Conventional Mortgage Loan
Our exclusive mortgage loan is designed to help individuals and families obtain homeownership within very specific census tracts without some of the typical roadblocks often associated with purchasing a home or qualifying for low down payment programs.
• Up to 100% Financing
• No Private Mortgage Insurance (PMI)
• No income limits
• Available for purchase or refinance
loan amount up to $726,200
Application Requirements • Must be a 1-unit primary residence • Must be located in a Majority Minority1 census tract within certain counties in the Tampa or Jacksonville MSAs
What are these roadblocks?
Down Payment requirements.
Our program allows for as little as zero down. You choose the down payment that fits your budget. Maybe the home you are buying needs some updating. You can choose to put less down on the mortgage and use those funds to update your new home.
Higher interest rate due to less than perfect credit scores or not having a large down payment.
The 30-year fixed rate for this mortgage is not based on your credit score or down payment amount and is typically in-line or often less than the national average conventional 30 year fixed rate with no discount points. This means you get a great rate regardless of how much you put down as long as your score is 640 or better.
No additional fees for using the program other than standard closing costs.
We do not charge program fees. Loan programs such as FHA, USDA and VA all charge additional fees for just using their program. FHA calls it Up Front Mortgage Insurance Premium. USDA calls it a guarantee fee. The VA calls it a funding fee. The fees range from 1% to 3.60% and are added to your loan amount. Let’s split the highest of those fees in half and use 1.80%. if your loan amount is $350,000 you will be charged $6,300 just to use their program.
$350,000 x 1.8% = $6,300 in additional fees which makes your loan amount $356,300.
Your monthly payment increases as well as your total cost for purchasing the home
Costly Private Mortgage Insurance (PMI) being added to your monthly payment.
For most lending programs, if you have less than 20% to put down, you will be required to purchase mortgage insurance. This can add hundreds of dollars a month to your mortgage payment depending on your credit scores and how much you borrow. In some cases, the additional PMI payment causes an applicant’s monthly payment to be too high to qualify for their mortgage. Our program requires no PMI regardless of how little you put down.
Above average income earners being disqualified from 100% financing programs.
Our program has no income limits. There are other 100% financing programs available based on property location however the majority of those programs have income limit restrictions. If your income or the combined income of all those living in the home, including dependents exceeds a certain dollar amount per year, you will be disqualified from the program. With our program, your income can be unlimited.
Not eligible for a VA guaranteed home loan.
As fortunate as this country is to have as many active duty and retired military veterans, not all home buyers have access to the government’s guaranteed VA home loan program. Even veterans cannot always purchase a home with 100% financing based on their available entitlement or co-borrower situation. Even if they can, they may be subject to the VA funding fee which can be as high as 3.60% of the loan amount. Our program is available to all who meet program requirements, both military and non-military.
Homeownership should be obtainable for all who want it. Our program may just be the answer for you. Search our site for home options. If you find one you like, call to see if our rates and terms will fit your needs.
Frequently Asked Questions
Here are the most frequently asked questions. Reach out to us if you have any additional questions.
If you plan to purchase a home in four months or less, you should apply now. Credit reports for this program are good for 120 days. If your timeline is further out, it would still best for you to reach out to Craig to discuss the program details as well as your specific needs so you are more prepared to purchase your home.
For 100% financing you will need a 640 or better score. 95% financing may be available if your score is between 620 and 639. Having qualifying scores does not guarantee approval. For final loan approval, your loan application will be ran through an automated underwriting system, which must render an automated approval regardless of your credit scores.
Yes, however the maximum financing is 95% and the credit scores for all applicants must meet program requirements.
Yes. If you own your own business or your income is reported on a 1099-NEC, you will need to have reported this income on your Federal tax returns for a minimum of two years. The qualifying income will be an average of the two most recent year’s tax filings. If you have declining income of 20% or more in the most recent year’s tax filing. The underwriter may only use the income reported in that year and not average over two years.
Yes, you will be charged standard conventional closing costs and they cannot be included in the loan amount. They must be paid at closing. You can negotiate with the seller or your real estate agent to contribute toward your closing costs.
These are called interested party contributions and the maximums are based on the percentage of the purchase price you are borrowing. The maximums are:
3% of the purchase price if borrowing more than 90%.
6% of the purchase price if borrowing 75.01% – 90%.
9% of the purchase price if borrowing 75% or less.
No. We are limited to specific census tracts within certain counties in Florida. The counties currently listed on this website are Hillsborough, Pasco, Pinellas, Polk, Sarasota & Manatee. Future counties may include: Bay, Clay, Duval, Escambia, Gadsden, Jackson, Jefferson, Leon, Okaloosa, Wakula & Walton.
Get in touch with us to plan your next transaction
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