Home Loans In Hialeah

Hialeah is a city in Florida’s Miami-Dale County. Hialeah is the sixth-most populous city in Florida and the second-most populous city in the Miami metropolitan area. The city is notable for its high Hispanic proportion, at 94.0%, the second-highest proportion of Hispanic Americans outside Puerto Rico. Moreover, Hialeah has the highest proportion of Cuban and Cuban-American residents of any city in the United States, making them a prominent and characteristic aspect of the city’s culture.

The housing market in South Florida is thriving. Home prices continue to rise while inventory remains scarce. It’s a seller’s market; many sellers are getting top dollar. It’s also because more Americans and businesses are moving from high-tax, high-density areas to South Florida. An increase in foreign buyers is benefiting Florida’s real estate market.

Home Loan Programs in Hialeah

Homebuyers in Hialeah, Florida, have access to various mortgage loan options. The qualifications for a mortgage loan in Hialeah include credit score, income, employment history, and debt-to-income ratio. The loan-to-value ratio is the loan amount relative to the value of the purchased or refinanced property. 

• Conventional Loans

Conventional mortgages are non-government loans that generally require a credit score of 620 and a down payment of 3 – 5% of the purchase price. In Hialeah, conventional loan limits for 2023 vary from $726,200 for one-unit homes to $1,396,800 for fourplex properties.

• FHA Loans

The Federal Housing Administration (FHA) insures FHA home loans. Borrowers must have a 3.5% down payment and a credit score of 580 to be eligible for an FHA loan. In 2023, the FHA loan limits in Hialeah range from $557,750 for a single-family residence to $1,072,600 for a four-unit property.

• VA Loans

These loans are accessible to veterans, active-duty military personnel, and surviving spouses, and they need little to no down payment and do not require private mortgage insurance. To be eligible for a VA loan, you must have a Certificate of Eligibility and meet specific service requirements. To qualify for a VA home loan, lenders usually require a credit score of 620.

• USDA Loans

USDA home loans are accessible in rural areas for low-to-moderate-income borrowers and require no down payment. One must meet income and location requirements to be eligible for USDA loans.

• Jumbo Loans

Jumbo loans, often called jumbo mortgages, are home loans that exceed the Federal Housing Finance Agency’s (FHFA) conforming loan limits. Jumbo loans are often used to finance properties worth more than $715,000. A higher credit score, usually at least 700, is required to qualify for a jumbo loan. Borrowers often require a larger down payment and a lower debt-to-income ratio. Borrowers who fall short of these guidelines may still be eligible for a jumbo mortgage using a non-QM loan.

• Manufactured Home Loans

Manufactured home loans are mortgages intended exclusively for manufactured or mobile houses. These loans could be conventional or government-backed, such as FHA loans. A credit score of at least 620 is typically required to qualify for a manufactured home loan.

• Non-Qualified Mortgage Loans

Non-QM loans are home loans that do not meet the Consumer Financial Protection Bureau’s (CFPB) agency-standard documentation requirements. These loans can cover many mortgages, including jumbo and negative amortization loans. Non-QM loans may be advantageous for borrowers who, for example, are self-employed and cannot meet the rigorous standards of traditional loans. Non-QM loans often necessitate a higher credit score and a more significant down payment than traditional loans.

Apply for a Home Loan in Hialeah

Capital Home Mortgage is a direct lender and loan servicer in Hialeah. We offer various home loan programs to meet every buyer’s needs. Whether you are a first-time homebuyer or a seasoned homeowner looking to upgrade or for a second home, we have the mortgage program for you.

Call our Hialeah Home Loan Specialists at (786) 589-7004. We would be glad to walk you through the qualification requirements and answer any questions you may have about the application process.ca