Capital Home Mortgage Palm Coast

Palm Coast home purchase loans

Home Purchase lender Palm Coast Florida

Home Purchase Loans In Palm Coast

Home buyers in Palm Coast, Florida, might expect a somewhat competitive atmosphere in the present housing market. The median sale fell 5.8% from the previous year. Homes usually are on the market for 49 days, with a sale-to-list price ratio of around 97.8%. Despite the price drop, the number of properties sold has increased by 1.4% over the previous year. As a result, prospective property buyers should brace themselves for a market that is evenly divided between buyers and sellers.

Purchase Loan Programs in Palm Coast

Various appealing financing options are available to Palm Coast, Florida, homebuyers. Some of the most popular types of mortgages are as follows:

  • Conventional Loan

A conventional mortgage is not insured or guaranteed by the federal government, as opposed to loans from the Federal Housing Administration (FHA), Veterans Affairs (VA), or the Agriculture Department (USDA). Instead, conventional loans are made available through private lenders such as banks, credit unions, and mortgage companies, and Fannie Mae or Freddie Mac securitizes them. These government-sponsored enterprises set specific conditions for the loans they buy from lenders.

Palm Coast conventional mortgages can be conforming or non-conforming. Conforming loans adhere to Fannie Mae or Freddie Mac’s maximum loan limitations and additional guidelines such as loan-to-value (LTV) ratio, credit score and history, and financial paperwork requirements. The conforming loan limit for a single-family residence is determined annually by the Federal Housing Finance Agency (FHFA). Non-conforming loans, on the other hand, exceed these restrictions or fail to fulfill additional standards, making them ineligible for purchase by Fannie Mae or Freddie Mac.

The 2023 conforming loan limits in Palm Coast, Flagler County, 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.

  • FHA Loan

The Federal Housing Administration (FHA) is a section of the Department of Housing and Urban Development (HUD) that oversees government-insured home loans. This loan type is intended to reduce the challenges to homeownership by requiring a lower down payment and being more liberal with credit score standards. FHA loans are a popular option for first-time homeowners in Palm Coast, Florida, and throughout the country.

Borrowers must meet specific criteria to qualify for an FHA loan in Palm Coast. First, they must have a valid Social Security number, be legal residents of the United States, and be of legal signing age in Florida. They must also intend to live in the home as their primary residence, consistent with the FHA’s purpose of encouraging homeownership. Borrowers with credit scores between 500 and 579 may still qualify for a 10% down payment. Borrowers with a credit score of at least 580 only require a 3.5% down payment. The property must also fulfill HUD safety, soundness, and security criteria and pass an FHA appraisal.

Furthermore, the borrower’s front-end debt-to-income (DTI) ratio should not exceed 31% of their gross income, though this can sometimes be greater if other compensating elements are present. The total debt should be at most 45% of gross income in the back-end DTI ratio. Borrowers in Palm Coast should also be aware that FHA loans require them to pay upfront and annual mortgage insurance fees, safeguarding the lender if the borrower defaults.

The 2023 FHA loan limits in Palm Coast, Flagler County, are $472,030 for a one-unit property, $604,400 for a duplex, $730,525 for a triplex, and $907,900 for a four-plex.

  • VA Loan

A VA mortgage is a home financing program developed by the US Department of Veterans Affairs to help active-duty military members, veterans, and their surviving spouses purchase a home. The VA loan program is highly beneficial to qualified people because it requires no down payment, does not require private mortgage insurance, and has competitive interest rates. The program also contains refinancing provisions and has lower credit requirements than conventional mortgages. This type of mortgage in Palm Coast, Florida, aligns with the VA’s broader goals of providing stable housing options for people who have served the country.

Eligibility requirements for a VA loan in Palm Coast adhere to the Department of Veterans Affairs’ established nationwide guidelines. Prospective borrowers must have good credit, enough income to cover their monthly expenses, and a valid Certificate of Eligibility (COE). The COE evaluates the length and nature of service, confirming that the applicant meets the service duration requirements, which vary depending on whether they served during war or peacetime with the National Guard or as reservists. Furthermore, while the VA does not specify a minimum credit score, private lenders in Palm Coast may have their own, often requiring a credit score of 620 or higher. To ensure the applicant can afford the home loan, lenders will look at the borrower’s debt-to-income ratio and residual income (the amount of money left over after all monthly bills are paid). Finally, the property must be appraised by a VA-certified appraiser to confirm that it meets the VA’s basic property requirements, which are designed to ensure that the home is safe, physically sound, and a worthwhile investment.

  • Rural Development Loan

A Rural Development home loan, often known as a USDA (United States Department of Agriculture) loan, is intended to encourage homeownership in rural and select suburban parts of the country, such as Palm Coast, Florida. This program aids individuals or families who want to buy, repair, or build a home in qualifying rural areas. It is distinguished by a low to no down payment requirement and lower loan rates than the market. These loans are intended to assist low-income individuals and families in affording homeownership improving rural regions’ economic health.

Two types of USDA loans are available to residents of Palm Coast: USDA-Direct and USDA-Guaranteed home loans. The USDA-Direct Loan, commonly known as the Section 502 Direct Loan Program, is managed directly by the USDA. This loan is designed for low- and extremely low-income applicants who have been denied a mortgage through standard channels. Eligibility is based on income that is less than 80% of the area’s median income, and applicants must need adequate housing but be able to afford mortgage payments, including taxes and insurance. On the other hand, the USDA-Guaranteed Loan is facilitated by private lenders but backed by the USDA. This loan is available to moderate-income homebuyers, and while income limits exist, they are less stringent than those for the Direct loan. The USDA insures a portion of the loan, allowing lenders to provide better terms, such as no down payment and lower mortgage insurance.

Both loan programs require that the property be located in an eligible rural area as defined by the USDA, which encompasses numerous areas outside of densely populated metropolitan areas and may include suburban areas surrounding a city like Palm Coast. The USDA eligibility maps are updated regularly to reflect changes in urban-rural boundaries. They can be used to assess whether a specific property in the Palm Coast area qualifies for either USDA loan program.

  • Jumbo Loan

A jumbo mortgage is a home loan that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limits, rendering it non-conforming. These loans are used to purchase high-value homes that require loan amounts more than the conforming loan limits. This type of mortgage is frequently needed in Palm Coast, Florida, and other regions for purchasing luxurious homes or properties in markets with high real estate values.

Because lenders take on more risk when granting more significant loan amounts, the qualifying requirements for a jumbo loan in Palm Coast are often more severe than for conforming loans. Applicants for jumbo loans often have exceptional credit, with credit scores of at least 700. Lenders will usually check for debt-to-income (DTI) ratios that are relatively low, indicating that the borrower has an excellent financial capacity to make monthly payments. The DTI ratio should be at most 43% in most situations, but this can vary depending on the lender’s criteria and the borrower’s overall financial situation.

Furthermore, borrowers must present detailed documentation to demonstrate sufficient income, and they are frequently expected to have considerable cash reserves. These reserves must occasionally cover a year’s worth of mortgage payments. Furthermore, down payments for jumbo loans are often more substantial; buyers in Palm Coast may be required to put down 20% or more of the property’s purchase price. Finally, the subject property must be evaluated to guarantee its worth matches the loan amount. Given these conditions, potential Palm Coast jumbo loan borrowers should be prepared for a thorough financial verification procedure and ensure their financial health is well-documented and sturdy before applying.

  • Construction Loan

A construction home loan is a short-term financing that covers the cost of building a new home rather than buying an existing one. This loan would be especially useful in Palm Coast, Florida, for people wishing to build their own homes in the city’s burgeoning neighborhoods. Construction loans, as opposed to standard home loans, which provide a flat sum to acquire a property, provide funds in a series of pulls as building milestones are met. Typically, they are interest-only during the construction phase and are converted to a regular mortgage after the home is completed.

Construction loans are classified into two types: two-time close construction loans and one-time close construction loans. A Palm Coast two-time close construction loan would consist of two different loans. The first is the construction loan, which, as previously said, provides funding for the construction process and typically lasts a year or two. After construction is completed, the borrower must apply for a separate permanent mortgage to pay off the construction loan. This two-loan strategy frequently involves two sets of closing expenses and the requirement to qualify for financing twice, which can be a significant factor for borrowers in terms of cost and the possibility of changes in their financial condition.

On the other hand, a one-time close construction loan, also known as a construction-to-permanent loan, simplifies the procedure by merging the construction loan and the permanent mortgage into a single loan. This implies that borrowers in Palm Coast will only have to go through one round of closing expenses and one approval process, lowering overall fees and the danger of re-qualifying for a permanent loan later. When the construction is completed, the loan changes automatically into a long-term mortgage, eliminating the need for further paperwork or closing formalities. This alternative may be more convenient and potentially more cost-effective for borrowers, albeit it may come with slightly higher rates at first due to the lender’s longer-term risk.

Apply for a Home Purchase Loan in Palm Coast

Each type of home loan has advantages and disadvantages, so it’s essential to take a good, hard look at one’s finances and long-term objectives before making a final decision. Consulting with a mortgage expert is highly recommended when navigating the mortgage process and making the best decision possible

Call (407) 794-9698 to speak with a Palm Coast Home Loan Specialist.

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 mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Palm Coast 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 Coast 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 Coast 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 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

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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