Bonita Springs Home Loans

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Most individuals are ready to purchase their first property. Having funds in savings, clients request a mortgage however unfortunately, they don’t meet them minimum requirements. Moreover, since they applied for a home loan and were denied, it will reflect on their credit. Because of this, it’s always a good idea to know if you qualify for Bonita Springs Florida home loans prior to you applying for one. Here is a look of the primary 3 requirements.

1 – Credit Standards for a Bonita Springs Home Loan

Your credit is a primary aspect of many financial transactions that consist of borrowing. Bonita Springs 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 are always flexible. While some banks may require a score of 640 or higher, another may need a 600. Always find out about a home loan to make sure your credit score meets the requirements.

2 – Down Payment for a Bonita Springs FL Home Loan

If you desire to buy your dream home, you need to be ready to spend between 3% and 20% of the gross purchase price in cash as a down payment. If you want to avoid PMI, it’s required that you put down at least 20% in most cases.

3 – Establish Work History

While your credit situation may be ideal, and you may have enough cash for the down payment, if you don’t you have sufficient employment history, Bonita Springs Florida home loans may be out of your reach. In many situations, mortgage brokers require a established work history of at least 24 months. Determined based on the home you would like to purchase and the installment payments, you may require a extended work history.

Should you need additional information regarding Bonita Springs home loans, their underwriting guidelines or where to obtain the best Bonita Springs 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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