As Miami mortgage advisors, Alex Doce and his team assist homebuyers, homeowners, and investors throughout Miami, Fort Lauderdale, West Palm Beach, Boca Raton, Palm Beach, Delray Beach, and other South Florida communities.

Conventional Loans

• Not federally insured.
• Insured by private lenders.
• Higher loan limits than FHA, with amounts varying by county.
• Offers flexibility with different property types.

FHA Loan: 

• Insured by the FHA.
• Lower credit requirements.
• Lower minimum down payment requirement.
• May come with lower interest rates compared to other loans.

VA Loan: 

• For Veterans.
• Insured by the US Department of Veterans Affairs.
• Often, no down payment is required.

USDA Loans: 

• For rural areas.
• Backed by the United States Department of Agriculture.
• Sometimes, no down payment is required.

Fixed-Rate Mortgages

• Interest rates remain the same.
• Initial rates can be higher.

Adjustable-Rate Mortgages

• Interest rates can fluctuate.
• Rates vary based on market index.
• Comes with an initial fixed interest rate phase.

Non-QM Loans

• Ideal for borrowers who don’t qualify for traditional mortgages.
• Offers more flexible income verification methods.
• Typically requires higher interest rates and down payments.

• Get Pre-Approved: Understand your borrowing capacity.
• Choose a Lender: Research and select a lender that offers favorable terms and rates. Or, work with a mortgage broker who can help you find your best option.
• Submit Your Application: Fill out the mortgage application. You may be able to do this online for convenience.
• Provide Documentation: Collect necessary documents, including proof of income (pay stubs, tax returns), identification (Driver’s license, Social Security number), and bank statements.
• Authorize a Credit Check: Grant permission for the lender to check your credit score and history.
• Schedule a Property Appraisal: The lender will arrange for an appraisal to determine the home’s value.
• Get the Property Inspected: Hire a professional inspector to evaluate the home’s condition.
• Review Loan Estimate: Once your application is processed, review the loan estimate provided by the lender.

The required down payment varies based on the type of loan. In Florida, it can range from 3.5% for FHA loans and 3% for Conventional loans to 0% for our HomeZero program, USDA loans, VA loans, and most State Down Payment Assistance Programs.

It depends on factors such as your credit score, the type of loan, loan term, and current market conditions. The Doce Mortgage Group offers excellent rates with competitive closing costs. Please note that rates are subject to fluctuation.

Yes, lenders will use your credit score to assess your creditworthiness and the level of risk they would be taking by offering you a loan. Generally, those with higher credit scores are more likely to qualify for better interest rates and more favorable loan terms when they apply. On the other hand, a lower credit score may lead to higher interest rates and potentially more stringent lending conditions. Your score can also affect the types of loan products available to you. 

Yes, there are several first-time homebuyer programs, like HomeZero and several state programs, that offer down payment assistance and favorable terms. 

When applying for a mortgage, you’ll need to complete an  online application and submit identification, Social Security number, proof of income, bank statements, employment verification, credit information, and property details.

The mortgage approval process usually takes 10 to 20 days; however, timelines can vary.

Yes, you can refinance your existing mortgage. Many homeowners choose to do so to secure lower interest rates, reduce monthly payments, shorten the loan term, or tap into their home equity.

• Credit Score: Typically 620 or higher for conventional loans and 580 for FHA loans.

• Debt-to-Income Ratio (DTI): Preferably below 50%.

• Employment History: Stable for the last two years.

• Proof of Income: W-2s, pay stubs, or tax returns.

• Down Payment: Varies by loan type.

• Property Appraisal: To ensure the property value supports the loan amount.