7th Level Mortgage is proud to be providing all types of mortgage loans for current City of West Palm Beach Florida residents, individuals hoping to call this state home, and even those who are looking for a second or vacation home. Our mortgage specialists can assist with all loan types, including VA loans, first-time home (FHA) loans, USDA home loans, and even home equity loans.
We also know how to work with home loans in FL when bad credit is an issue or when the purchaser is seeking a mobile home loan. Partnering with 7th Level Mortgage means you are taking a solid first step on your home-buying journey, as our company makes it a top priority to provide all of our clients with exceptional customer service and sound financial advice no matter what their situation may be.
7th Level Mortgage understands the desire to own real estate in the Sunshine State, and we want to help make your home-buying dreams come true. Call us today to find out more about how we can help you identify and secure the best mortgage option – whether it be VA, FHA, USDA, a Jumbo Loan, a HARP loan, a refinancing loan, or even a reverse mortgage loan - for your FL property.
VA Loans in Florida
VA loans are those that are available to veterans of our country’s armed forces. They are backed by the Veterans Administration, which is what the VA stands for, though the VA rarely gets involved in the loan approval process. Essentially, these loans are guaranteed by the agency - which provides additional peace of mind to the lending agency – up to a certain amount, called the VA loan entitlement amount. Usually, it is up to 25% of the loan amount.
VA loans are more popular today than they ever have been in the past. Unlike other loan options, VA loans require no down payment or private mortgage insurance (PMI). PMI is required for other loans in which the borrower is unable to put down at least 20% of the purchasing price, which means that VA loan holders get to hand onto more of their money by avoiding this expense (which is usually a couple of hundred dollars a month on an average-priced home purchase).
The maximum loan amount, or how much a VA loan will cover, is $424,010, which does not include 238 high-cost counties that have a higher limit. A qualifying veteran can have more than one VA loan at a time, although it is rare, and veterans can use their VA eligibility for multiple home purchases if the VA home loan entitlement is restored – such as in the case of selling an existing home to purchase a new one.
VA home loans are a great option for anyone who may qualify, although they can be complex. Speak with an expert at 7th Level Mortgage today to find out how you could benefit from this type of loan.
FHA Loans in Florida
FHA loans are also available in the state of Florida. FHA loans are a US Federal Housing Administration (FHA) insurance backed mortgage loan provided by an FHA-approved lender. These loans often have much less stringent approval requirements to allow lower-income individuals and families to be able to purchase property.
The state of Florida has the following FHA loan requirements:
- A maximum purchase price for a one-family home of $331,760 for most FL counties (a full list is available here).
- A minimum down payment of 3.5% of the purchase price.
- A two-year employment and income history and a debt to income ratio of 55%
- FHA loans are only for approved property types, which disallows properties such as manufactured and mobile homes, farms or properties exceeding 10 acres, and commercial properties.
- A minimum credit score of 580.
If you meet these general criteria and have selected a property compatible with an FHA loan, it is quite likely that you qualify for an FHA loan in Florida, although additional criteria will be assessed. They are one of the easiest types of mortgage loans to qualify for, but they also require an upfront mortgage insurance premium and an annual mortgage insurance premium to provide greater security for the lender.
To find out if you qualify for an FHA loan in Florida, contact the mortgage loan specialists at 7th Level Mortgage.
USDA Loans in Florida
USDA Rural Development home mortgage loans are designed to assist moderate-income and first-time homebuyers purchase homes in rural areas of the country, including rural Florida. Aside from a VA mortgage loan, the USDA loans are the only ones that allow you to purchase a property with no down payment. The first step in finding out in using a USDA home mortgage loan is ensuring that you are purchasing a property in a USDA-eligible area.
There is also no maximum purchase price for a USDA home mortgage loan, although they do generally require that the property be modest in nature and meet all developed standards required by State and local governments.
Securing a USDA loan in Florida does also mean you must be within the income limits, which means that your annual household income must not exceed 115% of the average median income for the area of your purchase. This requirement means that the income limits will vary for different regions of the state depending upon each area’s average median income, but are generally between $86,850-$128,550 for the USDA-eligible areas in the state of FL.
Outside of major metropolitan areas and much of the coastline, the majority of the state of Florida is eligible for USDA home financing. Additionally, the credit guidelines are somewhat flexible and purchasers can select from existing properties or build a new residence.
USDA loans are a very attractive option for buyers who may qualify for this type of purchase. Contact 7th Level Mortgage today to find out if a USDA loan is an option for your next purchase. Our professionals can take the confusion out of applying for a USDA home loan and ensure that your next purchase goes smoothly!