Sunrise Home Loans

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Many individuals are prepared to buy their very own home. Having funds in savings, they go to apply for a home loan however unbeknownst to them, they do not qualify. Moreover, since they requested a loan and were denied, it could reflect on their credit report. As such, it’s a good concept to know if you qualify for Sunrise FL home loans prior to you submitting an application. Here is a look at the top 3 requirements.

1 – Credit Standards for a Sunrise Home Loan

Your credit rating is a primary aspect of many residential financing transactions that involve borrowing. Sunrise FL home loans require an median credit score of 620 in order to qualify for a loan. However, it is important to note that credit score requirements can be somewhat flexible. While some lenders may require a score of 640 or higher, and at the same time a different bank may need a 600. Always find out about a home loan to make sure your credit score is up to par.

2 – Minimum Down Payment for a Sunrise FL Home Loan

If you desire to purchase a house, you should be prepared to spend anywhere between 3% to 20% of the home’s price for a down payment. If you want to avoid PMI, you’ll need to put down at least 20% in almost all cases.

3 – Consistent Work History

Even though your credit situation may be ideal, and you may have enough cash for the down payment, unless you have sufficient employment history, Sunrise Florida home loans might still be out of your ability to obtain. In many situations, lenders require a steady employment history of at least 24 months. Determined based on the residence you would like to buy and the installment payments, you may require a longer employment history.

Should you need more information regarding Sunrise home loans, their underwriting guidelines or where to find the best Sunrise home loans, contact 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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