Capital Home Mortgage West Palm Beach
Mortgage Lender West Palm Beach Florida
Home Loans In West Palm Beach
West Palm Beach is the county seat of Palm Beach County in Florida. It is west of the neighboring Palm Beach, on a barrier island across Lake Worth Lagoon. West Palm Beach is a major city in the Miami metropolitan area, with a population of over 6 million. It is the oldest incorporated municipality in South Florida, established in November 1894. West Palm Beach is roughly 68 miles north of downtown Miami.
West Palm Beach has a Neutral Housing Market, which indicates that prices are generally affordable and homes are on the market for an average amount of time. The typical sale price of a home in West Palm Beach was $398K, a 5.1% decrease from the previous year. West Palm Beach’s median sale price per square foot is $283, up 1.4% from last year.
Home Loan Programs in West Palm Beach
Numerous mortgage options are available to homebuyers in West Palm Beach, Florida, each with advantages and disadvantages. Specific mortgage offerings can vary, and you may contact our West Palm Beach Home Specialists to learn more about how each of these mortgages differs and may be a good fit for you.
Conventional loans are those offered to homebuyers by private lenders rather than government agencies. They are frequently compared to government-backed Federal Housing Administration (FHA) loans. However, they typically have higher interest rates.
Conventional loans have various advantages:
- Cost: Conforming loans, a type of conventional loan, are often less expensive than FHA loans.
- Loan Limit: Conforming loan limits for Palm Beach County in 2023 are $726,200 for a single-family house, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a fourplex, respectively.
- Qualification Time Frame: Some applicants may qualify for a conventional loan faster than a government-backed loan.
- Long-Term Savings: A conventional loan may save a borrower more money in the long run than an FHA loan. For the past 30 years, conventional fixed-rate loans have been regarded as the gold standard in lending.
To qualify for a conventional loan, a borrower’s credit score must be at least 620. A higher credit score, on the other hand, will allow the borrower to take advantage of lower interest rates. It’s also vital to remember that different lenders may have additional qualifying requirements, such as income verification, a down payment, and a credit history assessment.
An FHA (Federal Housing Administration) loan is a type of mortgage insured by the federal government, making it one of the easiest mortgage loans to qualify for due to its lower down payment requirement and less stringent credit score guidelines.
FHA loans have the following benefits:
- Low Down Payments: FHA loans typically require a 3.5 percent down payment.
- Less Stringent Credit Score Requirements: Compared to conventional loans, FHA loans may have less stringent credit score requirements. Borrowers only need a credit score of 580 to qualify for a 3.5% down payment.
- Higher Loan Limits: Depending on where the property is located, you may be able to borrow more with an FHA loan. The FHA loan limit for single-family home loans in Palm Beach County is $557,750 as of 2023. However, the loan ceiling for a duplex is $714,000, a triplex is $863,100, and a fourplex is $1,072.600.
A 3.5% down payment, a credit score of at least 580, and a Debt-to-Income (DTI) ratio of no more than 43% are generally required to qualify for an FHA loan. However, while the government insures these loans, the funding is provided by FHA-approved lenders, and each lending institution may have slightly different qualifying standards.
A VA (Veterans Affairs) home loan is a mortgage loan guaranteed by the United States Department of Veterans Affairs. The VA home loan program is designed to provide long-term financing to eligible American veterans or their surviving spouses.
The following are the primary benefits of VA home loans:
- No Down Payment: VA loans typically require a down payment if the sales price is equal to or less than the home’s appraised value.
- No Private Mortgage Insurance: Unlike many other loans, VA loans do not require borrowers to pay private mortgage insurance, which saves the borrower a significant amount of money.
- Lower Interest Rates: Compared to conventional loans, VA loans frequently have lower interest rates.
To qualify for a VA home loan, you must be a service member, a veteran, or an eligible surviving spouse. Your military background and current duty status decide your eligibility. In most circumstances, a Certificate of Eligibility (COE) will be required to demonstrate to your lender that you are eligible for this benefit. You can apply for a COE through the VA’s website, or your lender may be able to get one for you. The VA loan program also requires that you have the necessary income and credit for the loan amount.
It’s worth noting that surviving spouses who remarry after age 57 before December 16, 2003, may be eligible for the house loan benefit. To prove eligibility, a surviving spouse who remarried before December 16, 2003, and, on or after age 57, must have applied by December 15, 2004.
The USDA Home Loan Program in Palm Beach County, Florida, provides government-backed mortgage loans to qualified rural and suburban home buyers. These loans are part of the United States Department of Agriculture’s (USDA) Single Family Housing Direct Home Loans and Single Family Housing Repair Loans & Grants programs. This program aims to help low- and moderate-income families buy or repair homes in designated rural areas.
USDA Home Loans are available in three varieties:
- Direct Loans: These are loans made directly by the USDA to low and very low-income earners. The earnings criteria vary depending on where you live.
- Guaranteed Loans: These are for low and moderate-income mortgage borrowers and are also known as USDA Section 502 Guaranteed Loans. The loans offer low-cost, government-insured mortgages.
- Home Repair Loans and Grants (Section 504): This program offers low-income homeowners loans to repair, improve, or modernize their houses, as well as grants to elderly low-income homeowners to remove health and safety issues.
A potential homebuyer in West Palm Beach must meet strict eligibility criteria to qualify for a USDA Loan. The house must be in excellent condition, with no imminent maintenance needs. The household income must be less than the area median. Even if a person is not a borrower, their income is considered when assessing eligibility.
This loan needs no down payment for homebuyers interested in applying for a USDA home loan in Palm Beach County. Specific application phases would be required, detailed on the USDA website. For further information, please get in touch with one of our USDA Home Loan Specialists.
A jumbo loan, often known as a jumbo mortgage, is financing that exceeds the Federal Housing Finance Agency’s (FHFA) lending limits. Unlike conventional mortgages, Jumbo loans are not guaranteed by Fannie Mae or Freddie Mac and may be offered to borrowers who need to borrow more than the conventional loan limits.
A jumbo loan is one that exceeds $726,200 in West Palm Beach, Florida. These loans can be utilized for primary residences, vacation homes, and investment properties as long as you meet your lender’s standards.
The following are standard eligibility requirements for jumbo loans in West Palm Beach, Florida:
- Down Payment: Jumbo loans frequently require a higher down payment than standard loans. On Lendersten require a 20% down payment.
- Credit Score: On jumbo loans for single-family homes, your credit score is essential when looking for a jumbo mortgage. Although a credit score of 700 is recommended, some lenders require a FICO score of 740 or higher to qualify for a jumbo mortgage.
- Debt-to-Income (DTI) Ratio: Another critical factor is your DTI ratio, which analyzes how much money you earn vs. the amount of debt you have. Lenders often prefer a lower DTI since it indicates that you have a healthy balance of income and previous debt obligations. A DTI ratio of less than 43% on jumbo loans is often required.
- Cash Reserve: A reserve is the cash or liquid assets that a borrower has on hand after completing a home purchase. The reserves are intended to provide a safety net for the borrower in the event of unforeseen financial challenges. Having these reserves ensures that the borrower will not fail on the mortgage and will be able to qualify for more advantageous housing programs. A reserve of 6 – 12 months is a typical requirement for jumbo loans. However, some lenders may require a reserve of up to 24 months.
Remember that these are basic recommendations, and your specific scenario may necessitate different criteria. To understand the precise requirements for your circumstance, it is essential to talk with our Jumbo Loan Specialist.
Apply for a Home Loan in West Palm Beach
Capital Home Mortgage can assist you in purchasing a home in West Palm Beach. We provide home financing solutions to meet your needs, whether you are buying a primary residence or an investment property.
Call our West Palm Beach Home Loan Specialists at (813) 664-3350. We are here to help you with your home loan needs and will walk you through the entire process, from application to closing and funding.
Why West Palm Beach HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Control of the Loan from Application to Funding
Great Rates & Low Fees
Direct Lender Providing Competitive Rates and Low Fees
Exceptional Customer Service
7 Day a Week Support Application to Final Mortgage Payment
West Palm 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 the mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
Florida Mortgage Programs
Florida Home Purchase
Thinking of Buying a Florida Home?
Looking to Purchase a Home? We have the loan 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
Florida renovation home loans
Looking to Rehab a Florida 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
Florida FHA Home Loans
Great for 1st Time Florida 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
Florida VA Home Loans
100% Financing for Florida 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
Florida Conventional Home Loans
Flexibility for Florida 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
Florida Jumbo Home Loans
Florida 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
Florida USDA Home Loans
100% Rural Florida 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
Florida Native American Home Loans
Florida 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
Florida Manufactured Home Loans
Great Alternative Florida Housing
Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
- Existing Purchase or Refinance
- OTC Land/ Home Combo
- Lock Rate Before Completion
- FHA, VA, USDA, & Native Loans
Florida reverse mortgages
Your Florida 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
Florida Non QM Home Loans
Making Florida 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
Florida One Time Close Home Loans
Build Your Florida 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
Florida Refinance Mortgage Loans
Florida 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
Florida Cash-out Home mortgages
Florida 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