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Home Loans In Miami Gardens

Miami Gardens is a city in Miami-Dade County, Florida, located in the northwestern part of the county. It’s 16 miles north of downtown Miami. It is Florida’s most populated city with a majority African American population and the city with the highest percentage of African Americans in the state.

The housing market in Miami Gardens is somewhat competitive. The typical sale price of a home in Miami Gardens was $435K, an increase of 11.5% over the previous year. Miami Gardens’ median sale price per square foot is $302, up 11.4% from last year.

Home Loan Programs in Miami Gardens

Home buyers in Miami Gardens have a multitude of mortgage programs to choose from. An average sales price of $435K is well within the conforming and FHA loan limits. Here are some of the most prevalent home loans in Miami Gardens:

  • Conventional Loans

Conventional loans are those that are not guaranteed or insured by a government body such as the FHA, VA, or USDA. Private lenders such as banks, credit unions, and mortgage companies often provide them. Conventional loans can either be conforming or non-conforming.

The advantages of conventional loans include the following:

  • Flexible Loan Options

Conventional loans provide borrowers with a selection of loan terms, including fixed-rate and adjustable-rate alternatives, allowing them to select the loan that best meets their needs.

  • Lower Costs

Conventional loans may have lesser upfront costs and mortgage insurance payments than government-insured loans.

  • No Property Restrictions

Unlike some government-backed loans, conventional loans have no limits on the location or type of property.

  • Higher Loan Amount

Conventional loans have higher loan limits than FHA loans. For 2023, the conforming loan limit in Miami Gardens is $726,200 for a single-family unit, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a fourplex, respectively.

The qualification requirements of conventional loans include the following:

  • Good Credit Score

For conventional loans, lenders typically want a credit score of at least 620. To qualify, some lenders require a credit score of 640 or higher.

  • Stable Employment and Income

Lenders will examine your income and employment history to ensure your ability to repay the loan. A conventional loan requires a 2-year work history.

  • Down Payment

Conventional loans need a down payment of 3 – 5% of the purchase price, depending on the borrower’s credit score. To avoid private mortgage insurance (PMI), a down payment of at least 20% is commonly advised; however, lower down payment choices are available.

  • Debt-to-Income Ratio

Your debt-to-income ratio, which compares your monthly debt payments to your gross monthly income, is evaluated by lenders. A debt-to-income ratio of 45% or less is generally preferred.

  • FHA Loans

FHA-insured loans are mortgage loans guaranteed by the Federal Housing Administration, a government agency within the United States Department of Housing and Urban Development (HUD). These loans are intended to assist homebuyers, including first-time home buyers, who may have low credit scores or a limited down payment.

The advantages of an FHA loan include the following;

  • Lower Down Payment

FHA loans generally require a lesser down payment than conventional loans. Typically, the minimum down payment is 3.5% of the buying price.

  • Lenient Credit Score Requirements

Compared to conventional loans, FHA loans are more forgiving of lower credit scores. Borrowers with a credit score of 580 or higher are eligible for a 3.5% down payment, while those with a credit score below 580 may still qualify for a 10% down payment.

  • Competitive Interest Rates

FHA loans often have low-interest rates, making homeownership more accessible to borrowers.

  • Flexible Debt-to-Income Ratio

FHA loans provide more leeway regarding the debt-to-income ratio, which compares your monthly debt payments to your gross monthly income. A DTI ratio of 45% is considered typical, while a higher ratio of 50% is permitted. A debt-to-income ratio of 55% may be allowed with compensating factors.

The qualification requirements of an FHA loan include the following:

  • Credit Score

FHA loans are more liberal on credit scores, needing a minimum of 580. However, some lenders may require a credit score of 620 or higher to be qualified.

  • Down Payment

As previously stated, the minimum down payment for an FHA loan usually is 3.5% of the purchase price. Personal savings, gifts, or grants can all be used to make a down payment. Borrowers with credit scores ranging from 500 to 579 must put down a minimum of 10%.

  • Employment and Income

Lenders will examine your employment history and verify your income to confirm your ability to repay the loan. Borrowers must have a two-year documented employment history.

It’s crucial to remember that FHA loan requirements and guidelines can differ. Working with an FHA-approved lender, such as Capital Home Mortgage, will assist you in understanding the qualification requirements and terms of FHA-insured loans in Miami Gardens, Florida.

  • VA Loans

VA home loans are mortgage loans offered to eligible military service members, veterans, and their spouses. The Department of Veterans Affairs backs these loans, intended to assist veterans and their families in achieving homeownership.

Advantages of VA Home Loans:

  • No Down Payment

One of the significant benefits of VA loans is that they usually do not need a down payment, making it easier for qualified borrowers to purchase a home without making a substantial upfront investment.

  • No Mortgage Insurance

Private mortgage insurance (PMI), generally required for conventional loans with less than a 20% down payment, is not required for VA loans. Borrowers can save a substantial amount of money each month by doing so.

  • Competitive Interest Rates

VA loans often have low-interest rates, making homeownership affordable for qualified borrowers.

  • Flexible Credit Requirements

In comparison to conventional loans, VA loans offer more liberal credit standards. Lenders may need a minimum credit score of 620, although the rules are often more permissive.

Qualifying for a VA Home Loan:

  • Eligibility

You must meet the Department of Veterans Affairs qualifying requirements to qualify for a VA home loan. The provisions include a particular length of active duty service or being a veteran. Spouses of service members killed in the line of duty or who suffer from a service-related disability may also be eligible.

  • Certificate of Eligibility

To demonstrate your eligibility for a VA loan, you must get a Certificate of Eligibility from the VA. This can be received from the VA or through a VA-approved lender.

  • Credit and Income

While VA loans have more flexible credit standards, lenders will still look at your credit history and income stability to assess your capacity to repay the loan.

  • Property Requirements

To guarantee that the property is safe, sanitary, and physically sound, it must meet the VA’s minimum property requirements (MPRs).

  • Jumbo Loans

Jumbo mortgages are non-conforming loans that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA) and the government-sponsored enterprises that buy and guarantee mortgages, Fannie Mae and Freddie Mac. In Miami Gardens, the conforming loan ceiling is $726,200. A jumbo loan exceeds that amount.

Advantages of a Jumbo Loan:

  • Financing Higher-Priced Properties

Jumbo mortgages enable borrowers to finance higher-priced properties that exceed conforming loan limitations, allowing them to buy luxury residences or properties in high-demand markets.

  • Flexibility in Loan Options

Jumbo loans provide loan structure flexibility, including fixed-rate and adjustable-rate alternatives, as well as a variety of payback terms.

  • Potential Tax Deductions

Depending on individual circumstances and local legislation, borrowers may be entitled to tax deductions on mortgage interest paid, potentially offering tax benefits.

Qualifying for a Jumbo Mortgage:

  • Higher Credit Score

Jumbo loans often have a higher credit score requirement than traditional loans. A good credit history and a credit score of 700 or better are preferred. Some lenders require a credit score of 740 or above to qualify.

  • Income and Assets

Lenders will examine your income and assets to ensure you have the financial resources to handle the more significant loan amount. Pay stubs, tax returns, bank statements, and investment account statements may be required.

  • Lower Debt-to-Income Ratio

To demonstrate their capacity to manage the higher loan amount, jumbo loan borrowers are often expected to have a lower debt-to-income ratio. This ratio compares your monthly debt payments to your monthly gross income. A DTI ratio of less than 43% is usually required.

  • Larger Down Payment

Jumbo mortgages may need a larger down payment than conventional loans. The exact amount will vary based on the lender and other conditions, but a down payment of 10% to 20% or more is typical.

  • Reserves

Lenders may require borrowers to have a particular amount of cash to cover several months’ worth of mortgage payments and other expenses. The typical reserve requirement for jumbo loans is six months; however, some lenders require 12 – 24 months in reserve.

  • Property Appraisal

A professional appraisal will be performed to evaluate the value of the financed property. Most jumbo loans necessitate a second appraisal report to justify the value.

  • Non-Qualified Mortgage Loans

Non-Qualified Mortgage (non-QM) loans are mortgage loans that don’t meet the Consumer Financial Protection Bureau’s (CFPB) qualified mortgage standards. These loans are frequently designed for borrowers with unusual financial circumstances or non-traditional income documentation.

It’s worth noting that specialized lenders frequently give non-QM loans with their own set of criteria and conditions. It’s best to deal with a mortgage lender specializing in non-QM loans in Miami Gardens, Florida, such as Capital Home Mortgage, to determine eligibility and understand non-qualified mortgage loans’ special terms and conditions.

Apply for a Home Loan in Miami Gardens

Working with Capital Home Mortgage gives you access to a reliable and knowledgeable mortgage lender who offers a variety of lending alternatives and individual services. Capital Home Mortgage’s mortgage industry expertise allows them to help clients through the loan process, delivering reasonable rates, flexible terms, and customized solutions to match individual needs. Their dedication to client satisfaction, openness, and effective communication provides a seamless and streamlined transaction, establishing them as a reliable partner for all mortgage-related needs.

Call (786) 589-7004 to speak with one of our Miami Gardens Home Loan Experts. You’ll be glad you did!

Why Miami Gardens 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

Miami Gardens 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
Miami Gardens Mortgage Programs

Miami Gardens Home Purchase

Thinking of Buying an Miami Gardens 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

Miami Gardens renovation home loans

Looking to Rehab an Miami Gardens 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

Miami Gardens FHA Home Loans

Great for 1st Time Miami Gardens 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

Miami Gardens VA Home Loans

100% Financing for Miami Gardens 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

Miami Gardens Conventional Home Loans

Flexibility for Miami Gardens 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

Miami Gardens Jumbo Home Loans

Miami Gardens 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

Miami Gardens USDA Home Loans

100% Miami Gardens 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

Miami Gardens Native American Home Loans

Miami Gardens 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

Miami Gardens Manufactured Home Loans

Great Alternative Miami Gardens Housing

Miami Gardens reverse mortgages

Your Miami Gardens 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

Miami Gardens Non QM Home Loans

Making Miami Gardens 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

Miami Gardens One Time Close mortgages

Build Your Miami Gardens 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

Miami Gardens Refinance Mortgage Loans

Miami Gardens 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

Miami Gardens Cash-out Home mortgages

Miami Gardens 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

Miami Gardens Florida Mortgage Team

Miami Gardens Mortgage Company Reviews

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