The limits depend on the type of property you are purchasing. For example in Seminole and Orange county:
Single family home $353,750
What's the price point of the home? Have you considered getting an FHA loan? I would highly recommend speaking to a mortgage professional and receive a FREE consultation asap. There is NO need to provide your SSN's until you feel comfortable with what that professional has educated you on. Education is the key needed up front and throughout the entire home purchasing transaction.
Normalina Martin, e-PRO, ABR, SFR
Licensed Real Estate Broker
Clear Vision Realty & Associates
"We Solve Ordinary Real Estate Situations in an Extraordinary Way"
Those mortgages are no longer offered by banks. FHA does not have any income limits but it does have a loan limit, which is determined by the area.
As you may know, those loans were created to avoid private mortgage insurance. Unfortunately, or fortunately (depending on how you view the mortgage meltdown), banks returned to conventional loan products that require private mortgage insurance for any loan with less than 20% down.
FHA may be an option for you as long as your loan amount does not exceed $353,750 (single family). The min. down payment will be 3.5% of the sale price plus FHA allows the seller to contribute up to 6% towards your closing costs. Conventional only allows up to 3%.seller contribution.
Feel free to contact me to discuss your financing options prior to your making an offer.
Senior Loan Officer - DPA and 203k Specialist
Freedom Mortgage Corp.
FHA requires a 3.5% down payment also there are other loan products available, best to talk with a local mortgage company, I recommend Scott Henderson at FBC Mortgage, he's knowledgeable but doesn't push.
Scott can be reached at:
cell - 407-312-8679
email - SHenderson@fbchomeloans.com
Hope this helps,
Dave Lowe, Real Estate Broker
GRI, ePRO, Realtor
Community and Family Values
20% only required for second homes or investment.
If you are moving down you can purchase with as little as 3.5%
Let me know if you want names of local lenders.
Charles Rutenberg Realty