Capital Home Mortgage Pompano Beach

Pompano Beach home purchase loans

Home Purchase lender Pompano Beach Florida

Home Purchase Loans In Pompano Beach

People who want to buy a home in Pompano Beach, Florida, should expect the market to be less competitive. Compared to last year, the typical price of a sold home decreased by 10.4%. Pompano Beach homes usually sell 64 days after they go on the market. It’s important to note, though, that home prices have gone up in some areas, like Pompano Beach. So, people who want to buy in Pompano Beach should carefully consider where the property is located when making their plans.

Purchase Loan Programs in Pompano Beach

Pompano Beach, Florida, offers prospective purchasers a variety of financing options. The following are some of the most prevalent types of mortgage loans that are available:

  • Conventional Loans

A conventional loan in Pompano Beach, Florida, refers to a mortgage not guaranteed or insured by the federal government, distinguishing it from loans such as VA or FHA. This loan form is prevalent in Pompano Beach, where the real estate market includes everything from oceanfront condos to single-family homes. The lending rules of Fannie Mae and Freddie Mac, two government-sponsored enterprises that buy and securitize mortgages, are followed by conventional loans in this region.

Conventional loans are classified into two types: conforming and non-conforming. A conforming loan in Pompano Beach strictly complies with the monetary boundaries established by Fannie Mae and Freddie Mac, as well as other criteria mandated by these institutions. A non-conforming loan, such as a jumbo loan, exceeds these restrictions and is therefore ineligible for purchase by Fannie Mae or Freddie Mac, demanding different underwriting requirements and tax ramifications.

The 2023 conforming loan limits in Pompano Beach, Broward 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.

Borrowers must meet specific requirements to qualify for a conventional conforming loan in Pompano Beach. A higher credit score, usually above 620, and a lower debt-to-income ratio, usually less than 43%, are expected. Eligibility also depends on making a down payment, which can be as little as 3 – 5% but varies depending on the borrower’s credit score and other circumstances. Furthermore, potential borrowers must submit proof of income, employment verification, and assets to demonstrate that they can manage mortgage payments and other financial obligations.

  • FHA Loans

An FHA loan in Pompano Beach, Florida, is a mortgage insured by the Federal Housing Administration, a U.S. Department of Housing and Urban Development division. This type of loan is significant in Pompano Beach’s diversified housing market since it provides a viable path to homeownership for those who may not qualify for conventional financing. The FHA does not lend money directly but instead insures loans made by FHA-approved lenders, decreasing the risk for those lenders and allowing for more flexible borrowing conditions.

A conventional conforming loan, on the other hand, is not federally insured and must follow the criteria established by Fannie Mae and Freddie Mac, including specific lending limitations that vary by county and market conditions. FHA loans, on the other hand, have smaller minimum down payments, less stringent credit score criteria, and generally allow higher debt-to-income ratios. FHA loan limitations usually are lower than conventional conforming loan limits. However, they are changed regularly to reflect changes in median property prices. As a result, whereas conventional loans cater to borrowers with better credit and the ability to make larger down payments, FHA loans are intended to help individuals with lower incomes and credit histories become homeowners.

The 2023 FHA loan limits in Pompano Beach, Broward County, are $557,750 for a one-unit property, $714,000 for a duplex, $863,100 for a triplex, and $1,072,600 for a four-plex.

Eligibility for an FHA loan in Pompano Beach rests on numerous variables. Borrowers must have a valid Social Security number, lawful presence in the U.S., and be of legal age to sign a mortgage in their particular state. An FHA-approved appraiser must also evaluate the property in question and meet specific requirements and property standards. Credit score standards for FHA loans are often more permissive; for instance, borrowers can qualify for a 3.5% down payment with a credit score of 580 or higher. Those with credit scores between 500 and 579 may still qualify, but they are generally needed to make a down payment of at least 10%. In addition to these requirements, the mortgage payment, including principal, interest, property taxes, insurance, and homeowners association fees, usually should not exceed 31% of the borrower’s gross income. However, a higher DTI may be approved with compensating factors.

  • VA Loans

In Pompano Beach, Florida, a VA loan is a mortgage option available to US veterans, service members, and unremarried surviving spouses. Private lenders, such as banks and mortgage companies, make these loans, which are guaranteed by the United States Department of Veterans Affairs (VA). This guarantee enables veterans in Pompano Beach to secure attractive home financing terms, typically without a down payment or private mortgage insurance, which is a significant benefit in the city’s competitive real estate market.

The Department of Veterans Affairs defines the eligibility requirements for a VA loan in Pompano Beach. In general, these criteria require that an applicant have satisfactorily been on active duty for a minimum period, which varies depending on when the service occurred or if they have completed a particular length of service in the National Guard or reserves. Additionally, spouses of service personnel who died in the line of duty or due to a service-related disability may be eligible. To demonstrate to the lender that they meet the VA’s requirements, eligible borrowers must get a Certificate of Eligibility (COE). While the VA guarantees a portion of the loan, it does not control the interest rate, points, or other potential fees associated with the loan; the lender determines these parameters.

Furthermore, VA loans in Pompano Beach require the borrower to occupy the home as their principal residence within a reasonable period after closing. In addition, the home must appraise for its selling price and meet the VA’s minimal property requirements, which are intended to guarantee the dwelling is safe, structurally sound, and sanitary. There are no rigid borrowing limits for veterans. Still, there is a cap on the liability the VA can accept, which influences the loan amount a lender may be willing to grant without demanding a down payment.

  • Rural Development Loans

Despite its urbanized sections, Pompano Beach, Florida, may have areas that qualify for a Rural Development loan, particularly on its less densely populated outskirts. A USDA loan, or a Rural Development loan, is a mortgage option to make homeownership more accessible in rural and certain suburban regions around the United States. These loans, administered by the United States Department of Agriculture (USDA), have various advantages, including no down payment, reduced mortgage insurance fees, and below-market mortgage rates.

USDA loans are classified into two types: USDA Direct Loans and USDA Guaranteed Loans. The USDA Direct Loan is designed for low-income borrowers and is issued directly by the USDA. USDA Guaranteed Loans, on the other hand, are granted by USDA-approved commercial lenders but are backed by the federal government. The latter method makes homeownership more accessible to middle- to low-income individuals and families by protecting the lender from considerable loss if the borrower defaults.

Income limits for a USDA Direct home loan in Pompano Beach must be between 50 and 80% of the area median income (AMI), depending on specific USDA thresholds. Applicants must establish their ability to repay the credit, and the loan must be used for a principal dwelling in a USDA-designated eligible rural or suburban region. Furthermore, the property must not exceed specific size and value restrictions set by the local housing market. Other factors include the borrower’s need for safe and sanitary housing, as well as the difficulty of obtaining a house loan from traditional sources on conditions that can be expected to be satisfied. The candidate must also meet the standards for citizenship or eligible noncitizenship and not be prevented from participating in government programs.

  • Jumbo Loans

A jumbo loan is a type of mortgage in Pompano Beach, Florida that exceeds the conforming loan limits imposed by the Federal Housing Finance Agency (FHFA). Jumbo loans have become a crucial financial instrument for many homebuyers wanting to purchase high-end real estate in the Pompano Beach market, where luxury waterfront houses and expensive properties can exceed the average selling price. Jumbo loans, unlike conventional conforming loans, are not eligible for acquisition, guarantee, or securitization by Fannie Mae or Freddie Mac.

The loan amount determines the difference between a conventional conforming loan and a jumbo loan. The 2023 conforming loan limit for a single-family home in Pompano Beach is $726,200, with higher limitations in high-cost areas. Any loan that exceeds this amount is classified as a jumbo loan. Thus, a conventional conforming loan adheres to Fannie Mae and Freddie Mac’s lending limits and guidelines, making them more widely available to the average borrower. A more narrow population segment typically uses jumbo loans and often comes with more stringent underwriting guidelines.

  • Construction Loans

A construction home loan is a specialized financial product used to fund the building of a new home in Pompano Beach, Florida. This is especially important in a growing or redeveloped location, where buyers may build homes that match the unique coastal style or specific structural features to endure the tropical climate. Construction loans often have shorter periods and higher interest rates than regular mortgage loans because they cover the cost of the land, building materials, and labor for constructing the house.

Construction loans are classified into two types: two-time close and one-time close, also known as construction-to-permanent loans. A two-time close construction loan necessitates the borrower obtaining one loan for the building phase and a second loan for the mortgage phase once the construction phase is completed. This entails two closings, two sets of closing expenses, and two different interest rates. A one-time close construction loan, on the other hand, combines the construction phase loan and the permanent mortgage into a single loan and closing process. This method can save the borrower both time and money.

Apply for a Home Purchase Loan in Pompano Beach

The primary objective of Capital Home Mortgage is to streamline and enhance the home-buying experience, ensuring it is convenient and gratifying for individuals aspiring to become homeowners. Our company offers a comprehensive range of mortgage services encompassing various mortgage alternatives and is dedicated to achieving exceptional levels of client satisfaction that go beyond industry standards.

Call (754) 529-0071 to speak with a Pompano Beach Home Loan Specialist.

Why Pompano Beach 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

Pompano Beach 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

Pompano Beach 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

Pompano Beach 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.

Pompano Beach 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.

Pompano Beach Mortgage Programs

Pompano Beach Home Purchase

Thinking of Buying an Pompano Beach 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

Pompano Beach renovation home loans

Looking to Rehab an Pompano Beach 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

Pompano Beach FHA Home Loans

Great for 1st Time Pompano Beach 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

Pompano Beach VA Home Loans

100% Financing for Pompano Beach 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

Pompano Beach Conventional Home Loans

Flexibility for Pompano Beach 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

Pompano Beach Jumbo Home Loans

Pompano Beach 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

Pompano Beach USDA Home Loans

100% Pompano Beach 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

Pompano Beach Native American Home Loans

Pompano Beach 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

Pompano Beach Manufactured Home Loans

Great Alternative Pompano Beach Housing

Pompano Beach reverse mortgages

Your Pompano Beach 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

Pompano Beach Non QM Home Loans

Making Pompano Beach 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

Pompano Beach One Time Close mortgages

Build Your Pompano Beach 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

Pompano Beach Refinance Mortgage Loans

Pompano Beach 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

Pompano Beach Cash-out Home mortgages

Pompano Beach 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

Pompano Beach 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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