appraised value is. On a conventional mortgage, your maximum loan devalue for a cash-out is 80%. 

 

Q: Can I refinance if my home value is less than I owe?

A: No, you cannot. 

 

Q: How do I know if I should refinance?

A: That would be based looking at your current mortgage statement to evaluate if there is a benefit. We have to justify to Fannie Mae that there is a net tangible benefit. 

 

Q: Can I refinance to remove my PMI Insurance?

A: Yes, as long as you are currently on title- you can do that without any seasoning period. 

 

Q: What documentation do I need for a conventional loan?

A: Documentation would consist of last two years of tax returns, last two years of W2’s, last 30 day pay stubs, last 2 months of bank statements, a copy of your ID, a copy of your social security card and most recent mortgage statement. 

1st 

financial inc.

fort

lauderdale

1ST FINANCIAL INC.

FORT LAUDERDALE

NMLS ID# 1615717

955 S Federal Highway | Suite 428

Ft. Lauderdale FL 33316

Tel: 954-400-0668

Opening Hours: 9am - 5pm

NMLS  ID# 185076      www.nmlsconsumeraccess.org  

The information provided on this site is informational in nature, and cannot be considered a commitment to lend. As programs may change, the requirements and criteria of any particular program will be subject to current available programs, underwriting requirements and credit guidelines as of the time of loan submission. Copyright© 2020 www.ffiloans.com

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