Improved Mortgage Insurance Guidelines in Florida

95% LTV on Conventional Loans in Florida! 90% LTV on Second Homes!

It looks like we are starting to see some improved guidelines here in Florida.  Up until last week, borrowers could not get better than a 90% (primary residence) loan to value because of the lack of mortgage insurance in the state.  That has now officially changed.  I have attached the guidelines that are being used for those loans below.

While these are not the only guidelines for these loans, here is the short list:

Primary Residences max 95% LTV
Purchase/Rate and Term Refinances only
680 minimum credit score
1-unit only 
Up to $417,000 loan amount
41% max DTI
2 months PITI reserves
No condos or attached housing in Florida
Full interior/exterior appraisal required

Second Homes max 90% LTV!
Purchase/Rate and Term Refinances only
720 minimum credit score
Second Homes must be located in resort or vacation area
1-unit
Up to $417,000 loan amount
41% max DTI
2 months PITI reserves
No condos or attached housing in Florida
Full interior/exterior appraisal required

If you know of anyone who may be able to benefit from these new and improved guidelines, please let me know.  As always, if you know of anyone looking to buy or refinance their home, please have them give me a call for their free, no cost and no obligation consultation.  Thank you and I hope to hear from you.