Capital Home Mortgage Davie

Davie home purchase loans

Home Purchase lender Davie Florida

Home Purchase Loans In Davie

Home buyers in Davie, Florida, should expect a somewhat competitive atmosphere in the present housing market. The median home price fell 3.5% over the previous year. Homes in Davie typically stay on the market for 48 days on average. As a result, prospective property buyers in Davie, Florida, should be prepared for these market conditions.

Purchase Loan Programs in Davie

Home buyers in Davie, Florida, are presented with various financing choices to facilitate their home purchase. The following programs are frequently encountered:

  • FHA Home Loans

An FHA home loan is a mortgage insured by the Federal Housing Administration, part of the United States Department of Housing and Urban Development (HUD). This loan is intended to lower the obstacles to homeownership for persons who may have difficulty obtaining a conventional mortgage. FHA loans are well-known for having smaller minimum down payments, as little as 3.5% of the purchase price, and are more forgiving to people with low credit scores.

A conventional home loan, on the other hand, is not insured or guaranteed by the federal government and typically follows the underwriting rules established by the government-sponsored enterprises Fannie Mae and Freddie Mac. Conventional loans frequently need larger down payments and are designed for individuals with strong to excellent credit. They can also provide a broader range of terms and conditions, varying greatly amongst lenders.

An FHA loan may provide certain advantages in Davie, Florida. Given the area’s median housing prices and economic demographics, FHA loans can provide a more accessible path to homeownership for first-time buyers or those with modest down payment funds. Furthermore, in a competitive real estate market like Davie, where there may be considerable demand for more inexpensive housing options, the lower credit score criteria and higher debt-to-income ratios permitted by FHA loans benefit purchasers who would otherwise be priced out of the market. 

The 2023 FHA loan limits in Davie, Broward County, are $557,750 for a single-family residence, $714,000 for a duplex, $863,100 for a triplex, and $1,072,600 for a quadplex.

  • VA Home Loans

A VA home loan is a mortgage option offered by private lenders in the United States, partially backed or guaranteed by the Department of Veterans Affairs (VA). It is only provided to service members, veterans, and qualified surviving spouses as part of the VA’s objective to make the home-buying or refinancing process easier. The VA guarantee gives security to the lender in the event of borrower default, resulting in significant benefits for the borrower.

The advantages of a VA home loan are substantial, especially in the housing market in a place like Davie, Florida. One of the key benefits is the potential of a $0 down payment, which differs from conventional mortgage programs, which generally require a minimum down payment. Furthermore, VA loans do not need private mortgage insurance (PMI), a regular extra fee for borrowers who do not put down at least 20% of the purchase price on other loan types. The VA loan program also offers reasonable interest rates, low closing costs, and no prepayment penalties, which can be very appealing to qualified Davie residents, as these characteristics can translate into significant cost savings over the life of the loan.

Eligibility for a VA loan in Davie is contingent on a potential borrower completing specific service duration requirements, which vary according to when and how they served. Active duty service members, veterans, National Guard members, Reserve members who have served long enough, and some surviving spouses are generally eligible. A Certificate of Eligibility (COE), which proves to the lender that the applicant meets the service requirements, determines specific eligibility. Potential applicants in Davie, as in other locations, must also meet the lender’s financial requirements for credit score and income, but these conditions are often more forgiving than those for traditional loans. Those interested in a VA home loan should always start with acquiring a COE and consultation with a VA-approved lender to discuss their customized options and guidelines.

  • Conventional Home Loans

A conventional home loan is not guaranteed or insured by federal government organizations such as the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the United States Department of Agriculture (USDA). Conventional loans are the most prevalent type of mortgage provided by private lenders such as banks, credit unions, and mortgage companies. Borrowers who choose conventional loans in Davie, Florida, typically have established credit histories and can make larger down payments.

Conventional loans are further characterized as conforming or non-conforming based on whether they follow the Federal Housing Finance Agency’s (FHFA) requirements. Conforming loans adhere to specific rules, including the loan size limits established by the FHFA. Non-conforming loans, however, do not meet these requirements because the loan amount exceeds the FHFA limit and other conditions. Non-conforming loans, like jumbo loans, typically feature higher interest rates and stricter credit criteria due to the more significant amount borrowed and the lender’s greater risk.

The 2023 conforming loan limits in Davie, Broward County, are $726,200 for a one-unit property, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a four-plex.

  • USDA Home Loans

A USDA home loan is a mortgage program administered by the United States Department of Agriculture to promote rural development. These loans are especially beneficial for low- to moderate-income residents living in rural or small-town communities, which may include some qualified locations in Davie, Florida. USDA loans are unique because they allow for a $0 down payment, making them an appealing alternative for eligible homebuyers who may struggle to save for the hefty down payment required by conventional loans.

USDA loans are classified into two types: USDA Direct Loans and USDA Guaranteed Loans. The USDA Direct Loan, commonly known as the Section 502 Direct Loan Program, is designed for applicants with meager and low incomes. The USDA funds these loans directly and may also provide payment assistance for short-term reductions in mortgage payments. USDA Guaranteed Loans, on the other hand, are aimed at low- to moderate-income homebuyers but are granted by USDA-approved lenders rather than the USDA itself. With a USDA Guaranteed Loan, the USDA guarantees a portion of the loan to the lender, lowering risk and allowing lenders to offer favorable terms to the borrower.

  • Jumbo Loans

A jumbo home loan is a type of home financing that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limits. Jumbo loans are not eligible for purchase, guarantee, or securitization by Fannie Mae or Freddie Mac because they exceed these thresholds. Jumbo loans are often used by borrowers wanting more enormous loan amounts that cannot be secured through traditional mortgages to finance luxury properties and homes in highly competitive local real estate markets, such as some regions of Davie, Florida.

Because of the additional risk the lender assumes, jumbo loan eligibility criteria are often more strict than smaller, conforming loans. Borrowers must generally have excellent credit scores of 700 or higher, as well as a low debt-to-income ratio, suggesting a strong ability to repay the loan. Lenders may also want significant proof of reserve funds or assets, such as six to twelve months’ worth of mortgage payments. In addition to these financial requirements, applicants in Davie seeking a jumbo loan must make a bigger down payment, sometimes 20% or more of the home’s worth, to reduce the lender’s risk. Potential purchasers in Davie should be prepared to go through a rigorous underwriting process.

  • Construction Loans

A construction home loan is a type of short-term loan that is used to cover the expenditures of constructing a new home. This loan is unique in that it provides funds for a future construction project. Prospective homeowners in Davie, Florida, who want to build a home rather than buy an existing one may choose this loan type to finance the construction process before acquiring a standard, long-term mortgage.

Construction loans can be arranged in two ways: as a two-time close loan or as a one-time close loan. A two-time close construction loan consists of two independent loans: the first loan finances the construction phase, and the borrower must subsequently apply for a permanent mortgage to pay off the construction loan once it is completed. This structure allows the borrower to choose a different lender for the permanent mortgage or to negotiate additional terms for long-term financing. A one-time close construction loan, also known as a construction-to-permanent loan, on the other hand, combines construction financing and a permanent mortgage into a single loan deal. This implies that the borrower only has to go through one application process and one closing, making financing a house building more streamlined and cost-effective.

Because there is only one set of closing fees, the one-time close structure simplifies the financing process by decreasing the administrative burden and potentially cutting overall expenses. Furthermore, because the interest rate can be locked in at the onset of the loan for both the construction period and the subsequent mortgage, it safeguards the borrower from the risk of changing market conditions between the building phase and the mortgage phase. This is especially beneficial in a volatile real estate market like Davie, where borrowing rates may swing dramatically during the construction phase. Furthermore, the shortened loan application and approval process can assist in a quicker transition from construction to purchase, allowing people in this developing Floridian community to focus on the building of their custom-built homes.

  • Non-Qualified Mortgage Loans

Non-qualified mortgage (non-QM) loans do not meet the strict consumer protection criteria outlined in the Consumer Financial Protection Bureau’s (CFPB) Qualified Mortgage (QM) guidelines. Non-QM loans help borrowers who cannot meet the tight income documentation and debt-to-income ratio standards imposed by QM rules. These loans may be available in Davie, Florida, to a wide range of borrowers, including self-employed individuals, investors, and those with non-traditional income sources or financial conditions.

The critical distinction between a non-QM loan and a typical conforming home loan is adherence to the CFPB’s Ability-to-Repay (ATR) rules. These rules are satisfied by conventional conforming loans, which limit loan features such as negative amortization and interest-only payments while capping the debt-to-income ratio at 43%. Non-QM loans, on the other hand, may have more flexible underwriting criteria and are not subject to these exact QM ceilings or restrictions, allowing them to accommodate a broader range of borrower profiles.

Non-QM loans may be helpful to businesses and independent contractors in Davie’s diversified economic landscape because of its more forgiving proof-of-income requirements. Non-QM lenders may accept bank statements or other assets as evidence of the borrower’s ability to repay the loan instead of typical W-2 forms or pay stubs. Furthermore, non-QM loans give an alternative path to financing for buyers interested in higher-end properties that surpass traditional conforming loan limitations but do not satisfy the typical income profile. These loans provide loan structure flexibility, which can be especially valuable in Davie’s varied and dynamic housing market, where borrowers’ needs may not coincide with the one-size-fits-all approach of traditional conforming loans. Borrowers should be warned, however, that non-QM loans may have higher interest rates and costs due to lenders’ increased perceived risk.

Apply for a Home Purchase Loan in Davie

We are here to assist in identifying the most suitable home loan choice that aligns with your needs. To communicate with a representative from our home loan department in Davie, Florida, kindly contact us at (754) 529-0071. We are enthusiastic about collaborating with you and offering the subsequent home financing that you need. 

Why Davie HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Davie Florida Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Davie Home Purchase Loans

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Davie fixed rate Mortgage Loans

All Fixed Rate Mortgage Loans are designed to have equal payments for the specified term. These loans offer predictability and are deemed to be less risky for borrowers. Fixed Rate Mortgage Loans are available with all mortgage products and are typically offered in 15 year and 30 year terms. However, Fixed Rate Mortgage Loans are also offer in 10 year, 20 year and 25 year terms although less common due to demand.

Davie Adjustable Rate Mortgage Loans

Adjustable Rate Mortgage Loans known as ARM’s are  available with most mortgage products although limited with FHA, VA and USDA. ARM’s are great fit for homebuyers who plan to sell or refinance their home between 1 and 10 years and are looking for the lowest possible payment.  ARM’s offers lower rates during times where fixed rates are higher. An adjustable rate mortgage is fixed for a specific time then adjusts on a predetermined time period and a predetermined amount based on a financial index and a fixed margin.

Davie Mortgage Programs

Davie Home Purchase

Thinking of Buying an Davie Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Davie renovation home loans

Looking to Rehab an Davie Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Davie FHA Home Loans

Great for 1st Time Davie Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Davie VA Home Loans

100% Financing for Davie Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Davie Conventional Home Loans

Flexibility for Davie Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Davie Jumbo Home Loans

Davie Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Davie USDA Home Loans

100% Davie Rural Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Davie Native American Home Loans

Davie HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Davie Manufactured Home Loans

Great Alternative Davie Housing

Davie reverse mortgages

Your Davie Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Davie Non QM Home Loans

Making Davie Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Davie One Time Close mortgages

Build Your Davie Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Davie Refinance Mortgage Loans

Davie Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Davie Cash-out Home mortgages

Davie Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Davie Florida Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Native American Lending
Manufactured Housing

Davie Mortgage Company Reviews

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