Capital Home Mortgage Palm Bay

Palm Bay home purchase loans

Home Purchase lender Palm Bay FLORIDA

Home Purchase Loans In Palm Bay

In the current market, prospective home buyers in Palm Bay, Florida, may anticipate a moderately competitive atmosphere. The median housing price had a decline of 1.5% in comparison to the preceding year. On average, residential properties in Palm Bay are sold within approximately 70 days from the time they are listed for sale. It is important to acknowledge that these trends have the potential to undergo significant changes; hence, it is advisable to seek guidance from a real estate expert to obtain the most up-to-date information.

Purchase Loan Programs in Palm Bay

Palm Bay residents seeking to purchase homes are presented with various home financing programs contingent upon their circumstances and specific needs. Included in this group are the following:

  • FHA Home Loans

The FHA home loan program in Palm Bay, Florida, is a mortgage initiative supported by the government, aiming to facilitate homeownership for those with low credit ratings and limited funds for down payments. The Federal Housing Administration (FHA) does not directly provide loans but functions as an insurer, incentivizing lenders to extend credit to borrowers who do not fit the criteria for conventional mortgages. One main benefit of an FHA loan is its low down payment requirement, typically as low as 3.5%. This feature substantially reduces the initial expenses for the purchaser.

An FHA loan often requires a smaller down payment and less of a credit score than a conventional mortgage. FHA loans may become more costly throughout the loan due to the upfront and yearly mortgage insurance fees that must be paid. Conversely, conventional mortgages have more stringent terms and conditions and may not require mortgage insurance if the borrower makes a 20% down payment or more.

The qualifications for an FHA loan in Palm Bay are similar to those in other parts of the country. Applicants must have a credit score of at least 580 for a 3.5% down payment and 500 for a 10% down payment. They must also have a consistent employment history, and the property they purchase must be their principal residence. Furthermore, the loan amount must be under the FHA lending restrictions for Brevard County, which includes Palm Bay.

The 2023 FHA loan limits in Palm Bay, Brevard County, are $472,030 for a single-family residence, $604,400 for a duplex, $730,525 for a triplex, and $907,900 for a quadplex.

  • Conventional Conforming Loans

A conventional home loan in Palm Bay, Florida, refers to a mortgage that lacks insurance or guarantee from a government body. However, the program is supported by private lenders and follows the criteria established by Fannie Mae and Freddie Mac, two government-sponsored enterprises. Conventional loans provide borrowers with a diverse range of term lengths and the option to choose between fixed-rate or adjustable-rate mortgages. Government-backed loans, like FHA loans, typically impose less stringent credit score and debt-to-income ratio standards and necessitate a smaller down payment than these loans.

Conventional mortgages in Palm Bay can be broken down into two major groups: conforming and non-conforming loans. Conforming loans follow the rules and limits Fannie Mae and Freddie Mac set for loans. Non-conforming loans, on the other hand, go over these limits or don’t meet other standards. Non-conforming loans are usually used for high-end homes or properties in highly competitive areas. Because lenders are taking on more risk, the interest rates may be higher.

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

  • VA Home Loans

The VA home loan program in Palm Bay, Florida, is specifically tailored to provide financial assistance to veterans, active-duty military members, and qualifying surviving spouses who wish to acquire a residential property. In contrast to conventional or FHA loans, VA loans are supported by the U.S. Department of Veterans Affairs, enabling lenders to provide more advantageous terms. One of the key features of a VA loan is its capacity to facilitate the acquisition of a residential property without requiring any down payment. Additionally, it is noteworthy that VA loans do not impose any requirement for private mortgage insurance (PMI).

VA loans in Palm Bay have several benefits over traditional mortgages. Among these are reduced interest rates, no need for a down payment, and no PMI. Regarding credit score requirements, VA loans are usually more relaxed. For veterans, a VA funding fee varies depending on the down payment and the type of veteran. When you get a conventional loan, you usually need a down payment of at least 5% to 20%. If the down payment is less than 20%, you may also need PMI. Also, they generally have stricter rules about credit and income.

The requirements for getting a VA home loan in Palm Bay are the same as those of the Department of Veterans Affairs. Those who want to apply must have good credit, enough income, and a valid Certificate of Eligibility (COE) that shows they are a veteran or belong to a veteran group. The borrower must also live in the property they are buying, and the loan amount must be at most the VA’s loan limits unless they make a down payment to cover the difference.

  • Construction Loans

A construction home loan in Palm Bay, Florida, is a distinct form of mortgage intended to provide financial support for constructing a newly built residence. In contrast to conventional residential mortgages, construction loans are temporary financial arrangements designed to fund the expenses associated with the construction or renovation of a residential property. The lender disburses the construction costs in periodic installments, referred to as “draws,” as the construction of the building advances. After the construction is finished, the borrower can either refinance the construction loan into a permanent mortgage or fully repay it.

There are two main types of construction loans in Palm Bay. These are the one-time close and the two-time close. A two-time close construction loan is made up of two different loans. The first loan pays for the building of the house, and then the borrower needs to get a new loan to pay off the construction loan. This means that there are two closings. This method lets you pick your own fixed mortgage terms, but it also puts the borrower at risk of interest rates changing and additional closing costs. But a one-time close construction loan combines the construction loan and the permanent mortgage into one loan that is closed all at once. This makes things easier and locks in the interest rate before the completion of the home construction. 

  • Jumbo Loans

In Palm Bay, Florida, a jumbo home loan is a mortgage larger than the Federal Housing Finance Agency (FHFA) limitations for loans that Fannie Mae or Freddie Mac will buy. These limits are different for each county and are changed every year. With a jumbo loan, you can buy a house that costs more than what a conventional loan will cover. Because jumbo loans are for more significant amounts, lenders see them as riskier. Because of this, they have stricter requirements for who can get them, like needing a better credit score, less debt-to-income ratios, and more significant down payments.

A jumbo loan is different from a conventional loan in that it can be used to finance more expensive homes. However, the interest rate is usually higher because the lender takes on more risk. Regarding conventional loans, the down payment can be anywhere from 5% to 20%. If the down payment is less than 20%, you must carry private mortgage insurance (PMI), but with jumbo loans, you usually need a down payment of at least 20% and can’t get PMI. Additionally, conventional loans follow the rules and loan limits set by Fannie Mae and Freddie Mac, but jumbo loans don’t because they are too big for these government-backed enterprises to buy. So, the lender who gave them to you holds on to them or sells them to other investors.

  • Non-Qualified Mortgage Loans

In Palm Bay, Florida, a mortgage that does not comply with the Consumer Financial Protection Bureau’s (CFPB) qualified mortgage rules is referred to as a non-qualified mortgage, or non-QM, loan. A mortgage is considered qualifying if it meets specific requirements, like having a loan duration of no more than 30 years, a debt-to-income ratio of no more than 43%, and no risky lending features like interest-only periods. Non-QM loans, conversely, do not adhere to these criteria, making them appropriate for borrowers with unusual sources of income, higher debt-to-income ratios, or looking for special loan features.

Non-QM loans give you more loan choices than conventional loans, but they usually cost more and come with higher risks for the borrower. Conventional loans typically follow the rules Fannie Mae and Freddie Mac set, and they usually have lower fees and interest rates. They are less risky, and their rules are straightforward. On the other hand, Non-QM loans can be structured differently and usually have higher interest rates to make up for the investor taking on more risk. Underwriting standards for these loans may be less strict, but the borrower’s ability to pay must be examined more closely. People who are self-employed, real estate investors, or have special financial situations may benefit from the flexibility of non-QM loans, even though they cost more than conventional loans.

Apply for a Home Purchase Loan in Palm Bay

Capital Home Mortgage Palm Bay offers a wide range of mortgage solutions to diverse needs, serving as a prominent Florida-based lender and servicer. Our team of mortgage experts possesses extensive knowledge and expertise in the field, enabling us to assist you in selecting the most suitable loan program that aligns with your financial constraints and specific requirements. Given the inherent uniqueness of each loan, our loan officers provide a range of tools, support, and adaptability to empower consumers in selecting the most suitable mortgage package. 

Call (561) 245-5434 to speak with a Palm Bay Home Loan Specialist.

Why Palm Bay 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

Palm Bay 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

Palm Bay 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

Palm Bay 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.

Palm Bay 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.

Palm Bay Mortgage Programs

Palm Bay Home Purchase

Thinking of Buying an Palm Bay 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

Palm Bay renovation home loans

Looking to Rehab an Palm Bay 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

Palm Bay FHA Home Loans

Great for 1st Time Palm Bay 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

Palm Bay VA Home Loans

100% Financing for Palm Bay 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

Palm Bay Conventional Home Loans

Flexibility for Palm Bay 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

Palm Bay Jumbo Home Loans

Palm Bay 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

Palm Bay USDA Home Loans

100% Palm Bay 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

Palm Bay Native American Home Loans

Palm Bay 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

Palm Bay Manufactured Home Loans

Great Alternative Palm Bay Housing

Palm Bay reverse mortgages

Your Palm Bay 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

Palm Bay Non QM Home Loans

Making Palm Bay 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

Palm Bay One Time Close mortgages

Build Your Palm Bay 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

Palm Bay Refinance Mortgage Loans

Palm Bay 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

Palm Bay Cash-out Home mortgages

Palm Bay 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

Palm Bay 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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