As a sign that lenders what to get back into the Florida market, 95% financing is once again available for the purchase of a SFD (Single Family Detached) PRIMARY RESIDENCE. (I.e. Condos, Townhouses & "Attached" Properties, Second Homes and Investment Properties are NOT eligible)
Of course the guidelines pertaining to credit scores and debt to income ratios are strict but who cares, it is VERY good news!
APPRAISAL PROBLEMS??? Think "Home Path" and "Home Path Renovation" properties. They DO NOT require an appraisal. First Trust Mortgage is one of the FEW lenders in South Florida approved for the "Home Path Renovation" mortgage program. Home Path Renovation is similar to the FHA 203(K) program but is for home path properties in need of repair.
LISTING AGENTS - ROOF PROBLEMS / REPAIR ISSUES ????? Think 203(K). Do NOT shy away from the 203(K) because of bad rumors. The secret to success is a knowledgable and experienced mortgage broker
Provided by Jim Monninger, Mortgage Consultant, First Trust Mortgage Corporation
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