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To get a mortgage, you need credit, money and a loan officer.

Credit means 3 things: a credit score of at least 580 for a low down payment mortgage; current or open credit items - such as credit cards or loans; and, not terrible credit the last 1-2 years.

Money means an income and money in a bank account; and,

a Loan Officer: a good one.

Here is a list of the most popular loan programs:

1. Conventional
a. Credit Score: 620;
b. You only need for your down payment: 5.0%;
c. Debt to income to 49%;
d. No credit negatives the last 2 years.

2. Conventional - First Time Homebuyer
a. Credit Score: 620;
b. Down Payment is only: 3.0%;
c. Debt to income to 49%;
d. Not owned house in last 7 years; and,
e. No credit negatives 2 years.

3. FHA
a. Credit Score: 580 or higher for Down Payment: 3.5%;
b. Credit Score: down to 500 for Down Payment: 10%;
c. Popular for 1st Time Homebuyer;
d. Debt to income to 43% but can go up to 47% with exceptions;
e. If credit score above 620, debt to income up to 56%;
f. Nothing really bad on credit report and,
g. Must be primary home.

4. FHA - 203K Rehab Loan
a. Credit Score: 580;
b. Down Payment: 3.5% and,
c. Allows for fix up of property, same as FHA loan.

5. Foreign National
a. Credit Score: none;
b. Down Payment: 25%-35% and,
c. 12 month's reserves, any home.

6. Second Home
a. Credit Score: 620;
b. Down Payment: 10%;
c. No late payments on current mortgage 2 years and,
d. Debt to income to 50%.

7. No Tax Returns - Use 1 Bank Statement
a. Credit Score: 640;
b. Down Payment: 20.0% and,
c. 1 month bank statement with 20% and closing cost.

8. No Tax Returns - 12-24 Months Bank Statement
a. Credit Score: 580
b. Down Payment: 10% to 20% depending on score and,
c. 12 months for personal, 24 for business.

a. Credit Score: 580:
b. Down Payment: 0.0%:
c. Nothing negative last 24 months and,
d. Debt to income to 43%.

10. VA
a. Credit Score: 500;
b. Down Payment: 0.0%;
c. Nothing negative last 12 months and,
d. Debt to income to 56%.

11. Investors
a. 620 credit score
b. Use rent rolls to qualify
c. No income listed on application.

12. Unwarrantable Condos
d. 10% - but with full income documentation
e. 20% with bank statements for income

You need income and your credit pulled. You will find out if you are eligible fast.

Call 800-991-3268 -- email me or visit me at

I want to be your favorite mortgage broker.

Give me a shot. I will work hard for your business.

Christopher Luis, Florida Mortgage Loan Officer, State of Florida Loan Officer License #22963, Nationwide Mortgage Licensing (NMLS) #888571. CLuisMortgages, LLC | Florida Broker License # MBR1575 | NMLS #1159714
Chris Luis, Florida's Favorite Mortgage Broker.

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  • do NOT contact me with unsolicited services or offers

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