Aventura Home Loans

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Most people are prepared to purchase their first property. Having funds in savings, clients go to apply for a home loan but unbeknownst to them, they do not meet them minimum requirements. Moreover, since they requested a home loan and were denied, it could show on their credit. As such, it’s always a good concept to to aware of whether you qualify for Aventura Florida home loans before you submitting an application. Here is a review of the top 3 requirements.

1 – Credit Rating for a Aventura Home Loan

An individuals credit score is a primary resource of many financial transactions which involve borrowing. Aventura home loans mandate an average credit score of 620 to ensure qualification for a loan. With that in mind, it’s imperative to note that credit score requirements are always flexible. While some lenders might necessitate a score of 640 or higher, another might only require only 600. Always ask about a home loan to make sure your credit score meets the requirements.

2 – Down Payment Requirements for a Aventura FL Home Loan

If you desire to buy your dream home, you should be prepared to spend between 3% to 20% of the home’s price in cash as a down payment. In order to avoid Private Mortgage Insurance, you’ll need to put at least 20% down in almost all cases.

3 – Steady Employment

Even though your credit situation may be ideal, and even though you have enough cash for the required down payment, if you don’t you have steady employment, Aventura Florida home loans may be outside of your reach. In many situations, mortgage companies need a established work history of at least 24 months. Determined based on the residence you would like to acquire and the periodic payments, you may require a extended work history.

Should you need additional information on Aventura home loans, their specific requirements or where to find the best Aventura home loans, call us at (877) 442-4023.

 
 

Contact Us

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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