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321-239-2781NMLS # 1922428
321-239-2781NMLS # 1922428
English EN Portuguese PT Spanish ES

85% LTV Purchase Loan for Second Home in Key Largo, Florida

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Second home in the keys

We obtained a 30-year fixed-rate, conventional, high-balance loan for our client to purchase a second home in Key Largo, Florida.

Our client was previously turned down by a national online mortgage lender due to his credit history.

On a case-by-case basis, we help our clients with their credit.  In this case, we helped our client increase his credit score from 644 to 681.  This allowed us to get him approved by a different lender.  He was also able to qualify for more favorable terms, including a loan-to-value (LTV) of 85% and a 30-year fixed interest rate in the 3’s.

The loan amount was $539,750, but was not considered jumbo.  Unlike every other county in Florida, Monroe County’s maximum loan limit under Fannie Mae and Freddie Mac guidelines is $552,000 for single-family residences, instead of $510,400.

Therefore, this loan was classified as a conforming loan under Fannie Mae and Freddie Mac.

Our client is now the proud owner of real estate in the Keys, currently a hot market.  He and his family will be able to enjoy the property themselves, as well as use the property as a source of seasonal, short-term rental income.

 

Skills

Posted on

September 11, 2020