FAQs

There are so many factors that are considered in a rate., a) what loan program you are using?., b) what is your credit score? What type of home are you purchasing?, is this a primary, secondary or investment home?, what is the loan amount? How much are you putting down?. Working with a broker can assist you in navigating through these questions and offer the best rate available to you!! Call us for more information on rates.

No. They can vary from lender to lender. Working with a broker allows us to shop the rate for you based on your credit criteria.

Your monthly payment is lowest on a 30 year term. The longer you can stretch the mortgage out to in years will lower the monthly payment accordingly.

You must provide a copy of your most recent paystub, most recent bank statement and most recent w-2. You must provide all your personal and work information. Then we do a soft pull on the credit and do a credit annalysis. Once we determine you qualify for a mortgage and what type of loan you are eligible for we would dertermine how much you would qualify for.

It varies by county and household size. The debt -to- income ratios are 34/41% and there are exceptions. The standard limits for 2024 are as follows; 1-4 member households is $112,450.00, 5-8 member households is $148,450.00 then there is a formula to add to his above the 8 member household.

Citrus lending does not have any set closing costs or fees. The standard lending, title and governement fees would apply.

First you would determine which loan programs you can qualify for then we would compare which one fits your needs. Lowest rates, lowest fees and lowest down payment would be a standard parameter that we would look at.

They vary from loan program to loan program and also are based on your credit profile. Standard for the basic loan programs minimums are as follows: Usda = 0%, down, fha = 3.5% down, conventional = 3% down (conventioal also has programs for 1% down), va 0% down. We also have down payment assistance programs to choose from. There is always closing costs due as well. This is different than the down payment.

Clean credit history in the most recent 12 months. 2 year work history, 2 year rental history, working capital for down payment on the contract, to be able to pay for an appraisal report and have funds to get all required inspections done. You must have the funds for all the closing costs as well. This may vary from loan program to loan program. You also have the option to negotiate with the seller to assist with the closing costs.

You will need an appraisal report that runs approx. 600.00 – this would be out of pocket prior to the closng of the loan. The remainder of the cost for a refinance can be rolled into the loan. You will have all the standard title fees and government fees as a normal standard mortgage closing. We can give you an estimate if you call or email one of our loan specialists would be happy to assist you.

When you have a home that you currently own and need the equity out of that home to purchase a new home prior to the sale. This will allow you to purchase and close on your new home prior to selling your old home.

This is when you take out equity from your home. You use the equity from the home to cash out!

A soft financing or soft loan is a loan given with next to no or no interest charged and with extended grace periods offering more leniency than traditional loans. We do not offer this type of loan.

Also referred to as “pmi” – this is a premium monthly amount paid to the lender to insure them that if you default on the mortgage the “pmi” (private mortgage insurance) company will pay off the mortgage amount up to the percentage agreed upon. Normally this covers a normal standard 20% of the purchase price. This way the lender holding the mortgage can forclose and sell the property to be repaid for the funds they lended originally and not have any losses.

You must have at least a 500 credit score or higher. You must have a 2 year work history, 2 year rental history. With a 500 to 579 credit score you are required to put 10% down. With a 580 credit score or higher you can put as little as 3.5% down. The standard debt to income ratios are 29/41%. There are exceptions to this ratio standard and you can go as high as 40/50% with extenuating circumstances and approval. You also will need to be sure to have enough funds to cover all the closing costs or negotiate with the seller to pay some or all of the closing costs.

These vary from county to county. The standard mazimum is $498,257.00. If you are purchasing in a “high-cost” Area you could go as high as $1,149,825.00.

A loan that fits outside the box of the normal standard requirements. This type of loan is suited for self employed borrowers who may not show a lot of income. Or a borrower who has very low or bad credit and has a lot of assets to use. There are a large variety of non-conforming loan options to choose from. This loan type is common for individual’s that do not get approved with any of the standard financing options.

This is the “rural housing services” Guaranteed loan. Also known as the usda (united states department of agriculture) type of home mortgage loan. This is a great program for individuals that are purchasing a home in a rural area or county. They offer 100% financing and they