Capital Home Mortgage Hialeah

Hialeah home purchase loans

Home Purchase lender Hialeah Florida

Home Purchase Loans In Hialeah

Currently, the housing market in Hialeah, Florida, has a moderate level of competitiveness. The data indicates that there has been a 13.8% increase in home prices as compared to the previous year. The average duration for selling residential properties in Hialeah is 42 days. Nevertheless, there was a decrease in the quantity of residential properties sold in the current year compared to the corresponding period in the previous year. The median sale price per square foot in Hialeah is reported to be $314. Prospective buyers should be advised to anticipate a very competitive real estate market, characterized by a significant number of offers on residential properties, with an average of four per home.

Purchase Loan Options in Hialeah

Hialeah home buyers have various mortgage options when financing the purchase of a property. The most prevalent among them are the following:

  • Conventional Home Loans

In Hialeah, Florida, a conventional mortgage is a type of home loan not guaranteed by the federal government. It is available from banks, credit unions, and mortgage firms and usually requires a down payment, proof of income, and a high credit score. The interest rate on these loans varies depending on the lender and the borrower’s financial situation. Conventional loans can either be conforming or non-conforming.

Conforming and non-conforming conventional loans differ primarily in their adherence to Fannie Mae and Freddie Mac requirements. A conforming loan fits these specified terms and conditions, including lending restrictions, and hence qualifies for purchase by Fannie Mae or Freddie Mac. Non-conforming loans, on the other hand, don’t meet these standards and typically have higher interest rates and down payment requirements.

Lower interest rates, smaller down payment requirements, and more flexible terms are standard features and benefits of conforming conventional loans. Eligibility is often determined by a borrower’s credit score of at least 620, debt-to-income ratio of less than 45%, a two-year job history, and loan amount relative to the property’s home value. Conforming loans must follow the federal government’s underwriting guidelines and mortgage limitations.

The 2023 conforming loan limits in Hialeah, Miami-Dade County, are $726,200 for a single-family home, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a quadplex.

  • FHA Home Loans

In Hialeah, Florida, an FHA mortgage is a home loan that the federal government insures through the US Department of Housing and Urban Development (HUD). This insurance protects lenders by allowing them to lend to applicants who might not qualify for conventional loans. FHA loans are known for having lower down payments and more flexible credit requirements, making them an appealing alternative for first-time homeowners or those with less-than-perfect credit.

The key distinction between FHA and conventional loans is the government guarantee. Because conventional loans are not federally guaranteed, they often necessitate higher credit scores and greater down payments for approval. On the other hand, FHA loans are backed by government insurance, which lowers the risk for lenders while allowing for more flexible qualification standards for applicants. This insurance, however, comes with mortgage insurance premiums (MIP), which are often more than private mortgage insurance (PMI) for conventional loans.

FHA loans include lower down payment requirements, typically around 3.5%, and more lenient credit score criteria. Furthermore, the loan may be assumable, which means that a future buyer may assume the mortgage terms rather than seeking new financing. Eligibility for an FHA loan is frequently based on a credit score of at least 580, a 3.5% down payment, and a debt-to-income ratio of no more than 45%. It’s also worth noting that the financed property must be the borrower’s principal residence and meet specific safety and livability requirements.

The 2023 FHA loan limits in Hialeah, Miami-Dade County, are $557,750 for a one-unit home, $714,000 for a duplex, $863,100 for a triplex, and $1,072,600 for a quadplex.

  • VA Home Loans

A VA mortgage, a type of home financing guaranteed by the U.S. Department of Veterans Affairs, is available in Hialeah, Florida. Its purpose is to offer housing assistance to specific categories of spouses, active-duty service members, and eligible U.S. veterans. By assuring lenders that a proportion of the loan will be repaid in the event of borrower default, the VA guarantee frequently results in more advantageous loan conditions for borrowers and reduces the risk for lenders.

The government guarantee is the fundamental distinction between VA loans and conventional loans. In contrast to conventional loans, which lack a federal guarantee, VA loans are backed by the federal government. This guarantee affords prospective benefits, including eliminating the need for a down payment, private mortgage insurance (PMI), and reduced interest rates. Nevertheless, VA loans entail a singular funding charge, the magnitude of which fluctuates by the loan amount, category, and the borrower’s military affiliation.

Borrowers must satisfy specific service requirements established by the Department of Veterans Affairs to qualify for a VA loan. These may consist of serving 181 days in times of peace, 90 days in times of conflict, or six years in the National Guard or Reserves. A Certificate of Eligibility (COE) is required to establish one’s eligibility status. Borrowers must also possess a stable income adequate to cover mortgage payments and other financial obligations and meet the service requirements (credit score and income).

  • USDA Home Loans

A USDA mortgage in Hialeah, Florida, is a home loan program supported by the United States Department of Agriculture that aims to help eligible individuals purchase a home, particularly in rural areas. USDA home loans are classified into two types: USDA-Direct and USDA-Guaranteed. The USDA-Direct loan is directly supported by the USDA and is primarily intended for low-income households. On the other hand, USDA-guaranteed loans are offered by recognized lenders but are guaranteed by the USDA, which means that the government will reimburse the loan if the borrower defaults.

Income limitations apply to both forms of USDA home loans, with applicants required to have an adjusted income at or below the area’s low-income level for USDA direct loans or can be at most 115% of the area’s median family income for USDA-guaranteed loans. Applicants must also agree to live in the property as their primary residence and be either US citizens or qualifying non-citizens.

USDA home loans have no down payment requirements, reasonable interest rates, and more relaxed qualifications for credit. They are frequently an appealing alternative for first-time homebuyers or individuals who may not qualify for conventional mortgage loans.

  • Construction Loans

A construction home loan is a particular kind of mortgage in Hialeah, Florida, intended to pay for building a brand-new home. These loans usually cover the cost of building the house and the possible cost of buying the land needed for the construction. Although there are other types of construction home loans, construction-to-permanent loans and two-time closing construction loans are the most popular. Once the house is constructed, a single loan, known as a “construction-to-permanent” loan, can be converted into a long-term mortgage. Contrarily, a two-time close construction loan necessitates two separate loans—one for the mortgage and one for the construction phase—requiring two closings and possibly exposing the borrower to fluctuating interest rates.

Construction-to-permanent loans, sometimes called one-time close loans, have several advantages. The main benefit is the practicality of having a single loan application and closing, which saves time and money on closing expenses. Most of these loans have fixed interest rates; thus, the borrower is shielded from interest rate fluctuations during the construction and permanent stages. Along with traditional mortgage requirements like debt-to-income ratio and down payment, eligibility requirements often include a solid credit score, a qualified builder, and a thorough building plan.

  • Jumbo Loans

A jumbo mortgage is a home loan in Hialeah, Florida that exceeds the conforming loan limits set by the Federal Housing Finance Agency. These loans are generally used to fund homes that are more expensive than the limits set for conventional or “conforming” loans.

The fundamental distinction between conventional and jumbo loans is the loan size and applicable regulatory guidelines. Conventional loans are limited by government-sponsored enterprises such as Fannie Mae and Freddie Mac, whereas jumbo loans transcend these limits. Jumbo loans feature more challenging eligibility conditions than regular loans, such as a lower loan-to-value ratio and higher credit score requirements, and sometimes have higher interest rates.

Jumbo loans have higher borrowing limits, allowing people to finance more expensive properties. However, they usually come with stricter eligibility requirements, such as higher credit scores and larger down payments. Jumbo loan loan-to-value ratios may demand an LTV of 80% or less, suggesting that a more significant down payment is often required.

  • Non-Qualified Mortgage Loans

In Hialeah, Florida, a non-qualified mortgage (non-QM) loan is a residential loan that fails to satisfy the requirements set forth by the Consumer Financial Protection Bureau (CFPB) for conventional loans. These loans are specifically tailored to support borrowers who fail to meet the rigorous criteria typically associated with traditional mortgages, including but not limited to credit scores, debt-to-income ratios, and supporting documentation such as W-2s or tax returns.

The principal distinction between conventional and non-QM loans is that the former are guaranteed by Fannie Mae or Freddie Mac and are subject to stricter lending standards. Conversely, non-QM loans provide more adaptable criteria for eligibility, frequently incorporating alternative methods for income verification.

Although the specific characteristics of non-QM loans may differ significantly, they typically have a lower minimum credit score standard and may employ alternative approaches to verifying income. One advantage is obtaining a mortgage despite possessing an unorthodox income or a reduced credit score. However, it is essential to note that these loans frequently carry higher interest rates. Eligibility requirements may be more flexible to reduce lender risk but require larger down payments or higher debt-to-income ratios.

Apply for a Hialeah Home Purchase Loan

In Florida, Capital Home Mortgage operates as a direct mortgage lender and servicer, providing an extensive range of mortgage alternatives to accommodate its clientele’s preferences. Whether you are a native or recent resident of Hialeah, the knowledgeable staff at Capital Home Mortgage Florida will try to identify the most suitable loan program that aligns with your financial constraints and individual requirements. Whether you require assistance with a first mortgage, a refinance, or a debt consolidation loan, we are at your disposal.

Call (239) 310-5599 to speak with a Hialeah Home Home Specialist.

Why Hialeah 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

Hialeah 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

Hialeah 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

Hialeah 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.

Hialeah 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.

Hialeah Mortgage Programs

Hialeah Home Purchase

Thinking of Buying an Hialeah 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

Hialeah renovation home loans

Looking to Rehab an Hialeah 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

Hialeah FHA Home Loans

Great for 1st Time Hialeah 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

Hialeah VA Home Loans

100% Financing for Hialeah 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

Hialeah Conventional Home Loans

Flexibility for Hialeah 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

Hialeah Jumbo Home Loans

Hialeah 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

Hialeah USDA Home Loans

100% Hialeah 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

Hialeah Native American Home Loans

Hialeah 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

Hialeah Manufactured Home Loans

Great Alternative Hialeah Housing

Hialeah reverse mortgages

Your Hialeah 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

Hialeah Non QM Home Loans

Making Hialeah 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

Hialeah One Time Close mortgages

Build Your Hialeah 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

Hialeah Refinance Mortgage Loans

Hialeah 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

Hialeah Cash-out Home mortgages

Hialeah 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

Hialeah 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

Hialeah Mortgage Company Reviews

Florida Cities

Jacksonville Home Loans

Miami Home Loans

Tampa Home Loans

Orlando Home Loans

St Petersburg Home Loans

Port St Lucie Home Loans

Cape Coral Home Loans

Hialeah Home Loans

Tallahassee Home Loans

Fort Lauderdale Home Loans

Pembroke Pines Home Loans

Hollywood Home Loans

Gainesville Home Loans

Miramar Home Loans

Coral Springs Home Loans

Palm Bay Home Loans

Lakeland Home Loans

West Palm Beach Home Loans

Clearwater Home Loans

Miami Gardens Home Loans

Pompano Beach Home Loans

Fort Myers Home Loans

davie Home Loans

Palm Coast Beach Home Loans

Accessibility Toolbar