Residential Mortgage Loans

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Types of Residential Mortgage Loans

Conventional Loans

Conventional loans are mortgage not guaranteed or insured by any government agency. You can expect a conventional loan to be fixed in its terms and rate.
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FHA Loans

The Federal Housing Administration (FHA) insures this type of residential mortgage loan. Usually, borrowers with FHA loans pay for mortgage insurance, which protects them and the lender from a loss the loan defaults.
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Jumbo Loans

A jumbo mortgage is a home loan for an amount that exceeds loan limits established by regulation. The jumbo loan limit is $417,000 in most of the United States, $625,500 in high-cost areas.
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USDA Loans

This residential mortgage loan offers the opportunity for a home loan with zero down payment in eligible rural and suburban locations. USDA loans are issued through the USDA Rural Development Guaranteed Housing Loan Program.
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VA Loans

The Veterans Affairs loan is a residential mortgage loan option available to United States Veterans, Service Members and not remarried spouses. VA Loans are issued by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). In fact, you can apply for a residential mortgage loan with 100% financing.
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Residential Mortgage Loan Quote

 

Act today, work with a team dedicated to look out for your best interest. The process of buying a home is easy when you have residential mortgage loan experts helping you. To learn more about our lead mortgage broker Dianne Taylor check out her LinkedIn Profile.

Improve your real estate purchase experience by working with an efficient and results-driven team to purchase your next home. In fact, you can start your application online when you are ready, or call us directly at: 954-415-1748.

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family enjoying florida backyard after purchasing their first home

You can count on us to find a great deal for you. Mortgage Biz of Florida brings a multitude of residential mortgage loan options to the table.Most importantly, we will have you approved for a residential mortgage loan on time.

You can begin the application process today, save your progress, and continue at a later time. Also, chat with our licensed mortgage brokers while you work on the mortgage application.

VA Mortgage Loans

united states department of veteran affairs mortgage loan benefits

Veterans, active duty service members, National Guard members and reservists must meet the basic service requirements set forth by the Department of Veterans Affairs. Spouses of military members who died while on active duty or as a result of a service-connected disability may also be eligible.
Ultimately, it’s up to the VA to determine eligibility for the home loan program, but prospective borrowers can get a good idea by looking at the VA’s basic eligibility guidelines.

VA Residential Mortgage Loan Qualifiers:

  • Served 90 consecutive days of active service during the wartime,
  • Served 181 days of active service during peacetime,
  • Have more than 6 years of service in the National Guard or Reserves,
  • Are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

Why choose a VA loan?

To save money and build a strong credit history can be difficult for service members who are constantly on the move. With the VA Loan, qualified borrowers can finance 100 percent of the home’s value without putting down a dime. This is a better deal than you will get from any bank or credit union! For example, take a look at the chart below to see how much you can save through the no-money-down benefit of the VA Loan.

Loan Amount0% Down5% Down10% Down20% Down
$150,000$0$7,500$15,000$30,000
$250,000$0$12,500$25,000$50,000
$350,000$0$17,500$35,000$70,000
$450,000$0$22,500$45,000$90,000

 

No Private Mortgage Insurance

Many conventional lenders require borrowers to pay private monthly mortgage insurance unless they’re able to put down at least 20 percent, which is a tough task for many veterans. Private mortgage insurance (PMI) is an insurance that protects lenders in case of a borrower default.
However, VA loans do not require you to purchase PMI. This is because the federal government backs all VA Loans and assumes the risk on behalf of the borrower that is typically covered by the PMI.
This VA Loan advantage allows you to build more equity in your house, effectively saving you thousands of dollars.

Competitive Interest Rates

Interest rates on home loans are based on the risk assumed by the bank to finance the loan. VA loans are considered less risky by financial institutions because of the Veterans Affairs guarantee. Moreover, interest rates on VA loans are typically 0.5 to 1 percent lower than conventional interest rates. This translates in thousands of dollar in savings; for example, on a 30-year $300,000 loan, you can save around $50,000 over the life of the loan
Savings start adding up significantly when you pair that lower interest rate with the ability to purchase a home with no money down and no private mortgage insurance. Begin your application online or contact us to learn more. There are great residential mortgage loan products available for veterans and active duty personnel.

Other Residential Mortgage Loan Products

Residential Mortgage Refinance Loan

The number one reason people refinance residential mortgage loans is to get better terms. More Info  >