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Conventional Loans

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What is a Conventional Loan?

A Conventional mortgage is a loan not offered or secured by a government entity. Conventional mortgages are available through private lenders, such as credit unions, banks, and mortgage companies. However, Fannie Mae and Freddie Mac can guarantee some conventional mortgages.

To qualify for a Conventional Loan, you need a credit score of at least 620. Usually, a 3% down is required with the right qualifications.

Conventional Loan Limits in Miami-Dade County are $647,200 for one living-unit home up to $1,244,850 for four living units in Low-Cost areas. Contact Us Invest Financial– Mortgages in Spanglish to learn more about Conventional Loans in Broward, Monroe, and West Palm Beach, or visit the FHA website to find out the maximum amount in your County.

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your income can afford?

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How to Qualify for a Conventional Loan in Miami?

Solid credit score.

The higher, the better. That means at least 680 and preferably 700 or more. People with credit scores of 740+ get the best terms.

Please get in touch with one of Us Invest Financial if you don’t know your credit score or want to know what you can and must do to increase your credit score for free and get the best interest rates for your loan.

The consultation and the steps to improve your credit are free.

Income-to-debt ratio must be below 50% of your total income.

Your debt-to-income ratio should be around 36% and is acceptable up to 45%. This ratio means that the monthly mortgage loan payments shouldn’t be more than 36% to 45% of your gross income to make it easier for you and your life.

Show your assets.

Your bank statements will have to prove that you have sufficient cash reserves to make for the down payment and the other costs, such as the closing cost on the property you will buy. It would help if you showed a sufficient cash flow to secure a loan.

You will require to show all the income you receive, gift money, inheritance, bonuses, or any other monies.

No Private Mortgage Insurance.

Putting a 20% down payment or more can help you avoid paying for private mortgage insurance (PMI).

Us Invest Financial can help you find a competitive loan through our vast network of lenders, even if you cannot afford a high down payment.

How convenient is a Conventional Loan for you?

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Is a Conventional Loan Good for You?

The answer depends on many factors. Although conventional loans have more demanding requirements, they don’t require any upfront mortgage insurance premiums, they accept most properties, have cheaper PMI with good credit than one needed for FHA, and have a program that requires only a 3% down payment.

Apply Now for a Conventional Loan in South Florida

You have questions about Conventional Loans, and Us Invest Financial – Mortgages in Spanglish have the answers. Please call us to get the answers you need in English or Spanish or start the application process here below.

We look forward to matching you with the Loan Mortgage that fits your needs.

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Welcome to US Invest Financial- your premier Doral Mortgage Broker and much more! Securing a residential or commercial loan can be intricate, but with our expert Home Loan Expert and 2517771 NMLS Licensed Brokers, your journey to property ownership or investment is streamlined and supported. Not only do we specialize in delivering the most Reliable Financial Consultant service, but we also pride ourselves as a guiding light in the Commercial Loan Assistance space, ensuring your business ventures are supported by strategic financial advice and solutions. Our team, with its astute Qualified Mortgage Advisors, is here to illuminate your path in the often complex realms of real estate with a strategic Property Investment Guide crafted to your unique circumstances and investment aspirations. Whether seeking Residential Home Loan guidance, exploring Affordable Investment Properties, or necessitating adept Local Mortgage Solutions, we are here to amplify your financial and investment potential in Doral and beyond, propelling you towards secure and prosperous property endeavors. Begin your journey with the most adept and dedicated financial team now – Connect with The US Invest Financial today!

This is not an offer for extension of credit nor a commitment to lend. Programs, rates, terms, and conditions subject to change without notice. Certain restrictions may apply. All approvals subject to underwriting guidelines. Not all applicants will quialify. As prohibited by federal law, we do not engage in business practices that discriminate based on race, color, religion, national origin, sex, marital status, or age because all or part of your income may be derived from any public assistance program or because you have, in good faith, exercised any right under the Consumer Credit Protection Act.