South Padre Island

South Padre Island

South Padre Island

Explore Multifamily Loan guidelines in United States

First time home buyers usually use a FHA loan to purchase their home. For those homeowners who are facing some financial difficulties this is the best program that can be used for loan modification. Buying a home will be, for most people, the biggest financial investment of ones life. Being that 99% of us cannot afford to buy a home outright, we will need to take out a home mortgage loan from a bank or other financial lending institution.

Multifamily Loan:

• Credit Score and History- Lenders need to check your Credit Score before coming to a decision for your Multifamily Loan requirements. Have a FICO score of 500 to 579 with 10 percent down, or a FICO score of 580 or higher with 3.5 percent down.

• Financial Statement- You will also be required to hand in a financial statement which includes your current financial situation. This statement helps the process a bit easier for the lender. It makes it easier and faster for the lender to modify your current loan by using the FHA loan modification program.

• Income- Lenders will see your income while processing your application. Have verifiable employment history for the last two years.

• Debt-to-income Ratio- Your debt-to-income ratio (DTI) compares how much you owe each month to how much you earn.

Drawback of FHA Loan

A major drawback of FHA loans is the high cost of FHA mortgage insurance, which must be paid for the life of the loan if you make the minimum 3.5% down payment.

Benefits of discussing your Multifamily Loan questions in South Padre Island from us:

• Solid reputation and experience of nearly two and half decades make us the first choice for the Multifamily Loan in South Padre Island

• From the initial application to final funding, we are with you all along the way in your Multifamily Loan requirements in South Padre Island

• We are serving all of the towns and zipcodes in South Padre Island

• We can lend upto 90% of purchase and 100% of rehab as well as flexible with the credit score for Multifamily Loan in South Padre Island