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    • Documents Needed
    • Important Links
    • Loan Programs
    • Calculator
    • Contact
Bankers Choice Mortgage Lender
  • Home
  • Documents Needed
  • Important Links
  • Loan Programs
  • Calculator
  • Contact

Loan Programs

Conventional

  • 3% down payment for first-time homebuyers
  • National loan limit for one unit $726,200 effective January 01, 2023
  • Single family homes, townhouses, condominiums and multi-family up to 4 units
  • Owner occupied, second home and investment property
  • No mortgage insurance (PMI) with 20% down payment or more
  • No foreclosure in the last 7 years
  • No short sale in the last 4 years
  • No bankruptcy in the last 4 years 

FHA

  • 3.5% down payment
  • Credit score as low as 580
  • All closing costs and down payment can come from a gift
  • Seller is allowed to pay up to 6% of buyer's closing costs
  • $557,750 Loan limit for one unit in Miami-Dade, Broward and Palm Beach effective January 01, 2023, call your loan officer for loan limits in other counties
  • No foreclosure in the last 3 years
  • No short sale in the last 3 years
  • No bankruptcy in the last 2 years


VA

  • 100% financing (no down payment required)
  •  Veteran applicant must have sufficient VA entitlement to qualify for the 100% financing, call your loan officer for more information
  • No foreclosure in the last 2 years 
  • No short sale in the last 2 years
  • No bankruptcy in the last 2 years

Jumbo

  • These are loans over $728,200

Non-QM mortgage

  • No employment & No income mortgage
  • Bank statement only
  • DSCR - investment cash flow
  • VOE program
  • 1099 with NO tax returns

Foreign National

  • Contact your loan officer for details and guidelines

Reverse Mortgage

  • Seniors 62 years or older - owning a primary home
  • Federally insured government program (FHA)
  • Pay off your present mortgage loan
  • Never make mortgage payments again
  • Receive money at closing
  • Consolidate debts, pay off credit cards, etc.
  • Owner keeps title to the property, heirs will inherit
  • To obtain more information and arrange a  presentation, please contact your loan officer


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