Capital Home Mortgage Miramar

Miramar home purchase loans

Home Purchase lender Miramar Florida

Home Purchase Loans In Miramar

The housing market in Miramar, Florida, exhibits a moderate level of competitiveness. The data indicates a significant increase of 16.6% in home prices compared to the preceding year. Additionally, the average duration for a home sold in the market is approximately 44 days. Nevertheless, there has been a decline in the number of residential properties sold compared to the preceding year. Prospective buyers should be advised to anticipate a seller’s market and the possibility of receiving several bids on properties.

Purchase Loan Programs in Miramar

Prospective home buyers in Miramar, Florida, have access to a variety of financing options. Several commonly employed mortgage lending programs are regularly applied, which are as follows:

  • FHA Home Loans

A Federal Housing Administration (FHA) home loan is a type of mortgage insurance the federal government provides. It is aimed at assisting first-time and lower-income homebuyers in meeting their mortgage requirements. Because they have more lax lending requirements than conventional loans, FHA loans have become more prevalent in Miramar, Broward County, Florida, and other regions. Instead of making direct loans, the FHA insures loans from approved lenders, lowering the risk to the lender and facilitating better credit terms for applicants.

Eligibility for an FHA loan in Miramar is generally determined by a credit score of at least 580, a two-year job history, and a Debt-to-Income ratio (DTI) of no more than 45%. The benefits of getting an FHA loan include a lower credit score and down payment criteria, making it more accessible to a broader spectrum of customers. FHA loans also permit gift funds from family members as a down payment, and they frequently have cheaper closing costs. These features make FHA loans an intriguing option for first-time homeowners, those with less-than-perfect credit, or those with little down payment savings.

The 2023 FHA loan limits in Miramar, Broward 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.

  • Conventional Home Loans

Unlike government-backed loans such as FHA, VA, or USDA loans, a conventional mortgage is not insured or guaranteed by the federal government. Conventional loans are accessible through several lenders in Miramar, Broward County, Florida, and can be used to purchase single-family homes, multi-family homes, and even investment property. Compared to government-backed loans, they typically require a higher credit score of 620, a larger down payment, and more stringent qualification requirements. The rules established by government-sponsored enterprises Freddie Mac and Fannie Mae impact these loans’ fundamental terms and circumstances.

Conforming and non-conforming loans are the two fundamental classifications of conventional loans. A conventional conforming loan adheres to the standards established by Fannie Mae and Freddie Mac, which encompass requirements such as loan limits. Conversely, non-conforming loans exceed the loan limits or deviate in some other way from the prescribed guidelines. Individuals seeking higher-value properties frequently apply for these loans, which, by their elevated risk profile, typically carry higher interest rates and more stringent eligibility criteria.

The 2023 conforming loan limits in Miramar, Broward County, are $726,200 for a one-unit property, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a quadplex.

  • VA Home Loans

A VA home loan in Miramar, Florida, is a mortgage loan guaranteed by the United States Department of Veterans Affairs (VA). It is intended to provide qualifying American veterans or their surviving spouses with long-term financing options. This financing program is designed to help veterans buy a home by offering incentives such as no down payment, no private mortgage insurance (PMI), and reasonable interest rates. Because the VA guarantees the loan, lenders usually have better terms than traditional home loans.

The primary distinctions between a VA home loan and a regular home loan are the eligibility criteria, down payment, and mortgage insurance. While conventional loans are available to the general public and usually require a down payment, VA loans are only available to veterans, active-duty military personnel, and certain National Guard and Reserves members. Furthermore, VA loans do not require PMI, sometimes required for conventional loans, unless a 20% down payment is made. This leads to cheaper monthly payments for qualified people for a VA loan.

To qualify for a VA home loan, it is necessary to satisfy specific service criteria established by the Department of Veterans Affairs. In general, eligibility for many benefits necessitates a minimum duration of active duty, such as 90 consecutive days during periods of armed conflict or 181 days during periods of peace. Members of the National Guard or Reserves must have at least six years of service unless they have been activated for active duty, in which case the above regulations are applicable. To initiate the loan application process, it is necessary to possess a Certificate of Eligibility (COE), which serves as a prerequisite. Also, lenders may impose supplementary conditions, such as credit score and income level, to obtain loan approval.

  • Construction Loans

A construction home loan is an interim, short-term financing instrument intended to finance a new residence’s construction. Construction loans, as opposed to conventional mortgage loans, which invest in purchasing pre-existing homes, provide financing for property acquisition and the construction phase. Generally, these loans carry no interest charges. At the same time, the structure is being built and repaid to the contractor in installments called “draws” by completing different construction phases. Borrowers have the option of refinancing the construction loan into a conventional mortgage or repaying it in full once the property has been constructed.

A construction-to-permanent loan is distinguished from a regular two-time close construction loan as one of the principal classifications of construction housing loans. A two-time close construction loan entails paying two distinct closing costs for two separate loans. Once the project is fully completed, the initial loan is utilized to finance the construction expenses and must be refinanced into a conventional mortgage loan. The fact that each loan is independently approved and closed allows renegotiating terms; however, this frequently comes at the cost of additional time and closing expenses. On the other hand, a construction-to-permanent loan consolidates the entire procedure into a solitary loan and closing. Once construction is complete, this type of loan automatically transforms from a construction loan to a conventional mortgage loan, sparing the borrower time and money on additional closing procedures.

Despite the simplicity of one-time close construction loans, it’s important to remember that they’re less flexible than two-time close loans. Borrowers are committed to the terms agreed upon at the outset, including interest rates, which may be detrimental if market conditions improve. Regardless of the chosen type, borrowers must carefully examine the loan terms, interest rates, fees, and draw schedule to verify that they align with their financial circumstances and building timeframe.

  • Jumbo Loans

A jumbo home loan is a type of mortgage financing used to buy or refinance properties that exceed the conforming loan limits imposed by the Federal Housing Finance Agency (FHFA). The Miramar conforming loan ceiling for 2023 is $726,200; any loan over $726,200 for a single-family home in Miramar is deemed a jumbo loan. Because these loans are not eligible for purchase, guarantee, or securitization by Fannie Mae or Freddie Mac, lenders view them as riskier, and they typically have stricter eligibility standards and higher interest rates than conventional loans.

The fundamental distinction between a jumbo and a conventional conforming loan is in the loan limits and qualifying requirements. Conventional loans are underwritten by norms established by government-sponsored enterprises, Fannie Mae and Freddie Mac, making them less risky for lenders and allowing for more flexible qualification criteria. Because these loans may be sold on the secondary mortgage market, they are more liquid, resulting in lower interest rates for borrowers. On the other hand, Jumbo loans are more challenging to sell on the secondary market, resulting in higher interest rates and stricter underwriting standards to compensate lenders for the increased risk.

Jumbo loan eligibility standards are considerably more demanding than conventional loan eligibility requirements. Borrowers frequently need a higher credit score, typically 700 or above. Lenders may also want a smaller debt-to-income ratio, higher cash reserves, and a larger down payment, often between 15% and 20%. Furthermore, because Fannie Mae or Freddie Mac does not guarantee jumbo loans, borrowers may have fewer lending options and expect comprehensive financial examination during application.

  • Non-Qualified Mortgage Loans

A non-qualified mortgage (Non-QM) is a home loan that does not comply with the Consumer Financial Protection Bureau’s (CFPB) Ability-to-Repay and Qualified Mortgage Rule. While these mortgages are still subject to various federal and state lending requirements, they provide greater flexibility in underwriting criteria, allowing them to cater to applicants who do not fit the usual financial model. Non-QM loans in Miramar, Florida, offer an alternate road to homeownership for people with unusual income, larger debt-to-income ratios, or imperfect credit ratings.

There are several types of Non-QM loans, each with unique features tailored to meet specific borrower profiles. 

    • Interest-Only Loans – Borrowers can pay only the interest for a set period of time, resulting in lower initial monthly payments but more significant long-term costs. 
    • Stated Income Loans – appeal to self-employed or freelance workers, rely on a verbal or written statement for income verification rather than standard paperwork. 
    • Bank Statement Loans – which use bank statements as proof of income. 
    • Asset Depletion Loans – use a borrower’s total liquid assets as a revenue source for loan qualification. 

Each of these loan kinds often needs a larger down payment and higher interest rates to compensate for the lender’s risk.

Due to their deviation from standard federal underwriting guidelines, Non-QM loans expose lenders to increased risk. As a result, they frequently carry less favorable terms than Qualified Mortgages, including higher interest rates and larger down payments. Before deciding on this type of mortgage, borrowers in Miramar, Florida,  must comprehensively understand the characteristics and ramifications of Non-QM loans and balance them against their financial circumstances.

Apply for a Home Purchase Loan in Miramar

Capital Home Mortgage aims to streamline and enhance the home-buying experience, ensuring a seamless and enjoyable process for prospective buyers. Our organization provides a comprehensive range of mortgage services, encompassing various mortgage options, alongside a commitment to delivering exceptional customer service that sets industry standards.

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

Why Miramar 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

Miramar 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

Miramar 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

Miramar 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.

Miramar 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.

Miramar Mortgage Programs

Miramar Home Purchase

Thinking of Buying an Miramar 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

Miramar renovation home loans

Looking to Rehab an Miramar 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

Miramar FHA Home Loans

Great for 1st Time Miramar 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

Miramar VA Home Loans

100% Financing for Miramar 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

Miramar Conventional Home Loans

Flexibility for Miramar 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

Miramar Jumbo Home Loans

Miramar 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

Miramar USDA Home Loans

100% Miramar 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

Miramar Native American Home Loans

Miramar 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

Miramar Manufactured Home Loans

Great Alternative Miramar Housing

Miramar reverse mortgages

Your Miramar 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

Miramar Non QM Home Loans

Making Miramar 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

Miramar One Time Close mortgages

Build Your Miramar 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

Miramar Refinance Mortgage Loans

Miramar 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

Miramar Cash-out Home mortgages

Miramar 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

Miramar 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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