Capital Home Mortgage Miami

Miami home purchase loans

Home Purchase lender Miami

Home Purchase Loans In Miami

The Miami real estate market is presently robust, with home prices continuing to rise due to a lack of available properties, creating a seller’s market. In the next twelve months, the average property value in the Miami-Fort Lauderdale-West Palm Beach metropolitan area will increase by 7.4%. Nevertheless, the market is anticipated to stabilize as its growth rate declines. The US economy also exhibits indications of a “soft landing” and a 20% possibility of recession. Therefore, prospective homebuyers should anticipate price increases and closely monitor economic trends.

Purchase Loan Options in Miami

Miami home buyers have plenty of options when financing a home purchase. The most common among them are the following:

  • Conventional Loans

In Miami, Florida, a conventional mortgage is a home loan not backed by the federal government. Usually originated by private sector lenders, these loans may be sold to organizations such as Freddie Mac and Fannie Mae on the secondary market. Borrowers seeking conventional mortgages are typically subject to tighter credit standards, bigger down payments, and potentially higher interest rates than those for government-backed loans like FHA or VA loans.

Conforming and non-conforming loans are the two types of conventional mortgages. Conforming loans follow Fannie Mae and Freddie Mac’s rules and requirements, including loan restrictions and underwriting procedures. On the other hand, non-conforming loans do not satisfy these criteria because the loan size exceeds the limits imposed by Fannie Mae and Freddie Mac. Because of the lower risk associated with following standardized measures, conforming loans often have slightly lower interest rates than non-conforming loans. Lower interest rates, a range of term lengths, and lower down payment requirements are all possible features of a conventional conforming loan in Miami. Eligibility typically entails a high credit score, a steady income, and a 20% down payment.

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

  • FHA Loans

The Federal Housing Administration, under the jurisdiction of the United States Department of Housing and Urban Development (HUD), insures FHA mortgages as home loans. Particularly in Miami, Florida, an FHA mortgage can be an alternative to conventional home loans for those who do not satisfy the conventional loans’ stringent credit or down payment requirements. This loan backed by the government has generally more lenient requirements, making it accessible to a broader spectrum of individuals.

The primary distinction between conventional and FHA loans rests in their backing and eligibility requirements. Private-sector lenders support conventional loans and typically necessitate higher credit scores, generally at least 620. On the other hand, FHA loans are accessible to applicants with credit scores as low as 580, making them a more accessible option for those with imperfect credit histories. FHA loans typically require a smaller down payment, sometimes as low as 3.5%, and may have more lenient mortgage insurance requirements. Among other factors, a minimum credit score of 580 and a stable income would typically be required to qualify for an FHA loan in Miami.

The 2023 FHA loan limits in Miami, Dade 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 Loans

A Miami, Florida, VA mortgage is a particular type of home loan supported by the Department of Veterans Affairs in the United States. These loans, primarily intended for veterans, active-duty military members, and certain types of spouses, provide several advantages over traditional mortgages. With their frequently lower interest rates and lack of mortgage insurance requirements, they offer qualified people an affordable route to homeownership.

Qualification standards, down payments, and interest rates are the main distinctions between a conventional and a VA loan. A minimum credit score of 620 is often required for conventional loans, and if the down payment is less than 20%, mortgage insurance may be required. On the other hand, VA loans have more accommodating qualifying requirements and don’t require a down payment or mortgage insurance. 

VA loans can provide borrowers with the option of either fixed or adjustable interest rates, although they are only intended to finance primary dwellings. The advantages of this arrangement include the absence of a down payment, reduced interest rates, and the elimination of mortgage insurance. Eligibility for this program is generally extended to individuals who have served in the military, including veterans and active-duty people, as well as specific kinds of spouses. In many cases, it is typically required to have a FICO score of 580 or higher and meet specific income requirements.

  • USDA Loans

In Miami, Florida, a USDA mortgage is intended to help low-income borrowers become homeowners, particularly in rural or qualified suburban regions. USDA loans, which the U.S. Department of Agriculture manages, give people a chance to own a home even though they might not be eligible for other mortgage loans. USDA-Direct loans and USDA-Guaranteed loans are the two main categories of these loans.

The primary difference between USDA-Direct and USDA-Guaranteed loans is the institution that finances the loan. The USDA serves as the lender in the instance of USDA Direct. On the other hand, USDA-guaranteed loans are issued by private mortgage lenders but are guaranteed by the USDA, lowering the lender’s risk.

There are numerous features and benefits associated with USDA-guaranteed loans, including the possibility of 100 percent financing. However, mortgage insurance is required for these loans. The eligibility requirements typically include income restrictions that are usually higher than those for USDA-Direct loans. In addition to meeting USDA’s minimum property requirements, the property to be purchased should be a principal residence in a rural or eligible suburban area.

  • Jumbo Loans

A jumbo mortgage is a home loan in Miami, Florida that exceeds the conforming loan restrictions imposed by the Federal Housing Finance Agency (FHFA). Because these loans do not meet the conforming loan requirements, they are characterized as “nonconforming” and are typically not supported by Fannie Mae or Freddie Mac. Jumbo loans allow homebuyers to purchase properties with high purchase prices that are out of reach for standard conforming loans.

The significant distinction between a jumbo mortgage and a regular conforming loan is the size of the loan and the organizations that back it. Conforming loans have terms and conditions that fulfill Fannie Mae and Freddie Mac standards, whereas jumbo loans do not. As a result, eligibility criteria, interest rates, and down payment requirements vary. Jumbo loans in Miami, for example, frequently need a larger down payment, typically 10% or more, and may have higher interest rates. 

  • Construction Loans

A construction loan in Miami, Florida, is a specialized financial instrument used to finance the costs associated with the construction or renovation of a property. In contrast to conventional mortgages, construction loans are typically short-term facilities that cover the costs associated with building or renovating a property. The loans are usually disbursed in installments, commonly called “draws,” contingent upon achieving specified construction milestones. Upon completion of construction, these loans must be repaid or converted into permanent mortgages.

There is a significant distinction between regular construction loans and construction-to-permanent loans. The former only covers construction costs and must be repaid or refinanced once the project is finished. In contrast, construction-to-permanent loans facilitate the process by combining the construction loan and permanent mortgage into one financial product. This entails that the borrower applies for a single loan, which converts to a permanent mortgage after construction is complete, frequently on more favorable terms.

One-time close construction loans, also called construction-to-permanent loans, have a streamlined closing procedure. Typically, a down payment of 20% for loans up to $1.5 million and 30% for loans up to $3 million is required for these loans in Miami. There are fixed-rate options available for both primary and secondary residences. The one-time close feature enables a single closing event, saving the borrower time and closing costs. Once construction is complete, the construction loan promptly converts into a permanent mortgage, eliminating the need for additional paperwork or a second closing.

  • Non-Qualified Mortgage Loans

In Miami, Florida, a non-qualified mortgage (non-QM) is a home loan that does not meet the Consumer Financial Protection Bureau’s (CFPB) qualified mortgage criteria. Non-QM loans, in contrast to qualifying mortgages, may lack consumer protection provisions and accommodate borrowers with irregular income or credit events such as bankruptcy or foreclosure.

The primary difference between a non-QM loan and a regular conforming loan is their adherence to government guidelines. A conventional conforming loan adheres to Fannie Mae and Freddie Mac funding conditions, including loan restrictions specified by the Federal Housing Finance Agency (FHFA). Non-QM loans, on the other hand, fall outside of these guidelines and are frequently seen as riskier. They may require larger down payments and have higher interest rates.

Apply for a Miami Home Purchase Loan

Before picking the best home loan, it’s crucial to think about your long-term goals and current financial situation. Each type of loan has its own pros and cons. Getting help from a mortgage expert is highly recommended to successfully complete the mortgage process and reach the best outcome for your unique situation.

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

Why Miami 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 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 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 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 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 Mortgage Programs

Miami Home Purchase

Thinking of Buying an Miami 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 renovation home loans

Looking to Rehab an Miami 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 FHA Home Loans

Great for 1st Time Miami 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 VA Home Loans

100% Financing for Miami 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 Conventional Home Loans

Flexibility for Miami 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 Jumbo Home Loans

Miami 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 USDA Home Loans

100% Miami 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 Native American Home Loans

Miami 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 Manufactured Home Loans

Great Alternative Miami Housing

Miami reverse mortgages

Your Miami 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 Non QM Home Loans

Making Miami 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 One Time Close mortgages

Build Your Miami 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 Refinance Mortgage Loans

Miami 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 Cash-out Home mortgages

Miami 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 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

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