Conventional loans

·         Max of a 90-95% LTV for primary residences in Florida with a max loan amount of $417,000 on any conventional loan in the surrounding counties

·         Max of a 80-90% LTV for second home purchases

·         Max of a 75-80% LTV for investment property purchase

·         Minimum credit score requirement of a 580-740 depending on the loan program

·         Seller can contribute up to 3-6% in seller concessions on primary residences/second homes and only 2% on investment properties

·         FNMA Approved Condo Site- https://www.efanniemae.com/sf/refmaterials/approvedprojects/

 

FHA loans

·         Max of a 96.5% LTV for primary residences only with a max loan amount in the surrounding counties is $292,500

·         Minimum credit score with most lenders is at a 580-620 middle score and some investors on a case by case basis will go down to a 540 middle score

·         Downpayment can come out of the borrowers own funds, gift from a family member, qualified DPA programs, and under no circumstances can they be gifted by the seller unless they are a family member to the buyer

·         FHA Condo Approval Site- https://entp.hud.gov/idapp/html/condlook.cfm

 

VA loans

·         100% financing available on a 30 year fixed with no monthly mortgage insurance with a max loan amount of $417,000 in the surrounding counties and No minimum credit score at this time

·         Seller can contribute up to 6% in seller concessions

·         VA Condo Approval Site- http://condopudbuilder.vba.va.gov/2.2/frames.html

 

USDA loans

·         1-100% loan on a 30 year fixed with no monthly mortgage insurance with a max loan amount of $417,000 in the surrounding counties

·         Minimum credit score is currently at a 620 middle score and case by case down to a 580 score

·         Seller can contribute up to 6% in seller concessions

·         Borrowers must make less than 115% of the median income for the county they are buying

·         Property Eligibility Site- http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1