Mobirise
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Kristine Kennedy | 904.421.6969

Mortgage Guideline Quick Reference

One Stop Answers

Conventional

  • First Time Home Buyers: 3% down payment (Primary residence) with a minimum Credit Score of 660. Maximum income limitations apply.
  • 5% minimum down payment (Primary residence)
  • 10% minimum down payment on Second Home, 20% minimum down payment on Investment
  • Maximum loan amount of $453,100
  • Minimum credit Score of 620 (may require a larger down payment)
  • Primary residence, Second Home, and Investment Property
  • Monthly Mortgage Insruance is required with down payments of less than 20% (No MI programs are available)
  • Gifts from relatives are allowed, except for Investment transactions
  • Maximum seller concessions towards the buyer's closing costs and pre-paids: 3% with 95% LTV, 6% with 90% LTV, 4% on Investment
  • Appraisal: Good for four (4) months
  • Septic: Only if appraiser notes it on the appraisal
  • Well: Only if appraiser notes it on the appraisal
  • Survey: Good for 10 years if no changes were made to the property.
  • Roof: Remaining life expectance must be 3-5 years.
  • Termite: Not required unless noted on appraisal – Good for 90 days
  • Refinance: CONV 80% maximum cash out allowed; CONV 75% maximum cash out allowed on investment; CONV 70% maximum cash out allowed on 2-4 units on investment

VA

  • 100% financing with purchase prices of up to $453,100
  • Max loan amount of $1 million, with required downpayment of 25% of the amount over $453,100
  • Minimum credit Score of 560
  • Primary residence only
  • A borrower may have multiple VA loans
  • Requires VA eligibility
  • A Funding Fee of 1.25% - 3.3% will be added to the loan amount, unless exempt
  • Gifts from relatives are allowed
  • 4% Maximum seller concessions towards the buyer's closing costs and pre-paids
  • Appraisal: Good for six (6) months and stays with property for six (6) months
  • Septic: Only required if noted on appraisal. If the local municipality requires hook up, it must be connected regardless of the cost.
  • Well: A water test is required. We can accept a letter from the county Health Department stating the water meets the requirements for that local health authority. If the local health department has no requirements, we must default to EPA Guidelines and we will always need bacteriological and 5 metal testing. (Lead, Nitrate, Nitrite, Ecoli and Coliform)
  • Survey: Good for 10 years if no changes were made to the property.
  • Roof: Remaining life expectance must be 5 years.
  • Termite: Clear WDO or structural letter (good for 60 days)
  • Refinance: VA 100% maximum cash out allowed with a 640 credit score

FHA

  • 3.5% Down Payment with minimum score of 580
  • 10% Down Payment with minimum score of 500
  • Maximum loan amounts vary by county (Loans up to $343,850 in Duval / Clay / St Johns)
  • Up Front Mortgage Insurance Premium of 1.75% will be added to the loan amount
  • Monthly Mortgage Insurance Premium of 0.85% applies (0.80% with 5%+ down), and is for the life of the loan
  • Primary residence only
  • Gifts from relatives are allowed
  • A borrower may only have 1 FHA loan, except in certain circumstances
  • 6% Maximum seller concessions towards the buyer's closing costs and pre-paids
  • Appraisal: Good for four (4) months and stays with property for four (4) months. A 2nd appraisal may be required and must be paid for by the seller, if the seller has been on title less than 180 days, In addition the seller would need to provide w written summary of repairs/upgrades, and a home inspection must be completed. Seller must have been on title at least 90 days.
  • Septic: Only if appraiser notes it needs to be inspected, a Septic inspection is required. If public water or sewage is available, it must be connected (if feasible) at a cost of 3% or less of value.
  • Well: Only if appraiser notes it needs to be tested, a water test is required. If the local health department has no requirements, we must default to EPA Guidelines and we will always need bacteriological and 5 metal testing.
  • Survey: Good for 10 years if no changes were made to the property. Must show the following ~ Septic to be 50 feet away from well. Drain-field to be 100 feet away from well. Well to be 10 feet away from the property line.
  • Roof: Remaining life expectance must be 2 years.
  • Termite: Not required unless noted on appraisal – Good for 90 days
  • Refinance: FHA 85% maximum cash out allowed

USDA

  • 100% financing only in certain areas of the state (excludes Duval) Check property address at below site: United States Department of Agriculture
  • 640 minimum credit score
  • Cannot own another home except in rare circumstances
  • All collections must be paid before closing
  • A Guarantee Fee of 1% is added to the loan amounts, and also requires an Annual Fee of .35% (paid monthly for the life of loan)
  • Closing Costs: Can roll in closing costs up to 102% if appraisal supports value
  • Income limits of $78,200 per household with debt ratios of 29/41%
  • Appraisal: Good for four (4) months, unless new construction, then 1 year (expiration date and conditions will be on “Statement of Appraised Value”).
  • Septic: Only if appraiser notes it needs to be inspected, a Septic inspection is required. If public water or sewage is available, it must be connected (if feasible) at a cost of 3% or less of value.
  • Well: A water test is required. If the local health department has no requirements, we must default to EPA Guidelines and we will always need bacteriological and 5 metal testing. (Lead, Nitrate, Nitrite, Ecoli and Coliform)
  • Survey: Good for 10 years if no changes were made to the property. Must show the following ~ Septic to be 50 feet away from well. Drain-field to be 100 feet away from well. Well to be 10 feet away from the property line.
  • Roof: Life expectancy must be 2 years.
  • Termite: Not required unless noted on appraisal – Good for 90 days.

Jumbo (Loan amounts over $453,100)

  • Loans from $453,100 to $1,000,000 with 10% down and 720 score
  • 10% down with NO MI available
  • 80% first / 10% second available
  • Requires 43% max debt ratio and 6 months reserves

Derogatory Credit Events

  • Bankruptcy: FHA/VA 2 years since discharge; CONV/USDA 4 years since discharge
  • Short Sale: VA 2 years; FHA/USDA 3 years; CONV 4 years
  • Foreclosure: VA 2 years; FHA/USDA 3 years; CONV 7 years
Note: Information deemed reliable at the time of publishing, but is subject to change without notice.
Mobirise
Address

6206 Atlantic Blvd., Ste. 1
Jacksonville, FL 32211

Contacts

Office: 904.645.7111
Toll Free: 800.645.7104

Licensing

NMLS ID #140780
FL Mortgage Lender License #MLD716
GA Mortgage Lender License #20737

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