Capital Home Mortgage Capr Coral
Cape Coral Home Loans
Florida Mortgage Lender
Welcome to Capital Home Mortgage Florida, a Florida Mortgage Lender that strives to provide Florida homebuyers and homeowners Florida Home Loans at competitive Florida Mortgages Rates with low fess while ensuring outstanding customer service.
First, we’d like to thank you for the opportunity to earn your business. We understand that purchasing a home is the most important decision of most people’s life, which is why Capital Home Mortgage Florida offers dedicated points of contact throughout the mortgage process. This assures a stress-free experience resulting with an on-time closing. After all, buying a home should be exciting, not stressful.
Capital Home Mortgage Florida is a direct Florida Mortgage Lender that manages the entire lending process from beginning to end. Our in-house processing and underwriting enables for quick, common sense approvals and timely closings.
Call today (239) 310-5599 to talk to one of our Florida Loan Officers.
Cape Coral Mortgage Rates
Home Loans In Cape Coral
Cape Coral is a city in Lee County, Florida, on the Gulf of Mexico. It is the United States 130th most populous city. Cape Coral is the largest city between Tampa and Miami in terms of population and area, with 120 square miles (310 km2). It is the largest and most important city in the Cape Coral-Fort Myers, Florida, Combined Statistical Area. The city boasts more navigable waterways than any other metropolis, with nearly 400 miles (640 kilometers).
The housing market in Cape Coral, Florida, has grown steadily over the years, and it will remain a balanced market in 2023, with a good supply of properties for sale. Based on Redfin and Realtor.com records, this study summarizes the housing market trends in Cape Coral as of January 2023.
Despite the high demand for housing, Cape Coral remains a comparatively reasonable property market compared to other Florida towns such as Miami and Tampa. Cape Coral, however, has its challenges. The city is prone to natural disasters and environmental dangers like storms, floods, heat waves, droughts, and wildfires.
Home Loan Programs in Cap Coral
Moving into a lovely Cape Coral property might be a dream come true. To make it happen, you need to purchase a home employing a competitive mortgage with rates and requirements that are suitable for you. The most commonly used home loan programs in Cape Coral are as follows:
Conventional loans
A conventional mortgage is a home loan neither federally guaranteed nor insured. Private lenders like banks, credit unions, and mortgage companies instead support it. Conforming conventional mortgages can be either non-conforming or conforming.
Conventional conforming loans adhere to Fannie Mae and Freddie Mac’s loan limits, underwriting guidelines, and other established criteria. These loans are eligible for purchase and securitization by these GSEs, which contributes to developing a secondary mortgage market and increases housing market liquidity. Conventional conforming loan limits for 2023 in Lee County range from $726,200 for homes with one dwelling unit to $1,396,800 for homes with four dwelling units.
Loans that do not adhere to other GSE underwriting requirements, such as those for borrowers with unusual income sources or problems with their credit histories, can also be referred to as non-conforming loans. Although these loans might still be accessible through private lenders or specialized programs, their conditions are typically worse than those of conforming loans.
Borrowers must generally meet the following requirements to qualify for a conventional mortgage:
Credit Score:
Typically, a credit score of 620 is required, though some lenders may require a high credit score. Better interest rates and terms can be obtained with higher credit scores.
DTI Ratio:
Lenders want a debt-to-income ratio (DTI) of less than 43%, which means that your monthly loan payments and other debts should be at most 43% of your gross monthly income.
Down Payment:
While a 3 – 5% down payment is usually required, a larger down payment (20% or more) can help you avoid private mortgage insurance (PMI) and achieve lower interest rates.
Employment History:
A steady employment history, usually with a minimum of two years in the same profession, is preferable.
FHA loans
An FHA home loan is a mortgage loan insured by the Federal Housing Administration (FHA), a government agency of the United States Department of Housing and Urban Development (HUD). FHA-insured loans are intended to assist low-income and first-time homebuyers in qualifying for a mortgage by requiring lower down payments and more lenient credit standards than conventional loans.
To qualify for an FHA-insured loan, applicants must satisfy the following requirements:
Credit Score:
Borrowers must have a minimum credit score of 500 to qualify. However, a credit score of at least 580 is required to qualify for the minimum down payment option.
Down Payment:
A minimum 3.5% down payment is required from applicants with a credit score of 580 or higher. Between 500 and 579 credit scores, a 10% down payment is required.
DTI: Debt-to-Income:
Ratio The FHA prefers a DTI ratio of 43 percent or less, which means that your monthly debt payments should not exceed 43 percent of your total monthly income. Exceptions may be made for debtors with a DTI ratio as high as 50% if they have substantial compensating factors, such as a significant down payment or substantial cash reserves.
Mortgage Insurance:
Borrowers must pay both an initial mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP) for mortgage insurance. The UFMIP is typically 1.75 percent of the loan amount and may be financed, whereas the MIP is paid monthly and varies based on the loan term and loan-to-value ratio (LTV).
Property Standards:
The property must meet FHA’s minimum property standards, which include safety, security, and integrity requirements. An FHA-approved appraiser must appraise the property to ensure compliance with these requirements.
Occupancy: The borrower must occupy the property as their principal residence.
It is crucial to note that these are general guidelines, and individual lenders may impose additional requirements or provide more accommodating terms. To apply for an FHA-insured loan, you must work with an FHA-approved lender who will guide you through the application process and assist you in determining your eligibility.
VA loans
VA home loans are mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). These loans are intended to assist eligible veterans, active-duty service members, and surviving spouses in purchasing, refinancing, or improving a house. VA home loans can provide advantageous features, such as no down payment, no private mortgage insurance (PMI), and reasonable interest rates.
To be eligible for a VA home loan, applicants must meet the following requirements:
Eligibility:
A valid Certificate of Eligibility (COE) is required to verify your military service status. Eligibility is determined by service history, which often includes:
- 90 days of continuous active-duty service during wartime
- 181 days of continuous active-duty service during peacetime
- 6 years of National Guard or Reserve service
- Being the surviving spouse of a service member killed in the line of duty or suffering from a service-connected disability
Credit Score:
The VA has no minimum credit score requirement, but individual lenders may have their own. Generally, most lenders want a credit score of 620 or better.
Debt-to-Income Ratio (DTI):
The VA wants a DTI ratio of 41% or less, which implies that your monthly debt payments should not be more than 41% of your total monthly income. However, borrowers with a greater DTI ratio may be exempt if they have sufficient offsetting circumstances, such as a big down payment or significant financial reserves.
Residual Income:
The VA requires borrowers to have a certain level of residual income, which is the money left over after paying all significant bills and obligations each month. The exact quantity depends on family size and area.
Property Standards:
The property being purchased must meet the minimum property standards (MPRs) the VA established, including safety, structural integrity, and sanitary conditions. A VA-approved appraiser must inspect the property to confirm it fits these requirements.
Occupancy:
The borrower must occupy the property as their principal residence within a reasonable time, usually 60 days after closing the loan.
To apply for a VA home loan, you must work with a VA-approved lender who will walk you through the application process and assist you in obtaining your Certificate of Eligibility.
USDA loans
USDA home loans, commonly known as USDA Rural Development Guaranteed Housing Loans, are mortgage loans guaranteed by the USDA. These loans are intended to help low- to moderate-income homebuyers purchase homes in suitable rural and suburban areas. USDA loans often have favorable terms, such as no down payment, low-interest rates, and lower mortgage insurance premiums.
Certain Cape Coral, Florida areas may be eligible for USDA home loans. You can use the USDA’s online eligibility map to check the eligibility of the specific regions.
Borrowers must generally meet the following requirements to qualify for a USDA home loan:
Income Eligibility:
USDA loans are intended for households with low-to-moderate income. Your adjusted household income cannot exceed 115% of the area median income (AMI) for the area in question. You can use the USDA’s online income eligibility tool to see if you satisfy the income requirements.
Credit Score:
While the USDA does not mandate a minimum credit score, private lenders may have their own requirements. Most lenders want a credit score of 640 or higher since it allows for faster loan processing.
Debt-to-Income Ratio (DTI):
The USDA recommends a DTI of 41% or less, which means your monthly debt payments, plus the proposed housing expense, should not exceed 41% of your total monthly income. However, borrowers with a higher DTI ratio may be exempt if they have substantial offsetting characteristics, such as excellent credit history or considerable financial reserves.
Property Requirements:
The purchased property must be in a USDA-designated eligible rural or suburban area and meet USDA’s basic property requirements, which include safety, structural integrity, and sanitary conditions. To confirm that the property fits these requirements, it must be evaluated by a USDA-approved appraiser.
Occupancy:
The borrower must occupy the property as their primary residence.
Citizenship:
Applicants must be U.S. citizens, non-citizen nationals of the United States, or eligible foreigners.
To apply for a USDA home loan, you must work with a USDA-approved lender, who will walk you through the application process and determine your eligibility.
Jumbo loans
Jumbo loans are non-conforming mortgage loans that exceed the conforming loan limits established by Fannie Mae and Freddie Mac. Jumbo loans are used to finance the purchase of high-priced properties that require loan amounts exceeding conforming loan limits. Since GSEs do not back jumbo loans, lenders view them as riskier and typically have stricter qualification standards.
To qualify for a jumbo loan, applicants must satisfy the following criteria:
Credit Score:
Lenders typically require a higher credit score for jumbo loans than conforming loans. Some lenders require a credit score of 720 or higher. A credit score of 700 or higher is typically preferable.
Down Payment:
Jumbo loans typically require a down payment of between 10 and 20 percent of the home’s purchase price. The exact down payment requirement depends on the lender and the loan size.
Debt-to-Income Ratio (DTI):
For jumbo loans, lenders prefer a DTI ratio between 38% and 42%. Your monthly debt obligations should be 38 to 43 percent of your general monthly income.
Income Documentation:
Lenders may require additional income documentation for jumbo loans, such as tax returns, W-2 statements, and pay stubs, to verify the borrower’s capacity to repay the loan.
Cash Reserves:
Borrowers may be required to have a certain quantity of cash reserves on hand, usually equal to several months’ worth of mortgage payments. This stipulation varies by lender and loan amount.
Property Appraisal:
The purchased property must undergo a thorough appraisal to ensure it fulfills the lender’s requirements and is worth the loan amount.
Interest Rates:
Due to the increased risk for lenders, jumbo loans typically carry slightly higher interest rates than conforming loans.
You’ll need to work with a lender specializing in these loans to apply for a jumbo loan. Prepare to present additional documents and meet higher qualification requirements than with conforming loans.
Manufactured home loans
There are several types of manufactured home loans available in Cape Coral, Florida, for people wanting to finance the purchase of a manufactured or mobile home. The following are the most prevalent types of loans:
Conventional Loans:
Some lenders offer conventional loans for manufactured homes that meet certain criteria, such as being permanently affixed to a foundation and categorized as real property. These loans usually demand a credit score of 620 or higher, at least a 5% down payment, and compliance with other conventional lending standards, such as debt-to-income ratio and employment history.
Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac offer loan programs to support the financing of manufactured homes. Both GSEs have guidelines and requirements for manufactured home loans to promote responsible lending practices and expand access to funding for these properties.
- Fannie Mae’s MH Advantage® program provides financing for prefabricated houses with features similar to traditional site-built homes. The manufactured home must meet strict building, architectural, and energy efficiency standards to qualify for this program. Borrowers can get financing with as little as 3% down, and the loans can be utilized for both purchases and refinances.
- Freddie Mac offers a Manufactured Home Loan program for qualifying manufactured homes permanently attached to a foundation and designated as real property. The program provides financing for the purchase and refinances transactions, with loan-to-value (LTV) ratios for primary residences of up to 95%. The manufactured home must meet strict building, safety, and energy efficiency standards to be eligible for this program.
Borrowers must meet conventional underwriting requirements for Fannie Mae and Freddie Mac manufactured home loan programs, such as credit score, debt-to-income ratio, and work history requirements. Furthermore, the property must be the borrower’s principal residence or an acceptable second home, and it must undergo a rigorous evaluation to guarantee it fits the GSEs’ requirements.
Work with a lender who offers Fannie Mae or Freddie Mac manufactured home loans to apply. The lender will walk you through the application process and assist you in assessing whether you and the property satisfy the particular guidelines and requirements of the respective GSE program.
Apply for a Home Loan in Cap Coral
Capital Home Mortgage is a direct lender and home loan servicer in Cape Coral. If you want to buy a house in Cape Coral, Capital Home Mortgage can help you every step of the way. We control your file entirely, from application to underwriting, closing to funding.
To start your homeownership journey, contact our Cape Coral Home Loan Specialists at (239) 310-5599.
Florida Home Mortgages
Capital Home Mortgage Florida is a full-service Florida Mortgage Lender that offers a complete line of home loans to meet all Florida Residents lending needs: Florida Purchase Home Loans, Florida Renovation Home Loans, Florida Construction Home Loans, Florida Manufactured Home Loans, Florida Rate and Term Refinance Home Loans and Florida Cash-Out Home Loans.
Florida Purchase Mortgages
Florida REfinance Mortgages
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Florida Construction Mortgages
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Florida Manufactured Mortgages
Florida Purchase Home Loans
Capital Home Mortgage Florida is a full-service Florida Mortgage Lender that offers a complete line of home loans. Whether you are a first-time purchaser seeking a Florida FHA Home Loan, looking for a rural property and needing a Florida USDA Home Loan, a Native Floridian wanting to use the HUD 184 Florida Native American Home Loan, an active or retired veteran in need of a Florida VA Home Loan , wanting to purchase that dream home over conforming limits with a Florida Jumbo Home Loan, a seasoned buyer in need of a Florida Conventional Home Loan or looking for alternative financing with a Florida Non QM Home Loan we are here to assist.
Call today (239) 310-5599 to talk to one of our Florida Loan Officers.
Florida FHA Home Loans
Florida VA Home Loans
Florida USDA Home Loans
Florida Native American Home Loans
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Florida Jumbo Home Loans
Florida Non Qualified Home Loans
Florida Reverse Home Loans
Why Florida is Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
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Florida Home Purchase loans
Looking to Purchase a Florida Home?
- Primary, 2nd Home, Investment
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- FHA, VA, USDA, Native American
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Florida Renovation Home Loans
Looking to Rehab a Florida Home?
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Florida FHA Home loans
Great 1st Time Florida Homebuyers
- Smaller Down Payments
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- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
Florida va Home Loans
100% Financing for Florida Vets
- No Mortgage Loan Limits
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- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
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Florida Conventional Home loans
Flexibility for Florida Homebuyers
- Primary, 2nd Home, Investment
- Single and Multi-Family Properties
- Variable Mortgage Insurance Options
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Florida Jumbo Home Loans
Florida Non-Conforming Home Loans
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
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Florida USDA Home loans
100% Rural Florida Home Loans
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Florida Native american Home Loans
Florida Hud 184 Home Loans
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
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Florida Manufactured Home loans
Great Florida Alternative Housing
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Florida Reverse Mortgage Loans
Your Florida Home at Work
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Florida Non QM Home loans
Making Florida Mortgages Possible
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Florida Construction Home Loans
Build Your Florida Dream Home
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Florida Refinance Mortgage loans
Florida Rate & Term Refinance
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Florida Cashout Mortgage Loans
Florida Equity Mortgage Loans
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