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Mortgage Broker Fort Lauderdale FL | Florida State Mortgage Group, Inc.

Florida State Mortgage Group, Inc. are mortgage brokers in Fort Lauderdale, offering a comprehensive selection of loan options. Call us at (954) 359-3000.

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
  • Resources
    • Resources
    • Calculator
    • Document Upload
    • Home Purchase Qualifier
    • Refinance Rate Checker
    • Search Home For Sale
    • Home Value Estimator
    • What is Your Credit Score?
  • Blog
  • Contact
  • Apply Now

Call us for a FREE Consultation

(954) 359-3000

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
  • Resources
    • Resources
    • Calculator
    • Document Upload
    • Home Purchase Qualifier
    • Refinance Rate Checker
    • Search Home For Sale
    • Home Value Estimator
    • What is Your Credit Score?
  • Blog
  • Contact
  • Apply Now

Top Rated Mortgage Broker in Fort Lauderdale Shares About Loan Requirements

August 25, 2023 by Stephen McWillam

A thorough understanding of the different loan options available is crucial when financing a home. In this regard, it’s essential to examine the distinctions between self-employed and traditional mortgages in greater detail.  Both have their unique requirements and benefits; knowing these differences can help you decide the best path for your homeownership journey.

The Traditional Mortgage Landscape

Traditional mortgages are the most common type of home loan. They’re typically offered to individuals with a steady income from an employer, a good credit score, and a reasonable debt-to-income ratio. The requirements for these loans are relatively standard across the board. Lenders will examine your employment history, income stability, credit score, and financial health. They’ll want to see that you have a steady income, a low debt-to-income ratio, and a history of paying your bills on time.

Additionally, you’ll typically need to provide a down payment ranging from 3% to 20% of the home’s purchase price.

The Self-Employed Mortgage Journey

On the other hand, self-employed mortgages are designed for individuals who own their businesses or work as freelancers or contractors. These loans recognize the unique financial circumstances of self-employed individuals, such as fluctuating income and business-related tax write-offs. The requirements for a self-employed mortgage can be more stringent. Lenders may require two years’ worth of personal and business income tax returns to verify income stability. They may also look at the health and profitability of your business, requiring documents like a business license and profit and loss statements. A good credit score is still important, but lenders may also require a larger down payment to offset the perceived risk of fluctuating income. The type of business you own and your field can also impact the decision.

Navigating the Differences

The key difference between these two types of loans lies in the income verification process. Traditional mortgages typically require a W-2 form and recent pay stubs. Self-employed mortgages require a more thorough examination of your business and income. Despite the additional requirements, self-employed mortgages offer a valuable opportunity for entrepreneurs to achieve their homeownership dreams. They provide a pathway for those with non-traditional income sources to secure a home loan, albeit with more paperwork.

Making the Right Choice

Choosing between a self-employed mortgage and a traditional one ultimately depends on your circumstances. A self-employed mortgage could be a great fit if you’re self-employed and have a solid financial profile. However, a traditional mortgage might be the more straightforward choice if you’re a W-2 employee with a steady income. Remember, every lender is different, and requirements can vary. It’s important to shop around, ask questions, and find a lender who understands your unique needs. At Florida State Mortgage Group, we’re committed to helping you navigate the mortgage process, whether you’re a first-time homebuyer, a seasoned investor, or a self-employed entrepreneur. Ready to explore your mortgage options? Give them a call at (954) 359-3000. Their team of seasoned financial experts is here to help make your dream of homeownership a reality.

 

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Fort Lauderdale's Top-Rated Mortgage Company

Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.

We are open Monday - Friday 9am - 6pm, Saturday - Sunday 10am - 4pm.

For additional questions you can call us at (954) 359-3000 or you can find us on Yelp and Birdeye.

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Florida State Mortgage Group, Inc.
1512 E Broward Blvd #204A
Fort Lauderdale, FL 33301
Phone: (954) 359-3000
Fax: 954-449-0283
NMLS# 393326
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Florida State Mortgage Group, Inc, Mortgage Broker, Fort Lauderdale, FL
Equal Housing Lender

Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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