When you are self-employed or a business owner and you want to buy a home, you fill out the same application as everyone else. The same factors are considered: your credit score, how much debt you have, your assets and your income. So what’s different? When you work for someone else, lenders go to your employer to verify the amount and history of that income, and how likely it is you’ll keep earning it.
Condominiums are classified as Warrantable, Non-Warrantable or a Condotel. Condos are a single, individually-owned housing unit in a multi-unit building. The condominium owner holds sole title to the unit, but owns land and common property (elevators, halls, roof, stairs, etc.) jointly with other unit owners, and shares the upkeep expenses on the common-property with them. Unit owner pays property taxes only on his or her unit, and may mortgage, rent, or sell it just like any other personal property.
Construction Mortgage Programs
Our New Construction Programs is a one-close construction loan:
- 70% LTV with no requalification required post-construction
- 90% LTV option with requalification required post-construction
- Simple and flexible draw process with no set schedules
Conforming Mortgage Programs
Conforming mortgages are ideal for borrowers with good or excellent credit. The maximum Conforming Loan amount in 2020 is $647,250. They follow fairly conservative guidelines for:
- Borrower credit scores – min 620
- Minimum down payments of 3%
- Debt-to-income ratios under 50%
FHA Mortgage Programs
Federal Housing Administration mortgages are great first-time home buyers! FHA Mortgage have flexible lending standards to benefit:
- Minimum Down Payment of 3.5%
- Minimum score of 620
- Debt-to-income ratios under 55%
Jumbo Mortgage Programs
Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury home:
- Credit scores as low as 680 may qualify
- Buy with as little as 10% down payment
- Loan amounts up to $5,000,000
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Renovation Mortgage Programs
Our renovation remodeling loans allow you to roll the costs of repairs or upgrades. Benefits include:
- One Loan: The loan covers the purchase plus renovation costs
- Renovation work can begin immediately
- Simplicity: Just one application, one closing, and one monthly payment
Veterans Mortgage Programs
Because the VA guarantees a portion of your loan, you won’t need to pay mortgage insurance:
- Credit scores as low as 620 may qualify
- Buy a home with as little as $0 down
- Certificate of Eligibility
- VA loans were designed to offset common financial challenges faced by military families and veterans.
Investment Home Mortgages
Thinking of buying an additional property for a new source of income? Consider an investment home with the option of long or short terms rental income:
- Minimum down payment of 15%
- Minimum credit score 700
- Debt to income ratio under 43%
Second Home Mortgages
Buying a second home or vacation home is a dream for many Americans. It is occupied by the owner some portion of the year and is a good decision for retirement:
- Minimum down payment of 10%
- Minimum credit score 680
- Debt to income ratio under 43%
Florida Keys Mortgage | Fidelity Home Group
2011 Flagler Ave, Key West, FL 33040
Hours of Operation:
Monday - Friday 8am to 7pm EST
Saturday - Sunday 10am to 6 pm EST
