Mortgage Loan Options in Pennsylvania and Florida

At Innovative Mortgage Brokers, every borrower has a different story. We match your goals with programs from 30+ lenders so you get more options, competitive rates, and clear guidance from start to finish. Whether you are buying your first home, moving up, refinancing, or investing, this page lays out the most common choices in PA and FL.

Quick guide: which loan might fit me?

• First‑time buyer: Start with FHA or Conventional 3% down, compare monthly cost and cash to close.
• Veteran or active duty: VA often wins with no monthly mortgage insurance and strong terms.
• Buying in a rural or suburban area: Check USDA eligibility for zero down.
• Self‑employed or variable income: Consider Bank Statement, P&L, or Asset Utilization programs.
• Investor building a portfolio: Look at DSCR loans that qualify on property cash flow.
• Renovating or buying a fixer: Compare FHA 203(k), HomeStyle, and CHOICERenovation.
• Higher‑priced home: Explore Jumbo options.

Not sure where to start? Schedule a 15‑minute discovery call and we will point you in the right direction.

Loan Options We Offer

Conventional Loans

A versatile choice for many buyers with established credit and steady income. Conventional financing works for primary homes, second homes, and investment properties, and it gives you control over down payment, mortgage insurance, and pricing.

Highlights

• Competitive rates with many term options
• As little as 3% down for eligible first time buyers
• Mortgage insurance can be removed when you reach 20% equity

When a Conventional Loan is a Strong Fit

• You have solid credit history and stable income
• You want control over mortgage insurance, including the option to remove it later
• You are buying a condo, single family, or even a 1 to 4 unit primary residence and want flexible structures
• You are purchasing a second home or an investment property

Minimum Down Payment and Occupancy

• Primary residence: as low as 3% down for many first time buyers and certain income-based programs
• Second home: commonly 10% down or more
• Investment property: higher down payments; we will model options for your property and rental plan

Mortgage Insurance (PMI) Options

If your down payment is under 20%, conventional loans use private mortgage insurance. You can choose how to structure it:

• Monthly PMI: lowest upfront cost, removable later
• Single-premium PMI: one upfront cost, no monthly MI
• Split-premium PMI: small upfront plus a reduced monthly amount
• Lender-paid MI: built into the rate with no separate MI line item

Removal basics

• Automatic cancellation around 78% of original value via scheduled payments
• Borrower-requested removal around 80% loan-to-value with proof of value and good payment history

Credit, Income, and DTI

• Minimum credit scores vary by program and property type; 620 is a common baseline with many lenders
• Debt-to-income limits depend on the overall file and automated findings
• Income can include salary, bonus, commission, overtime, retirement, and allowable rental income

Gifts, Grants, and Seller Credits

• Gift funds from eligible donors often allowed for down payment and closing costs on primary residences
• Some down payment assistance or employer/municipal programs can be layered
• Seller credits toward closing costs are allowed within limits:

For investment properties, seller credits are usually capped at 2% regardless of LTV.

Property Types and Condos

• Eligible for single family, townhome, condo, and 2 to 4 unit properties
• Condos require a project review. We help with questionnaires, budget, reserves, and insurance so you know what to expect

Appraisal and Possible Waivers

• Many conventional loans require an appraisal
• Some files qualify for an appraisal waiver through automated underwriting when data supports it. We will check eligibility and explain pros and cons

Rate Strategy: Points, Credits, and Buydowns

• We price your loan with and without discount points so you can see the breakeven on paying points to reduce the rate
• Lender credits can offset closing costs in exchange for a slightly higher rate
• Temporary buydowns like 2-1 or 1-0 can reduce your payment in the first years. We confirm program eligibility and whether seller or builder credits can fund the buydown

FHA Loans

Helpful if you want flexible credit requirements and a low down payment. FHA can open doors for first-time buyers and anyone who needs a little more room on credit history or debt ratios.

Highlights

• Down payment as low as 3.5% with qualifying scores
• More flexible on credit history and debt ratios
• Great for first-time buyers comparing total monthly cost

When FHA is a strong fit

• Your FICO score or credit history is not quite where Conventional pricing shines
• You want the lowest possible down payment with more flexible guidelines
• You have higher debt ratios and need AUS flexibility
• You are using gift funds for down payment and closing costs

Minimum down payment and credit

• 3.5% down with a 580+ qualifying score
• 10% down allowed for scores 500–579 when eligible
• We will price FHA vs Conventional side by side so you see payment and cash to close clearly

Mortgage insurance on FHA (MIP)

FHA uses two forms of mortgage insurance:

• Upfront MIP (UFMIP) is financed into the loan in most cases
• Annual MIP is paid monthly

How long MIP lasts

• If you put less than 10% down, annual MIP typically lasts for the life of the loan
• If you put 10% or more down, annual MIP can end after 11 years
• We will show the tradeoff between FHA now and a future refinance to drop MIP when it makes sense

Gifts, grants, and seller credits

• 100% of the down payment can be a gift from eligible donors on primary residences
• Seller credits up to 6% of the price can help cover closing costs and prepaid items
• Local down payment assistance may be layerable. We will confirm program rules

Property and occupancy

• Primary residence only
• 1 to 4 unit homes allowed when you occupy one unit
• Condos need FHA approval or single-unit approval. We help your agent navigate this

FHA appraisal and property condition

• Focuses on safety, soundness, and sanitation
• Common items include handrails where needed, peeling paint on homes built before 1978, GFCI in wet areas, and functional utilities
• We prep you and your agent so there are fewer surprises

Debt-to-income and income

• FHA can allow higher DTIs than many Conventional scenarios with strong automated findings
• Income may include salary, overtime, bonus, commission, retirement, and documented rental income
• Non-occupant co-borrowers may be allowed in some situations

Rate strategy and payment planning

• We compare points vs no points so you see the breakeven
• Temporary buydowns (like 2-1) may be available if program and seller credits allow
• We model FHA vs Conventional to show where monthly cost crosses over based on your credit score and down payment

Refinance options with FHA

• FHA Streamline can lower your rate with reduced documentation for existing FHA loans
• FHA Cash-Out can access equity for improvements or debt consolidation subject to program LTV rules
• We will compare FHA Streamline vs Conventional refinance if dropping MIP is your goal

VA Loans

For eligible service members, veterans, and some surviving spouses.

Highlights

• Often 0% down with full entitlement
• No monthly mortgage insurance
• Competitive rates and flexible guidelines

USDA Loans

For eligible properties in rural and many suburban areas.

Highlights

• 0% down for qualified borrowers and areas
• Affordable monthly payments
• Income and location eligibility apply

Specialty Loans for Unique Financial Situations

Non-QM Loans (Non-Qualified Mortgages)

Non-QM loans are ideal for individuals with non-traditional financial situations that don’t fit the typical lending criteria. Whether you’re self-employed, have a fluctuating income, or need more flexible underwriting standards, Non-QM loans could be the solution.

• Alternative income verification
• Flexible loan terms
• Great for investors and self-employed individuals

DSCR Loans (Debt Service Coverage Ratio)

For investors where the property’s cash flow drives the approval.

Highlights

• Qualification based on rental income vs payment
• Personal income documentation is minimized
• Good for long-term rentals and portfolios

How DSCR is calculated

DSCR = Gross Rent ÷ PITIA
PITIA = Principal + Interest + Taxes + Insurance + HOA/condo dues if any

Many lenders look for DSCR at 1.00 to 1.25. Some allow below 1.00 with stronger credit, reserves, or pricing adds. Program rules vary.

Who this is for

• Investors building or refinancing 1 to 4 unit rental properties
• Borrowers who prefer qualification based on the property, not personal W-2 income
• Buyers using an LLC for ownership with a personal guarantee

Typical ranges we see (varies by lender)

• Max LTV: often up to 80% on purchases and rate-term refi, lower for cash-out
• Credit: many programs start around 620 to 660 and price up from there
• Reserves: usually 6 to 12 months PITIA, more as property count grows
• Loan terms: 30-year fixed, 40-year with interest-only period in some cases, or 5/7/10-year ARMs
• Prepayment penalty: common on investor loans. Often 3 to 5 years with step-downs. We will show penalty choices and pricing impact
• No mortgage insurance on DSCR programs

Rents and leases used for qualification

• Market rent from the appraisal Form 1007 is commonly used on purchases
• Current lease can be used when in place and supported by the appraiser
• For 2 to 4 units, appraisal includes a Form 1025 operating income statement
• Vacancy factors may apply depending on lender and property type

Short-term rentals and DSCR

Many programs allow Airbnb or short-term rentals with proof of revenue such as platform statements or a 12-month history. Some use market rent, some use average historical income. HOA and local rules must allow STRs. We confirm the correct approach for your file

Cash-out and portfolio growth

• Cash-out is available and often used for rehab, reserves, or new acquisitions
• Seasoning of title and seasoning of rental income can apply
• Many lenders allow multiple financed properties with tiered reserve rules

Property types

• Single family, townhomes, condos, and 2 to 4 units
• Some programs limit condotels, non-warrantable condos, or rural properties. We will match you to a lender that fits the asset

Rate structure and strategy

• Choose from competitive rates on fixed or ARM options
• Interest-only can improve DSCR in the early years and help qualify
• Points vs no points, and lender credits, will be shown with a breakeven so you can decide what fits your hold period

Insurance, taxes, and HOA

• PITI must include accurate taxes, insurance, and HOA dues. We verify these so DSCR is not overstated
• For condos and Florida properties, factor wind, hurricane, flood, and any special assessments

Bank Statement Loans

For self‑employed borrowers whose tax returns do not reflect usable cash flow.

Highlights

• Qualify using 12 or 24 months of personal or business bank statements
• No tax returns required for income calculation
• Flexible terms

Asset Utilization Loans

For borrowers with significant liquid assets and lighter traditional income.

Highlights

• Convert assets like cash, stocks, or retirement funds into qualifying income
• No employment income needed for the calculation
• Useful for retirees and high‑net‑worth borrowers

P&L Loans (Profit and Loss Statement Loans)

For self‑employed borrowers using a CPA‑ or tax‑preparer‑prepared P&L to document income.

Highlights

• No tax returns required for income calculation
• Ideal when business write‑offs reduce taxable income
• Works for primary residence financing

Rehab Loans (Renovation Loans)

Rehab loans are ideal for buyers who are looking to purchase a fixer-upper or for homeowners who want to refinance and include renovation costs into their loan. These loans provide financing to not only buy a home but also to cover the cost of repairs or upgrades, helping you turn a property into the home of your dreams or increase the value of an investment property.

FHA 203(k) Loan

Finance the purchase or refinance and the renovation in one loan.

Highlights

• Low down payment
• Flexible credit
• Great for fixer‑uppers and essential repairs

Fannie Mae HomeStyle® Renovation Loan

A conventional option that wraps improvements into one mortgage.

Highlights

• Broad list of eligible improvements
• One loan and one closing
• Higher potential loan amounts than some government programs

Freddie Mac CHOICERenovation® Loan

Another conventional route for repairs, upgrades, and resiliency improvements.

Highlights

• Covers minor to major renovations
• Can support disaster preparedness projects
• Works for purchase or refinance

Investor Rehab Loans

For flips and value‑add rental projects.

Highlights

• Short‑term and long‑term structures
• Funds for purchase and rehab
• Underwriting focuses on project potential and exit plan

Jumbo Loans

For homes above conforming loan limits.

Highlights

• Tailored options for higher loan amounts
• Available for purchase and refinance
• Strong borrowers can unlock attractive pricing and terms

Commercial Loans

At Innovative Mortgage Brokers, we’re excited to offer commercial loan options tailored for investors and business owners seeking to expand their property portfolios, empowering Investors with Flexible Financing. Our commercial loans are designed to support a wide range of property types, from multi-family and mixed-use buildings to office spaces, retail stores, warehouses, and more. With our strategic lender partnerships, we can provide competitive loan-to-value (LTV) ratios, flexible qualification criteria, and accessible financing options across most states nationwide (excluding CA).

Whether you’re investing in your first property or expanding an established portfolio, our team is here to guide you through every step with personalized service and expert advice. Our commercial loans offer:

• Flexible LTV Ratios: Financing options that provide high LTV for eligible properties and borrowers.
• Broad Property Eligibility: Finance a variety of property types including multi-family, mixed-use, office spaces, self-storage units, automotive shops, and more.
• No Minimum Credit Score: We understand that credit profiles vary, and we have programs accessible to investors without a minimum credit score requirement.
• Simplified Process & Quick Approvals: Our team at Innovative Mortgage Brokers works with a network of nationwide lenders, ensuring you receive fast, reliable service to meet your investment goals.

If you’re ready to take your real estate investments to the next level, connect with our team to learn more about how our commercial loan options can make your investment visions a reality.

Refinance paths

Rate and Term Refinance

Change your interest rate, loan term, or both. No cash back. Often used to lower payment or shorten payoff timeline.

Cash‑Out Refinance

Replace your current mortgage with a larger one and receive cash at closing. Common uses include home improvements and debt consolidation.

We will model your current payment vs new options, include closing costs, and show a breakeven timeline.

Mortgage comparison (at a glance)

Exact loan limits and fees change over time and can vary by county and program. We will reference current FHFA, HUD, VA, and USDA sources for your scenario.

We will tailor this comparison to your credit, income, assets, property, and location in PA or FL.

Why Choose Innovative Mortgage Brokers?

• Free Credit Review and Consultation: Our team will help you identify the best loan option for your unique situation and provide a free credit consultation to improve your chances of qualifying for the best terms.
• Personal guidance. Clear steps, proactive updates, and on‑time closings.
• Experienced Team: With over 15 years of experience, we’ve helped clients secure the right loans, whether you’re a first-time homebuyer, investor, or looking to refinance.
• Competitive rates. We shop pricing and guidelines for a strong fit.
• Fast and organized. Modern tech and a clean process that respects your time.

Ready to Explore Your Mortgage Options?

Whether you’re buying a new home, refinancing, or investing in property, Innovative Mortgage Brokers is here to help you find the perfect loan in Pennsylvania (PA) or Florida (FL). Contact us today for a free consultation and discover the mortgage option that’s right for you. At Innovative Mortgage Brokers, we make it easier for you to secure a loan that matches your lifestyle and financial goals. Let’s get started today!

FAQs

Do you charge for a pre‑approval?
No. We provide a complimentary review and clear next steps.

Can you beat my bank’s quote?
Sometimes yes and sometimes no. Our advantage is showing you several options so you can choose the best overall fit with competitive rates.

Will comparing lenders hurt my credit?
Mortgage inquiries within a short window often count as a single event. We also avoid unnecessary pulls and always ask permission first.

How long does it take to close?
Clean purchase files often close in 2-3 weeks or less. Timelines vary by program and market.

Looking to Refinance in Pennsylvania (PA) or Florida (FL)?

Rate and Term Refinance – It is a type of refinancing where the borrower changes the interest rate, the loan term, or both, of their existing mortgage, without borrowing additional funds. This type of refinancing is typically pursued to secure more favorable loan conditions.

Cash Out Refinance – A cash-out refinance is a mortgage refinancing option where the new mortgage is for a larger amount than the existing loan, and the borrower receives the difference between the two loans in cash, often used for home improvements, debt consolidation, or other financial needs.

As Mortgage Brokers, We Shop for You and Provide Options!

Finding the right mortgage loan involves understanding your needs, finances and history to help you choose the right home loan. We are here to guide you through this process, and provide you with most cost effective loan options. We work for you.

Whether you are looking to purchase or refinance your home, investment property, or vacation home, we offer a wide range of loan options to fit many different scenarios.

We work with First Time Home Buyers, as well as seasoned Investors! If you are looking for a mortgage in Pennsylvania (PA) or Florida (FL), give us a call. We are faster, easier and cheaper

We also have many different documentation type loan options available:

• Full documentation loans- W2, pay stubs and asset information is required
• Limited documentation loans- Bank statements are used to verify income. Lender looks at a period of time (2-24 months), and uses the total deposits during that period as income*
• No documentation loans- Income and asset information is not required*

 

*These products may have a higher interest rate, more points or more fees than other products requiring documentation.