Florida First Time Home Buyer Programs Florida First time home buyers have one of the best opportunities in years to buy their first home. In no other time could you purchase a home with just 3.5% down and at a 3.5% interest rate. It even sounds unbelievable and for Florida first time home buyers obtaining a mortgage under the first time home buyer program is easier than ever. Shouldn't I Apply for A Florida Conventional Mortgage? Florida Conventional Mortgages Believe it or not only 30% of Florida homeowners apply for a government loan. Most Florida homeowners obtain conventional mortgages. Florida Conventional mortgage loans are loans that are issued by private mortgage lenders. These lenders make loans to Florida homeowners directly and without the lender or bank receiving help from government repayment guarantees. It may seem a little unusual that there are so many conventional mortgages vs FHA home loans since a conventional mortgage has much stricter underwriting requirements. In order to qualify for a conventional Florida mortgage a borrower will need a credit score of more than 700 to qualify and a minimum down payment of 20% or more to avoid Private Mortgage Insurance. (PMI). The PMI is a fee charged by the borrowers for insurance against borrower default. There are additional benefits to a conventional mortgage for those that can afford the additional down payment. Some of these include no restriction on who lives in the home and no additional charge for PMI insurance. Conventional mortgages can be used for primary residences as well as investment properties. Although many of First Time Home Buyer Florida choose a conventional home loan, a government backed FHA, VA or USDA may be a better option for some. For more information please visit here: https://www.cambridgehomeloan.com/
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