Capital Home Mortgage St. Petersburg

St. Petersburg home purchase loans

Home Purchase lender St. Petersburg

Home Purchase Loans In St. Petersburg

The housing market in St. Petersburg, Florida, exhibits moderate competitiveness. On average, residential properties in St. Petersburg, Florida, attract approximately three offers with a median selling time of roughly 22 days. The St. Petersburg housing market experienced a 14.3% increase in the median sale price of residential properties compared to the previous year. However, there was a decrease of 1.04% in home sales compared to the corresponding time of the last year.

Purchase Loan Programs in St. Petersburg

There are various home loan programs buyers in St. Petersburg can avail of. The most common among them are the following:

  • Conventional – Conforming Loans

Conventional conforming loans are mortgages that adhere to the Federal Housing Finance Agency’s (FHFA) terms and conditions and are eligible for purchase by Fannie Mae and Freddie Mac. These loans fall within the loan limits defined annually by the FHFA and other regulatory guidelines in St. Petersburg, Florida.

The 2023 conforming loan limits for St. Petersburg, Pinellas County, are $726,200 for a single-unit home, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a quadplex.

The primary characteristics of a conventional conforming loan include a loan-to-value (LTV) ratio typically limited at 95 – 97%, a debt-to-income (DTI) ratio less than 45%, and naturally more competitive interest rates than non-conforming loans. Lenders view these loans as less risky, resulting in usually reduced interest rates for borrowers.

A credit score of at least 620 is normally required to qualify for a conventional conforming loan. The higher the credit score, the more likely the loan terms will be favorable. In addition, applicants must have a DTI ratio below 45% to demonstrate they can manage their debt obligations and the mortgage.

  • FHA Home Loans

Federal Housing Administration (FHA) home loans are government-insured mortgages designed to make homeownership accessible to individuals with lower credit scores and smaller down payments. FHA loans are prevalent in St. Petersburg, Florida, due to their less stringent requirements. These loans require a minimum credit score of 500, and consumers with a credit score of 580 or higher may qualify for a loan with a 3.5% down payment.

Compared to conventional loans, FHA loans offer lower down payment options and less stringent credit score requirements. Additionally, they enable borrowers to qualify faster following a bankruptcy or foreclosure. However, FHA loans typically do not require Private Mortgage Insurance (PMI) if the applicant makes a minimum 20% down payment.

In 2023, the FHA loan limits for St. Petersburg are $472,030 for a single-unit home, $604,400 for a duplex, $730,525 for a triplex, and $907,900 for a quadplex.

  • VA Home Loans

A VA (Veterans Affairs) home loan is a mortgage only available to active-duty military personnel, veterans, and some eligible spouses. The VA loan program is guaranteed by the federal government in St. Petersburg, Florida, as it is throughout the United States. Because of this backing, financial institutions can provide more attractive terms, such as no down payment and no need for private mortgage insurance (PMI). VA loans also have competitive interest rates, streamlined underwriting procedures, and low closing expenses.

The primary eligibility requirements for a VA loan in St. Petersburg are military service records, with active-duty people being eligible after around six months of service and veterans and National Guard members having different qualifications. You must first get a Certificate of Eligibility (COE) to apply for the loan. Unlike conventional loans, the VA does not specify a minimum credit score, while individual lenders may set their minimum credit score criteria. One of the most noticeable advantages of a VA loan is the possibility of 100% financing, which requires no down payment.

The key difference between VA and regular loans is that the United States Department of Veterans Affairs guarantees VA loans. This backing enables various advantages not often accessible in conventional loans, including no down payment and no PMI requirement. Conversely, the government does not guarantee conventional loans and frequently necessitates a higher credit score, a down payment, and PMI if the down payment is less than 20%. The lack of a down payment and PMI makes VA loans more appealing to qualified applicants.

  • USDA Home Loans

USDA (United States Department of Agriculture) home loans are designed to encourage homeownership in rural and certain suburban areas. While most of St. Petersburg, Florida, is urban, some adjacent areas may qualify for USDA loans. The USDA loan program is divided into two primary categories: Direct and Guaranteed. The USDA-Direct Loan is intended for low-income households and is directly funded by the USDA. On the other hand, the USDA-Guaranteed Loan is provided by private lenders but endorsed by the USDA to assist low- to moderate-income families.

The features and benefits of these loans are highly beneficial. USDA-Direct loans provide payment assistance, which can temporarily reduce mortgage payments. USDA-guaranteed loans do not offer payment assistance, but eligibility requirements are typically less stringent. Both loan types offer 100% financing, which requires no down payment, and neither requires private mortgage insurance (PMI). In most cases, eligibility is determined by property location, income restrictions, and creditworthiness.

The primary distinction between USDA-Direct and USDA-Guaranteed loans rests in their respective target populations and lenders. The USDA-Direct loan is for low-income families and is directly funded by the USDA. The USDA-Guaranteed loan is offered by a third-party lender but is guaranteed by the USDA. It is designed for borrowers in a slightly higher income bracket. This guarantee enables private lenders to offer more favorable terms, which may result in a broader selection of loan options and possibly reduced interest rates for the borrower.

  • Jumbo Loans

Jumbo home loans, also known as non-conforming loans, are mortgages that exceed the Federal Housing Finance Agency’s (FHFA) loan limits. In St. Petersburg, Florida, as in the rest of the United States, these loans are designed specifically to finance opulent properties and residences in highly competitive local real estate markets. The maximum loan amount varies by county, but jumbo loans generally begin where conforming loan limits conclude. Standard features include variable and fixed-rate options, interest-only payment plans, and the absence of mortgage insurance requirements.

A jumbo loan’s advantages include financing more expensive properties that exceed conforming loan limits, frequently at competitive interest rates. However, these loans have more stringent eligibility requirements. Borrowers typically require a credit score of 700 or higher, a low debt-to-income ratio, and substantial liquid asset reserves. In addition, documentation requirements generally are stricter, requiring proof of income, financial statements, and sometimes a second property appraisal.

The principal distinction between a jumbo and conventional loans is the loan amount and eligibility requirements. While conventional loans adhere to the standards established by Fannie Mae and Freddie Mac and typically require smaller down payments and more lenient credit standards, jumbo loans exceed these standards. They are, therefore, not backed by these government-sponsored entities. This results in stricter eligibility requirements, enabling debtors to purchase luxury properties that exceed conventional loan limits.

  • Construction Loans

A St. Petersburg, Florida, construction home loan is a specialized financial product designed to fund the construction of a new home or significant repairs to an existing property. Unlike regular mortgage loans, construction loans often involve a draw schedule in which money is disbursed at various stages of the construction process. These loans usually cover the cost of both the land and the construction.

The main distinction between a traditional construction loan and a one-time close construction loan is the number of closings. A standard construction loan necessitates two closings: one during the construction phase and another when converting to a permanent mortgage. On the other hand, a one-time close construction loan merges these two processes into a single closing, saving time and lowering closing costs.

Interest-only payments during the construction period and the possibility to convert to a fixed- or adjustable-rate mortgage after construction is completed are common elements of a construction-to-permanent loan. The advantages include a one-time closing and possibly decreased closing fees. Eligibility requirements often include a minimum down payment—often between 20% and 30%—as well as credit score requirements and a debt-to-income ratio below a specific threshold.

  • Non-Qualified Mortgage Loans

In St. Petersburg, Florida, a non-qualified mortgage loan (non-QM loan) is a financial product that does not adhere to the Consumer Financial Protection Bureau’s (CFPB) rules for Qualified Mortgages (QM). In contrast to conventional loans, which generally adhere to Fannie Mae and Freddie Mac’s guidelines, non-QM loans offer greater flexibility at the expense of higher risk. Non-QM loans typically include interest-only payments, terms longer than 30 years, and higher debt-to-income ratios.

The primary advantage of non-QM loans is that they provide financing alternatives to borrowers who need to satisfy the stringent requirements for conventional or other types of qualified loans. This adaptability makes them appropriate for self-employed people, investors, and those with non-traditional income sources. The eligibility requirements differ greatly based on the lender and the specific non-QM product, but a larger down payment and extensive documentation of income and assets are typically required. In addition, credit score requirements may be less stringent than for conventional loans.

The primary distinction between a non-QM loan and a conventional loan is whether or not they adhere to federal guidelines. Conventional loans generally conform to Fannie Mae and Freddie Mac’s lending standards, which include specified debt-to-income ratios, credit scores, and loan limits. Non-QM loans, in contrast, do not meet these criteria and are not supported by government-sponsored entities. This lack of standardization typically results in higher interest rates and fees for non-QM loans than their conventional counterparts.

Apply for a Home Purchase Loan in St. Petersburg

Capital Home Mortgage Florida can meet every mortgage need as a direct lender and servicer. Our mortgage experts can help you find a lending program that fits your budget and needs. Our loan professionals provide tools, support, and flexibility to help consumers choose the best mortgage package since all loans are unique. 

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

Why St. Petersburg 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

St. Petersburg 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

St. Petersburg 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

St. Petersburg 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.

St. Petersburg 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.

St. Petersburg Mortgage Programs

St. Petersburg Home Purchase

Thinking of Buying an St. Petersburg 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

St. Petersburg renovation home loans

Looking to Rehab an St. Petersburg 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

St. Petersburg FHA Home Loans

Great for 1st Time St. Petersburg 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

St. Petersburg VA Home Loans

100% Financing for St. Petersburg 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

St. Petersburg Conventional Home Loans

Flexibility for St. Petersburg 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

St. Petersburg Jumbo Home Loans

St. Petersburg 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

St. Petersburg USDA Home Loans

100% St. Petersburg 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

St. Petersburg Native American Home Loans

St. Petersburg 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

St. Petersburg Manufactured Home Loans

Great Alternative St. Petersburg Housing

St. Petersburg reverse mortgages

Your St. Petersburg 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

St. Petersburg Non QM Home Loans

Making St. Petersburg 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

St. Petersburg One Time Close mortgages

Build Your St. Petersburg 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

St. Petersburg Refinance Mortgage Loans

St. Petersburg 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

St. Petersburg Cash-out Home mortgages

St. Petersburg 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

St. Petersburg 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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