Aventura Home Loans

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Most individuals are ready to purchase their first property. Having funds in savings, they go to apply for a home loan but unfortunately, they do not meet them minimum requirements. Moreover, because they requested a loan and were denied, it could reflect on their credit report. Because of this, it’s a recommended idea to know whether you qualify for Aventura Florida home loans before you submitting an application. Here is a review of the top 3 requirements.

1 – Credit Requirements for a Aventura Home Loan

Your credit score is a primary aspect of many financial transactions that consist of borrowing. Aventura FL home loans mandate an average credit score of 620 in order to qualify for a loan. With that in mind, it is important to mention that credit score requirements can be somewhat flexible. Sometimes home loan companies may require a credit rating of 640 or higher, another may need a 600. We suggest client find out about a home loan to ensure your credit score meets the requirements.

2 – Down Payment Requirements for a Aventura FL Home Loan

If you want to buy a house, you need to be ready to pay between 3% and 20% of the home’s price for a down payment. In order to avoid PMI, you’ll need to put at least 20% down in almost all scenarios.

3 – Steady Employment

Even though your credit score may be ideal, and even though you have enough cash for the down payment, unless you have sufficient employment history, Aventura FL home loans may be out of your ability to obtain. In most cases, lenders require a consistent employment history of at least 24 months. Determined based on the property you wish to purchase and the installment payments, you may require a longer employment history.

Should you desire more info regarding Aventura home loans, their underwriting guidelines or where to find the best Aventura home loans, call the First Nationwide Lending at (877) 442-4023.

 
 

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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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