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Mortgage Lender Palm Coast Florida

Home Loans In Palm Coast

Palm Coast is a city in Flagler County. It is the most populous city in Flagler County. Palm Coast is part of the Deltona-Daytona Beach-Ormond Beach, FL, metropolitan statistical area (MSA).

Palm Coast’s real estate market is somewhat competitive. Palm Coast’s median home sale price was $361K, up 0.4% from the previous year. Palm Coast’s typical sale price per square foot is $197, up 1.5% from last year.

Home Loan Programs in Palm Coast

Several mortgage loan options are available for home buyers in Palm Coast, each with unique benefits to accommodate different financial needs and situations.

  • FHA Home Loans

FHA home loans are mortgages insured by the Federal Housing Administration. They are widespread in Palm Coast, Florida, especially among first-time home buyers. This type of loan is only available through FHA-approved lenders, and an FHA-approved appraiser must appraise the property. FHA-approved condos, townhomes, and walk-ups are also available.

The advantages of FHA loans in Palm Coast include the following:

  • Low Down Payments

The lower down payment requirement is one of the most significant advantages of an FHA loan. The minimum down payment for an FHA loan is typically 3.5%, lower than the 5% required for many other types of loans, such as conventional loans.

  • Lenient Credit Score Requirements

FHA loans have lower credit score criteria than conventional loans. Borrowers with a credit score of 580 or above are qualified for the 3.5% down payment. With a credit score as low as 500 and a down payment of 10%, you may be eligible for an FHA loan.

  • Flexible Debt-to-Income Ratios

If you have significant outstanding debt, FHA loans may be more forgiving. Monthly housing and other debt payments for conventional loans cannot exceed 36% of your income. On the other hand, FHA loans may permit a higher debt-to-income ratio of 45%. A higher DTI ratio of 50% may be allowed with compensating factors.

The FHA loan limit in 2023 for Palm Coast, Flagler County is $472,030 for a one-unit property, $604,400 for a duplex, $730,525 for a triplex, and $907,900 for a fourplex, respectively.

While FHA loans offer significant benefits, they may only be appropriate for some. Other types of loans may be more suitable for your unique financial circumstances and home-buying goals.

  • VA Home Loans

VA home loans are mortgages offered to qualifying service members, veterans, and their spouses. They are available in Palm Coast, Florida, among other places, and provide several significant advantages over different types of mortgages.

Some of the key benefits of VA home loans include the following:

  • No Down Payment

VA loans do not require a down payment, making them an attractive option for borrowers who may have difficulty saving for a conventional mortgage’s down payment.

  • No Private Mortgage Insurance (PMI)

Unlike many other types of mortgages, VA loans do not require PMI. PMI is typically required for mortgages with a down payment of less than 20% of the home’s value; however, VA loans waived this requirement.

  • Multiple Use

You can apply for a VA home loan numerous times as long as you are eligible.

  • Flexible Credit Score Requirements

VA loans can be obtained with credit ratings as low as 580, allowing those who may not qualify for other types of mortgages to receive financing.

The VA home loan program intends to assist veterans, service members, and qualified surviving spouses in achieving homeownership when they otherwise would not be able to. However, as with any loan, borrowers should thoroughly examine a VA loan’s eligibility requirements and terms to verify that it best fits the individual’s financial circumstances.

  • USDA Home Loans

USDA home loans, which the United States Department of Agriculture guarantees, are mortgages meant for low to moderate-income homeowners in rural locations such as Palm Coast, Flagler County, Florida.

Here are some of the significant benefits of USDA home loans over other types of home loans:

  • No Down Payment

One of the most noticeable advantages of USDA mortgages is that they provide 100% financing, allowing you to purchase a home with no money down.

  • Flexible Credit Score Requirements

Compared to traditional mortgage products, USDA home loans have more liberal credit score guidelines. This can be especially useful for first-time homeowners with low credit ratings who may not qualify for other types of home loans.

  • Low Interest Rates

USDA loans have low-interest rates, making them an attractive option for many homebuyers.

  • Geographic Flexibility

Contrary to common belief, USDA loans are for more than properties in undeveloped areas. In many circumstances, USDA-approved properties can be found outside large cities, giving homebuyers a broader selection of choices.

  • Conventional Loans

Conventional loans are mortgages that any government agency, such as FHA or VA, does not insure. These loans generally meet the requirements established by the Federal Housing Finance Agency (FHFA) and the down payment and income limits set by Fannie Mae and Freddie Mac.

Conforming and non-conforming conventional loans are the two categories of conventional loans. Conforming loans adhere to Fannie Mae and Freddie Mac’s loan limit rules. For one-unit properties in Palm Coast in 2023, the maximum conforming loan limit is $726,200 for a single-family residence, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a fourplex. 

Non-conforming loans, such as jumbo loans, go over these limits and are primarily funded by private financial institutions.

Conventional loans have various advantages over other types of home loans:

  • Flexibility

Conventional loans can be used for various property types and are available with multiple term lengths (e.g., 15, 20, 30 years), allowing borrowers flexibility.

  • Higher Loan Limits

As previously stated, conventional loans have higher loan limits than FHA loans.

  • Applicability

Conventional loans are available to a larger pool of potential homeowners since they are not restricted by requirements such as military service (VA loans) or rural/semi-rural areas (USDA loans).

Despite these benefits, conventional loans may have more stringent credit and down payment requirements than government-backed loans. Each loan type has its own advantages and disadvantages, so borrowers must become acquainted with all possibilities to make an informed decision.

  • Jumbo Loans

A jumbo mortgage, also referred to as a jumbo loan, is a mortgage that exceeds the Federal Housing Finance Agency’s (FHFA) conforming lending limits. In Palm Coast, Florida, the cap for a single-family unit in 2023 is $726,200. Any loan amount over this limit is classified as a jumbo mortgage.

Jumbo mortgages have various advantages over other types of mortgages, including the following:

  • Financing for High-Priced Homes

Jumbo loans are necessary for purchasing pricey residences that surpass conforming loan limitations. They let purchasers finance a home with a single loan, which might be more convenient than using multiple loans.

  • Variety of Property Types

Jumbo loans can be utilized to purchase a variety of properties. While eligibility varies, different types of homes can generally qualify for a jumbo mortgage.

  • Competitive Interest Rates

Although jumbo loans typically have slightly higher interest rates due to the extra risk associated with higher loan amounts, rates can be competitive or even lower than conforming loans under particular market conditions.

Borrowers should be warned, however, that jumbo loans come with stringent criteria. Lenders frequently need a low debt-to-income ratio, a good credit score, and a more significant down payment than conforming loans. The specifics will vary depending on the lender and loan details, but these loans are frequently best suited for borrowers with high income, little to no debt, and excellent credit history.

Apply for a Home Loan in Palm Coast

Capital Home Mortgage is a mortgage company that offers several prospective benefits. We offer a variety of mortgage products to accommodate a variety of requirements and circumstances. We offer competitive interest rates and a more streamlined approval procedure than other lenders. Our Palm Coast Home Loan Specialists provide a more personalized service, guiding borrowers through the loan application process and recommending the best loan option for the borrower’s specific requirements.

Call our Palm Coast Home Loan Experts at (407) 794-9698 to learn about the various home loan options for your home purchase requirements.

Why Palm Coast 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 Coast 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 the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness
Palm Coast Mortgage Programs

Palm Coast Home Purchase

Thinking of Buying an Palm Coast 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 Coast renovation home loans

Looking to Rehab an Palm Coast 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 Coast FHA Home Loans

Great for 1st Time Palm Coast 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 Coast VA Home Loans

100% Financing for Palm Coast 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 Coast Conventional Home Loans

Flexibility for Palm Coast 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 Coast Jumbo Home Loans

Palm Coast 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 Coast USDA Home Loans

100% Palm Coast 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 Coast Native American Home Loans

Palm Coast 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 Coast Manufactured Home Loans

Great Alternative Palm Coast Housing

Palm Coast reverse mortgages

Your Palm Coast 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 Coast Non QM Home Loans

Making Palm Coast 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 Coast One Time Close mortgages

Build Your Palm Coast 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 Coast Refinance Mortgage Loans

Palm Coast 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 Coast Cash-out Home mortgages

Palm Coast 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 Coast Florida Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

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