| When it comes to mortgages, most Miami Beach real | | | | you and the keys to your new Miami Beach real |
| estate first-time homebuyers easily get anxious. For | | | | estate home. |
| them, this means setting out looking for mortgages and | | | | 2. Interest rates skyrocket with supersized loans. |
| facing the cruel reality of not qualifying. While there are | | | | But even though you can finance the property with an |
| a lot of things that can hinder your success in landing a | | | | FHA loan, there is a limit. If you need a home loan that |
| mortgage wrapped with a bow of great terms and | | | | is well over the FHA loan limit (Miami-Dade County limit |
| interest rates, there are also a lot of things that can | | | | is $423,750 to $814,900), you need to apply for a |
| help you qualify for one. If you’ve been misled to | | | | conventional loan, instead, and back it up with a 720 |
| believe that mortgages are hard to come by and | | | | credit score and at least 10 percent down payment. |
| qualify to, read on to know the three common facts | | | | And don’t forget that with bigger loans come |
| about it. | | | | bigger responsibilities. Expect bigger interest rates. |
| 1. You don’t need 20 percent as down payment. | | | | 3. DTI is important but you can qualify if you meet the |
| It’s true that mortgages are quite hard to come by | | | | requirements. |
| these days due to the hard-hit economy. But this | | | | The foremost requirement for a loan is the credit; you |
| isn’t necessarily ubiquitous. There is still a great | | | | need to be able to meet the set credit for the loan |
| chance of you landing the best loan terms for | | | | you're applying for. Furthermore, you have to have the |
| your Miami Beach real estate property; natch, with | | | | necessary assets to back-up your debt-paying abilities |
| credit-building, debt-paying diligence. If, however, you're | | | | once you land the loan. Further still, you have to meet |
| wary of the 20-percent down payment plague that | | | | the other guidelines that the lender sets. |
| has been hitting most lenders, don’t be. There are | | | | And don’t forget the debt-to-income ratio. |
| ways for you to finance a home without adhering to | | | | Nowadays, if want to qualify for the loan you need for |
| the 20 percent requirement. | | | | your Miami Beach real estate purchase, your |
| Your solution: FHA loans. As the mortgage du jour, | | | | mortgage as well as other payments included within |
| FHA loans can help you buy the property you want | | | | your credit report must not exceed between 43 to 50 |
| with a 3.5 percent down payment and 620 FICO | | | | percent of your gross monthly income. |
| score duet. This certainly breaks the wall that blocks | | | | |