Patty Hoskins is an experienced Mortgage Loan Specialist and a Florida Licensed Loan Originator you can depend on. She can advise you on all aspects of the mortgage market and will work diligently to help you secure the best mortgage rates and terms possible.
She will guide you on the process of finding financing and will be able to refer you to the best programs and lenders available locally as well as Nationwide. Her main goal is to assist you finding the best lenders, rates and programs to make Your Dream Home come true.
Patty Hoskins has many years of experience assisting clients with their home financing needs, from the Jumbo loans ( generally looking for high-end homes) to working hand and hand with local entities like (Flagler county Housing Authority and The City on Palm coast) in programs like (Neighborhood Stabilization Programs I & II) as well as the (State Housing Initiatives Partnerships (SHIP)Programs) . FHA, VA and Conventional.
What is a JUMBO Mortgage?
For most counties, a jumbo loan is a mortgage of more than $417,000. Jumbo mortgages tend to be used for large, single-family homes. Qualifying for a jumbo loan is tougher than for a conventional loan. There is no (private mortgage insurance) with a jumbo mortgage, so the down payments are larger and, usually, the credit score can be no lower than 700.
The maximum debt-to-income ratio for jumbo loan borrowers is 45% percent. Additionally, jumbo borrowers need at least six months’ worth of reserves in their bank accounts after closing, while conforming loan borrowers may be required to only have one or two months’ worth of mortgage payments set aside.
There are several perks to a jumbo mortgages. For example, jumbo loan rates have reached historic lows, and interest on loans up to $1 million is tax-deductible.
FHA LOAN:
Simply stated, an FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.
Down Payment:
FHA loans allow you to buy a home with a down payment as small as 3.5%. Other loan programs generally require a much larger down payment.
Other Peoples’ Money:
It’s easier to use gifts for down payment and closing costs. In addition, sellers can pay up to 6% of the loan amount towards a buyer’s closing costs. You’re most likely to benefit from that in a buyer’s market, but those do come around from time to time.
Flagler County Maximum Lending Limits for FHA Loans.
Single $271,050 Duplex $347,000 Tri-plex $419,425 Four-plex $521,250
Saint John’s County Maximum Lending Limits for FHA Loans.
Single $304,750 Duplex $390,100 Tri-plex $471,550 Four-plex $586,050
VA Loan:
The maximum VA home loan is $417,000. The maximum guarantee authorized by the VA is 25% percent of the loan amount up to $104,250.
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
These loans are often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans.
I am a Veteran, what do I need to do to obtain a VA Loan?
Patty will assist you with the details but, basically; you are required to fill out a VA Form 22-1880, a Request for Certificate of Eligibility. If this applies to you, simply fill out the form and mail it to your regional Eligibility Center along with supporting paperwork including a copy of the DD-214 discharge paperwork.
Conventional Loan
A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate. Be careful not to confuse conventional with conforming, as the two terms are very different. However, neither are considered government loans, despite the fact that Fannie and Freddie are now in government control.
Additionally, conforming loans have a minimum credit score requirement of 620 and tend to have a max loan-to-value ratio (LTV) of 95%, whereas non-conforming conventional loans may allow lower credit scores and higher LTVs.
Fannie Mae’s Homepath is a conforming loan program that allows LTVs of up to 97%. if the LTV exceeds 80% percent on a conventional loan, private mortgage insurance (PMI) is required by the mortgage lender.
Contact Patty Today:
Cell: 386.931.1777
Email: patty@pattyhoskins.com
Real Estate Broker Serving
Palm Coast, Saint Augustine and Volusia County, Florida
