Bonita Springs Home Loans

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Most residents of Florida are prepared to purchase their first home. With enough money saved, clients go to apply for a home loan however unfortunately, they do not meet them minimum requirements. In addition, since they applied for a loan and were rejected, it could reflect on their credit report. Because of this, it’s always a recommended idea to to aware of whether you meet expectations for Bonita Springs FL home loans prior to you applying for one. Here is a review of the top 3 requirements.

1 – Credit Standards for a Bonita Springs Home Loan

Your credit score is an important resource of many financial transactions which involve borrowing. Bonita Springs FL home loans require an average credit rating of 620 to ensure qualification for a loan. With that in mind, it is imperative to mention that credit rating requirements are always flexible. While some lenders might require a credit rating of 660, another may require only 600. Always find out about a home loan to make sure your credit rating is up to par.

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

Should you decide to purchase a dream home, you should be prepared to pay between 3% and 20% of the purchase price for a down payment. If you want to avoid Private Mortgage Insurance, it’s required that you put down at least 20% in most scenarios.

3 – Consistent Work History

While your credit rating may be ideal, and you may have enough funds for the required down payment, unless you have steady employment, Bonita Springs Florida home loans might still be out of your reach. In many situations, mortgage companies need a established work history of at least 2 years. Determined based on the home you would like to obtain and the periodic payments, you may require a extended work history.

If you necessitate more info regarding Bonita Springs home loans, their specific requirements or where to find 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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