Traditional home loans typically fall within these three mortgage types. Your credit score, worthiness, down payment capability and other qualifications are factored in when lenders are determining your loan amount. View a brief summary of the most common mortgage options below and reach out to us about the pre-approval process!
FHA/VA
While some lenders will award loans to those with a score of 580, the ideal score for an FHA Loan is 600 or higher. Higher credit scores mean less fees and better rates so that you feel more comfortable about purhasing
Conventional
Borrowers with a credit score of 620-679 can generally qualify for a Conventional Loan. But remember, higher interest rates and fees may apply. Conventional loan qualifications may vary.
Jumbo
To qualify for a Jumbo Loan, borrowers must have a credit score of 680+ and at least 30% equity for a down-payment. Down-payment requirements may be reduced as the score increases.
Frequently Asked Questions
How do I get approved for a loan?
I've already been approved, what's next?
Congratulations on your approval! The next thing to do is begin searching for your home based on the approved amount. This can be done by contacting us or heading here to view homes we have available. If you don’t see something you like, don’t worry! We have access to hundreds of homeowners and realtors who are ready to purchase and sell!
My Credit Score is below 600, can I still purchase a home?
How do I hire a realtor?
You can contact us at monique@mreedrealestate.com.
What are some ways I can improve my credit?
MONIQUE REED REAL ESTATE
Email Monique | 813-735-0166
Fireside Real Estate – 442 W. Kennedy Blvd Suite 160 • Tampa, FL 33606
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