Bonita Springs Home Loans

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Many residents of Florida are ready to purchase their first property. With enough money saved, they request a mortgage but unbeknownst to them, they don’t meet them minimum requirements. Moreover, since they requested a home loan and were denied, it will reflect on their credit report. Because of this, it’s a recommended idea to know if you meet expectations for Bonita Springs FL home loans prior to you applying for one. Take a review at the top 3 requirements.

1 – Credit Score for a Bonita Springs Home Loan

An individuals credit rating is a primary aspect of many residential financing transactions which consist of borrowing. Bonita Springs home loans mandate an median credit rating of 620 in order to qualify for a home loan. With that in mind, it is important to note that credit rating requirements can be somewhat flexible. Sometimes banks might require a score of 640 or higher, another may need a 600. Always find out about a home loan to ensure your credit rating meets the requirements.

2 – Minimum Down Payment for a Bonita Springs FL Home Loan

If you desire to purchase your dream home, you should be ready to pay anywhere between 3% and 20% of the gross purchase price in cash as a down payment. In order to avoid PMI, you’ll need to put at least 20% down in almost all cases.

3 – Consistent Work History

Even though your credit rating may meet requirements, and even though you have enough cash for the down payment, unless you have sufficient employment history, Bonita Springs Florida home loans might still be outside of your ability to obtain. In most cases, home loan companies require a consistent employment history of at least 2 years. Depending on the property you wish to buy and the periodic payments, you may require a longer employment history.

Should you desire more information regarding Bonita Springs home loans, their underwriting guidelines or where to apply for the best Bonita Springs home loans, call the First Nationwide Lending 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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