Realtor FAQ

Currently licensed to do loans in Pennsylvania and Florida, with offices in both Pittsburgh, PA and Sarasota, FL.

How much seller assist can we ask for?

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Seller concessions cannot exceed actual closing costs.

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Conventional Loans - Owner Occupied:

• Down Payment < 10% = 3% Maximum

• Down Payment 10% or more = 6% Maximum

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Conventional Loans - Investment Property:

• 2% Maximum

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Government Loans:

• 6% Maximum

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What are the current loan limits for 2023:

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Conventional Loans - 1 Unit:

• In Pennsylvania - $726,200 and goes up to $1,089,300 for high-cost counties.

• In Florida - $726,200 and goes up to $874,000 for high-cost counties.

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FHA Loans:

• In Pennsylvania - $472,030

• In Florida - $472,030 and goes up to $874,000 for high-cost counties for one-unit properties.

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VA Loans:

• In Pennsylvania and Florida - No limits for veterans with full entitlement (borrowers who have not yet used their VA eligibility). Otherwise maximum loan amount is $726,000.

How do I find out if a property is eligible for the USDA Program (0% Down Payment)

 

Use the below link to enter the full property address and it will tell you if it is eligible or not:

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https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do;jsessionid=SEGpxSZw7BF15BHlyRQ+KBe4

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There are also income limits by county for this program and that can be found using the below link:

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https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state

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I am happy to look up these answers after speaking with your client, just give me a call!

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What is your minimum credit score on an FHA Loan:

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Our minimum credit score on FHA loans is 580. However, we may be able to consider scores below 580 on a case-by-case basis through manual underwriting. Call me for details.

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What exactly is a Re-Cast?

 

Mortgage recasting is a form of prepaying your mortgage. To recast your loan, you'll simply make a lump-sum payment towards the balance. Your lender will then re-amortize the loan over the remaining term, using the smaller balance, which will reduce the monthly payment. Although your loan has been recast, you'll retain the same interest rate and loan term. Most lenders will only allow you to re-cast your loan one time during the life of the loan.