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(MoneyNewsWire.Net, October 02, 2014 ) Miami, Florida -- In the state of Florida, people rely on mortgage loans for financial assistance. They either use their houses and properties for reverse mortgage loans or get loans to secure a new house. Reverse mortgage is preferred by the senior community since it is more suitable for their situation. On the other hand, those who plan to get a new house would prefer loans like conventional loans or jumbo loans. Strock & Tanner recognizes the fact that a vital percentage of their clients would also prefer conventional loans. Thus they offer conventional loans tailored fit to meet the demands of the clients.
As a start, the company allows up to $417,000 worth of conventional loans to all clients. And they made sure that the conventional loans they are offering adheres to the Fannie Mae guidelines. Normal conventional loans require at least 20 percent down payment and have a fixed-rate mortgage for 30 years. Except for the downside of 20% down payment, conventional loans offers fat better interest rates when compared to non-conventional mortgage loans.
Among the requirements of conventional loans is that the average debt-to-income ratios are 28/36. Credit history does not really matter much but for clients with a FICO score of 620 and above, they will most likely get their applications approved. Another thing to also consider is the monthly housing cost. This consists of the mortgage principal and interest, property taxes as well as insurance. The monthly housing cost should meet the stated percentage of the gross monthly income which is 28% ratio.
According to Strock & Tanner Mortgage Corporation, clients who wants to acquire a mortgage loan should also have enough income and capable to pay housing costs including all additional monthly debt. By following the Conventional Mortgage Guidelines, borrowers are eligible for purchasing condos, planned unit upgrades or renovations, modular homes, manufactured houses, and 1-4 family residential properties.
Conventional loans can be used to finance primary houses, second houses and investment properties. It is vital to remember that if the client or prospect has been discharged from a Chapter 7 bankruptcy for at least four years, these borrowers can apply for a conventional mortgage loan. If the client had a Chapter 13 bankruptcy, it should be documented that the borrower's credit reputation has been re-established for two years or more to avail for a conventional loan.
The company has experienced consultants which could help clients to determine their mortgage options as well as guide them throughout the process of application. This guarantees that borrowers not only can avoid wasting their loan but they could also plan a payment method which will be comfortable for the clients.
About Strock & Tanner Mortgage Corporation:
Strock & Tanner is committed to providing both quality and efficient Reverse Mortgage services to the senior community throughout the States of Florida & New Jersey. We work diligently to find new and creative ways to meet the personal needs of each of our clients on an individual basis. The "customer for life" principle of doing business fuels every aspect of this company. The referrals we receive from previous customers, financial planners, mortgage brokers, banking institutions, credit unions and local real estate professionals account for the majority of the Company's production throughout the States of Florida & New Jersey. First-rate professionals with extensive experience in the Reverse Mortgage industry provide world class customer service and strive to not only close loans but to educate seniors and give them the important information they will need about Reverse Mortgages. Strock & Tanner is proud to positively affect the community in which it works and help seniors to maintain independent lifestyles.
Strock & Tanner Mortgage Corporation
Mario Quintero
855-337-1600
info@stcloans.com
Source: EmailWire.Com 
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