Question 1

What is a DSCR loan and who qualifies?

Accepted Answer

A DSCR (Debt Service Coverage Ratio) loan is a mortgage for real estate investors that qualifies based on the property's rental income rather than the borrower's personal income. You qualify when the monthly rent covers the monthly mortgage payment (PITIA). Skyline Mortgage offers DSCR loans with as little as 15% down in Florida.

Question 2

What down payment assistance programs are available in Florida?

Accepted Answer

Florida offers several down payment assistance programs including the Florida Housing Finance Corporation's Florida Assist and Florida Homeownership Loan Program, which provide up to $10,000 in assistance. Skyline Mortgage can help you identify and qualify for the right DPA program based on your income, location, and loan type.

Question 3

What is the minimum credit score for an FHA loan in Florida?

Accepted Answer

FHA loans in Florida require a minimum credit score of 580 for the 3.5% down payment option. Borrowers with scores between 500–579 may still qualify with a 10% down payment. Skyline Mortgage works with borrowers across the credit spectrum to find the right loan structure.

Question 4

Can I get a VA loan with no down payment in Florida?

Accepted Answer

Yes. VA loans allow eligible veterans, active-duty service members, and surviving spouses to purchase a home with zero down payment and no monthly mortgage insurance. Skyline Mortgage is licensed to originate VA loans in Florida and can help you obtain your Certificate of Eligibility.

Question 5

How does a Fix N' Flip loan work?

Accepted Answer

A Fix N' Flip loan is a short-term loan designed for real estate investors who purchase distressed properties, renovate them, and sell for a profit. These loans are based on the After Repair Value (ARV) of the property rather than its current value. Skyline Mortgage offers Fix N' Flip financing in Florida with fast closings.

Question 6

What states does Skyline Mortgage lend in?

Accepted Answer

Skyline Mortgage holds licenses in Florida, Georgia, Tennessee, and Texas. Our team is headquartered at 160 Cypress Point Parkway, Unit C211, Palm Coast, FL 32164.

Question 7

What is the difference between a rate & term refinance and a cash-out refinance?

Accepted Answer

A rate & term refinance replaces your existing mortgage with a new one at a lower rate or different term, without changing your loan balance. A cash-out refinance allows you to borrow more than you owe and receive the difference as cash, which can be used for home improvements, debt consolidation, or investments. Skyline Mortgage offers both options.

Rehabilitation Loans: Financing a Home Purchase or Renovation

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