You may have been told your only option is a hard money loan, this is a great temporary or short term mortgage loan solution – But you can do better if you can prove your income and your payment history is good since the economic event / crisis. Having some re-established credit since your loss of income could now even get you a “Back to Work” FHA loan with just 3.5% down (link to more info).
Even if you don’t qualify for the back to work loan, there are other options. You’ll need at least 20% down if you have a 700+ credit score, 25% down with a 660 score, and 30% down with a 640 credit score.
This just missed mortgage loan program works best with loan amounts above $125,000 but we can work with smaller loans and a larger percentage down.
Even if you don’t qualify for our near miss program or the back to work mortgage, if you have a least 40% down or a free and clear property and are seeking a home loan in Florida we can help no matter what your credit or income situation is.
Common situations that our clients have had trouble finding help with and are excited getting a loan approved with us on are: inherited homes, paid off or free and clear homes , when money is needed to pay real estate taxes or other bills.