Basic Qualifications for a Miami Conventional Loan
Borrowers who want to be approved for a conventional loan in Miami will need to meet the following requirements:
- You must be purchasing a qualifying property, as stipulated above.
Conventional loans are for properties worth $453,100 or less.
- You should have a solid credit score.
The higher your score is, the better. A higher score typically will qualify you for better rates, terms, and fees.
- You need enough to cover your down payment.
Making a higher down payment can sometimes free you from the requirement to purchase private mortgage insurance. There are however some great opportunities available for favorable loan terms even with a lower down payment. Through our wide network of lenders, we can help you find a competitive loan even if you cannot afford a high down payment.
- Your income-to-debt ratio is important as well.
Ideally, your debts should comprise less than 50% of your total income. There are some exceptions, however. If your assets are worth enough to offset any perceived shortcomings in your income-to-debt ratio, you should still qualify for a conventional loan.
We work with clients to integrate the flow of the customer experience across channels (e.g., face-to-face, telephone), opening up new lead sources, supporting sales for smaller-value transactions,and creating new models for service. We continuously provide new and practical perspectives on the evolving.
What is the Maximum Loan Limit for Miami-Dade County?
Conforming loan limits throughout the US have been raised for 2018. As of this year, the conventional loan limit for Miami-Dade county is $453,100. This is for single-unit properties, and is the same loan limit which applies to most counties across the country. If you need a larger loan, you may need to apply for a jumbo loan.
Applying for a Conventional Loan in Miami Dade County
Thankfully, you are not on your own. Dynamic Mortgage is here to help. As your Miami jumbo loan partners, we can connect you with competitive mortgage offers from more than 130 area banks and lenders. We also can help speed up the application process and make sure that you provide exactly the documentation you need to get a jumbo loan with affordable rates and terms.
Call (305) 735-3278 to get started now.