Capital Home Mortgage Miami Gardens

Miami Gardens home purchase loans

Home Purchase lender Miami Gardens Florida

Home Purchase Loans In Miami Gardens

Prospective homebuyers in the Miami Gardens, Florida, region should anticipate a market characterized by a moderate level of competitiveness. Although the dynamics may exhibit variations compared to other Florida cities, it is noteworthy that the average value of residential properties in Miami Gardens has also shown substantial year-over-year growth. Properties are typically sold within a similar timeframe, underscoring the importance for purchasers to be adequately prepared before engaging in the market.

Purchase Loan Programs in Miami Gardens

  • Conventional – Conforming Loans

A conventional mortgage in Miami Gardens can be defined as a type of home loan that lacks federal government guarantees or insurance. Commercial lenders support these loans and adhere to the rules established by Government-Sponsored Enterprises (GSEs) such as Fannie Mae and Freddie Mac. These loans frequently offer attractive interest rates and reduced expenses compared to government-backed loans, such as FHA or VA loans.

The two main classifications of conventional mortgages are conforming and non-conforming loans. Conforming loans are characterized by their adherence to borrowing limitations and specific underwriting procedures established by government-sponsored enterprises (GSEs). On the other hand, non-conforming loans beyond these established thresholds and are commonly referred to as jumbo loans. Lenders perceive these loans as riskier and frequently accompany them with elevated interest rates.

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

To meet the eligibility requirements for a conforming conventional mortgage in Miami Gardens, prospective borrowers generally must possess a minimum credit score of 620, demonstrate a stable employment history, and maintain a debt-to-income ratio that does not exceed 45%. Typically, it is expected that a minimum down payment of 3 – 5% is made, although opting for a 20% down payment may eliminate the need for private mortgage insurance (PMI).

  • FHA Home Loans

FHA mortgages in Miami Gardens are underwritten by the Federal Housing Administration, an agency of the U.S. Department of Housing and Urban Development (HUD), providing insurance for these loans. Conventional loans are typically associated with more stringent qualification criteria, whereas these loans often exhibit more lenient qualification requirements.

One notable distinction between FHA and conventional loans lies in the origin of financial support and the requirements for qualification. Federal Housing Administration (FHA) loans typically require lower credit scores and reduced down payment requirements. To meet the eligibility criteria for an FHA loan in Miami Gardens, borrowers often need a minimum credit score of 580. They are generally required to provide a down payment as low as 3.5%.

The 2023 FHA loan limits in Miami Gardens are $557,750 for a one-unit property, $714,000 for a two-unit home, $863,100 for a three-unit property, and $1,072,600 for a four-plex.

  • VA Home Loans

VA mortgages in Miami Gardens are accessible to anyone who has served in the military, including military veterans, active-duty service members, and qualifying spouses. The U.S. Department of Veterans Affairs backs these loans. It provides a range of advantages, such as the option for minimal or no initial payments and reduced closing costs associated with the completion of the loan.

The primary focus of the qualifying criteria for a VA home loan is on individuals who have served in the U.S. military, including active service members, veterans, and specific eligible spouses. In general, it is required for active-duty military members to have a minimum of 90 consecutive days of service during periods of armed conflict, sometimes referred to as wartime, or 181 days during periods of relative peace, known as peacetime. To be eligible, veterans need to fulfill comparable service criteria. Typically, National Guard and Reserve personnel must complete at least six years of duty. To verify one’s service history and duration, it is usually necessary to get a Certificate of Eligibility (COE). Additional factors to be taken into account may encompass credit score and income levels, but these criteria are typically more forgiving compared to other loan categories.

  • Construction Loans

Construction loans offer financial assistance to anyone interested in constructing a new residence in Miami Gardens, encompassing funding for the acquisition of land and the expenses associated with the construction process. There are two primary categories of construction loans that can be obtained: Two-Time Close and One-Time Close. The concept of a Two-Time Close loan entails the execution of two distinct transactions, whereas a One-Time Close loan consolidates these transactions into a singular event.

The main advantage of a construction-to-permanent loan lies in its simplicity and cost-efficiency, as it consolidates the financing for both the construction phase and the permanent mortgage into a singular loan, thereby streamlining the closing process. The aforementioned streamlined technique enables borrowers to obtain their mortgage interest rate in advance, resulting in a reduction of closing costs through the consolidation of two distinct loans into a single one. Furthermore, it removes the necessity of re-qualifying for a mortgage after construction.

  • Jumbo Loans

Jumbo loans refer to mortgage loans that exceed the established conforming loan limits. These loans offer borrowers increased financial flexibility; however, they are subject to more stringent eligibility restrictions, such as a minimum credit score of 720 and elevated down payment obligations.

One of the primary benefits associated with a jumbo home loan is the ability to enable borrowers to finance properties beyond the predetermined loan limits established by government-sponsored enterprises Fannie Mae and Freddie Mac. This facilitates the acquisition of homes with a higher market value in affluent areas without requiring the depletion of personal assets for a substantial down payment. Jumbo loans enable the acquisition of high-value properties by providing one large loan amount, streamlining the process of purchasing luxury residences.

  • Non-Qualified Mortgage Loans

Non-qualified mortgage (Non-QM) loans in Miami Gardens provide borrowers with enhanced flexibility, catering to individuals who fail to satisfy conventional lending standards. These loans can cater to individuals with poorer credit ratings, alternative methods of income verification, and larger ratios of debt-to-income.

Non-QM loans have more flexible underwriting rules and can accommodate borrowers who do not match the rigorous criteria for conventional loans. Alternative income verification procedures are possible, as is a tolerance for lower credit ratings and larger debt-to-income ratios. These loans may also offer interest-only payment alternatives or a loan structure with a balloon payment. Non-QM loans handle many borrower situations that conventional loans may not.

Apply for a Home Purchase Loan in Miami Gardens

Various mortgage solutions are accessible to cater to the varied needs of individuals interested in acquiring a residence in Miami Gardens. For further information, please contact our Home Loan Specialist in Miami Gardens at (786) 589-7004.

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 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

Miami Gardens 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.

Miami Gardens 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.

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

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Jordan Mowrey

SR Loan Officer
NMLS 210325

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