financing-middle-river-realtyWhether you are a first time home owner or a seasoned real estate investor when you work with a Middle River Realtor you have access to many sources of money to purchase your home.

Conventional Mortgages

They are the mortgages that are issue by banks and financial institutions.  They are not insured or guaranteed by the federal government.

This type of mortgages are the most popular ones and if you have a good to excellent credit you can access them.

The down payment varies also: from 5% down to 25% for investors.

You can get a fixed rate ( the monthly payment stay fixed for the life of the loan) or adjustable rate ( the monthly payment change or adjust every year or so after an initial period).

The period of the mortgage also varies from 30 years being the most popular to 15 years, 20 years , etc.

Middle River Realty has its preferred Mortgage Partner ( Resolution Home Loans).

FHA Mortgages:

They are mortgages issued by qualified lenders ( big banks and lending corporations) and insured by the Federal Housing Administration ( FHA).
This loans are ideal for those homeowners that don’t have access to a big down payment, have low to medium income or first time homeowners.

Requirements to qualify for an FHA mortgage:

  • Homeowner must have a credit score ( FICO) of 580 or more
  • Homeowner must be a legal resident and have social security number
  • Homeowner must have a stable income
  • Pay a minimum 3.5% of down payment
  • You can use up to a 40% of your income for housing expenses
  • Borrower hasn’t have a bankruptcy in the last 2 years

Also the property must meet minimum standards at appraisal.  Our agents at Middle River Realty will let you know if the property you are considering meet FHA standards.  And we can even bring the property up to FHA standards if needed.

VA Loans

A government program for the military members and their family.  This program allows 100% financing.

Requirements to qualify for an VA mortgage:

  • You must be a veteran who served in active duty ( 90 days in war, 180 in peace time)
  • You served in the National Guard or Reserve at least 6 years
  • You are an active duty service
  • Etc

Jumbo and Conforming Loan

Conforming loans are those who follow the guidelines of Fannie Mae and Freddie Mac ( Big Agencies that deal with mortgages).

For Broward County, Miami Dade County and Palm Beach County, the mortgage is $424,100 or less to be a conforming loan for a single residence

203K Rehab Loan

Very popular for investors the 203K loans are part of the FHA mortgages and they allow the homeowner to purchase a house that needs some renovation or improvements.   You can use this loan when buying a duplex, triplex or fourplex also.

Because it is an FHA loan, it allows the low 3.5 % down payment

Owner Financing

This can of mortgage is generated by the seller. Usually He/She owns the house free and clear.  You will be paying the monthly mortgage bill to the seller.

Middle River Realty works with Real Estate Attorney that will help to set up the mortgage and legal documents so both buyer and seller are protected and the transaction is successful.

Hard Money

Very popular with investors.  Working with Middle River Realty, you will have access to this kind of money.

Private business or individual will lend you money to invest in Real Estate.   This loan are for sophisticated investors that will take more risk.

  • The loan is based on the value of the property
  • The terms to payment are short ( 1 to 36 months )
  • Higher interest rates ( 8 to 15% vs 4% for conventional and FHA mortgages)
  • Do not require income or credit verification
  • Close the deal faster, sometime days.

For all this mortgages options and more sources of funding fill out our form “contact us” or call directly Middle River Realty at 954-763-5505.  You can also contact our partners at Hamilton Mortgage Group for more information about Conventional and Federal Secured Loans.