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Ocala - Gainesville Mortgage Financing Options
In recent years, a number of alternative home mortgage options have risen to allow Ocala and Gainesville homebuyers to purchase a home with little to NO down payment.  Conventional mortgages have always required a 10-20 percent down payment, which is out of reach for the average home buyer, especially first time buyers.  Some other options in 2015 allow buyers to purchase a home up to 100% financing.  Federal Housing Administration (FHA) and U.S. Department of Agriculture (USDA) loans are very popular choices and we will take a closer look at them below.  While the average borrower may be aware of these types of mortgages, he or she may not understand the difference. Each variation carries its own specific set of criteria that may or may not suit the borrower's needs.
Ocala - Gainesville Conventional Mortgage:
A conventional home loan is among the most common type of mortgage. Loan providers require the buyer to put down 10-20% of the purchase price. The buyer needs to qualify within the lender's debt-to-income ratio. The ratio for home expenditures - home loan and escrow- is no more than 28 % of the buyer's gross monthly earnings. The ratio for general debt is no more than ... more

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