Understanding Options
Conventional loans are mortgages not backed by a government agency. They offer flexibility and can be ideal for borrowers with good credit and a solid down payment. FundMyHome can guide you through the process.
Unlock Your Homeownership Dreams with FundMyHome's Flexible Criteria
Conventional loans have specific requirements. FundMyHome stands out by offering down payment assistance without strict income limits and low credit score requirements (640 scores for VA, 620 for conventional, 580 for FHA and USDA), making homeownership accessible to more Florida residents. We focus on helping you close with minimal out-of-pocket expenses.
- 97% max Loan-to-Value (LTV).
- 50 % max Debt-to-Income (DTI): DTI ratios are carefully assessed to ensure affordability.
- Property & Occupancy: Must meet specific property and occupancy standards.
Crucial Factors
Making Informed Decisions
Understanding the nuances of conventional loans is vital. Key aspects include interest rates, which can be fixed or adjustable, influencing your monthly payments. Closing costs, encompassing appraisal fees and taxes, also play a significant role. Evaluating these factors ensures a well-informed decision.
