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Fort Lauderdale Mortgage Landscape

Fort Lauderdale Home Loan Landscape

Florida, like many desirable parts of the country, has been hard hit by the housing crisis. Home prices are at an affordability level not seen in recent

decades. That, coupled with the lowest mortgage rates in 40 years, is the perfect time to buy a house with a Fort Lauderdale mortgage.

While a Fort Lauderdale mortgage is readily available to all that can qualify, the "bad news" is a Fort Lauderdale mortgage has become more difficult to qualify for than in the past. Recent legislation introduced under the Frank-Dodd Finance bill has placed stringent guidelines on income qualification. Self-Employed and Commissioned borrowers may find it more difficult to qualify for their Fort Lauderdale mortgage.

There are four categories of a Fort Lauderdale mortgage to choose from:

This type of Fort Lauderdale mortgage is better known as a Fannie Mae or Freddie Mac loan and are available for 1-4 unit residential property purchases or refinances. The property may be used as a primary residence, second home, or investment property. Loan-to-value / down payment is determined by property type (i.e. condo, single-family, duplex, tri-plex, or 4-plex) and occupancy (i.e. primary residence, second home, or investment property). Conventional loans offer Fixed Rate and Adjustable Rate mortgage programs. The conforming Fort Lauderdale mortgage maximum amount is $417,000 for a single unit property. Higher loan amounts are available for multi-family properties.
HUD Home Loan - This Fort Lauderdale mortgage is more commonly known as an FHA loan and is available for 1-4 unit residential property purchases or refinances. The property must be occupied by a borrower as his/her primary residence. Multi-unit properties can be financed if

borrower resides in property as primary residence. FHA's minimum down payment requirement is 3.5% of the purchase price. Condominiums must be on HUD's FHA Condo Approval list. FHA loans offer Fixed Rate and Adjustable Rate mortgage programs. The maximum amount that can be financed with a FHA Fort Lauderdale home loan is $417,000 for a one unit property. The loan limit is reset annually. Higher loan amounts are available for multi-family properties.
Veteran Home Loans - This Fort Lauderdale mortgage is better known as a VA mortgage and is available for 1-4 unit residential property purchases or refinances. The property must be occupied by a Veteran as his/her primary residence. Multi-unit properties can be financed if Veteran resides in property as primary residence. Veteran's with their full entitlement can finance 100% of the purchase price, making no down payment necessary. Condominiums must be on VA's Condo Approval list. VA loans offer Fixed Rate and Adjustable Rate mortgage programs. The maximum amount that can be financed with a VA Fort Lauderdale mortgage is $417,000. Higher loan amounts are available for multi-family properties.
This Fort Lauderdale mortgage is more commonly known as a Jumbo Home Loan or a Portfolio Loan. These loans are available to finance loan amounts that exceed the Conforming loan limit of $417,000 for a single family unit. Portfolio loans are ones that are held in the institutions own portfolio and allow lenders to make their own underwriting guidelines, making a more flexible decision regarding the borrowers' ability to repay the loan. Most Jumbo home loan programs are available for primary and second homes, offering Fixed Rate and Adjustable Rate mortgage programs.