Interest rates and home prices are on the rise so now is the time to purchase the home of your dreams before rates and property prices are out of reach. A home is probably the most expensive purchase you will ever make and more than likely you will need financing.
Many lenders offer more than one mortgage option; financing possibilities and interest rates can vary a lot so it is very important to do your due diligence to ensure you get the mortgage that suits your needs with the possible best terms and interest rate. Be aware that in this market after the mortgage bust, lending guidelines are also changing rapidly.
Feel free to call Kevin at (904)699-1900 for information and mortgage contacts in the Jacksonville area,
all of whom would be happy to give you a good faith estimate.
Fixed rate mortgageThis is where the interest rate stays the same for the life of your loan.
Adjustable interest ratesThis might be a better rate initially but could potentially go up over the term of your loan.
This type of loan requires a higher down payment, does not need to be government backed and usually does not require mortgage insurance; you will need an excellent credit score to get the best rates.
This type of loan is for people whom have a lower down payment, is a government backed, requires Mortgage Insurance and is popular with first time home buyers.
203k Repair Loan - (download PDF for details)
The standard 203k loan is for large complex repairs and or additions hat require engineering
The Streamlined 203k is usually for less expensive repairs and improvements that do not require engineering or an architect.
VA Loan - (download PDF for details)
To apply for a VA loan use must first have or obtain a Certificate of Eligibility from the Veterans Administration. Guidelines are set by Congress
This is where there is a principle balance still outstanding at the end of the repayment term that will need to be repaid in one lump sum. This type of loan is more for short term borrowers and usually has a lower interest rate than a conventional loan
First-Time Home Buyer (FTHB) Programs
- First-Time Home Buyer Credit
- Florida Housing down payment & closing cost assistance
- Fannie Mae NO PMI Program-NO PMI or mortgage insurance.
- Fannie Mae HomePath-Purchase Fannie Mae Foreclosure with NO PMI loan.
- USDA Rural Zero Down Loan-30 year fixed zero down loan with 620 score. Reduced mortgage insurance payment.
- Good Neighbor Next Door-get 50% discount off home in targeted area if you are Teacher, Firefighter, Emergency Technician, Law Enforcement Employee, or Police Officer.
- My Community Plus-Special program for Teachers, Firefighters, Paramedics, Police Officers, Nurses, and other Healthcare workers, and Military Personnel-Veteran. More flexible guidelines and discount on closing costs.
- Home Opportunities-Freddie Mac Community Lending program designed to meet the needs of low and moderate income borrowers.
- Family Opportunities-Parent(s) can purchase home for son or daughter who is in college bound or has a disability.
- Fannie Mae Home-style Rehab Program-Renovate a fixer upper, foreclosure, or short sale and roll in home improvements and repairs into the loan.
Government Loan Programs such as FHA requires only 620 score and Veteran Loans requires $0 Down payment.
- Dream Makers Program-get $5,000 grant if you are in the military
- FHA-620 minimum score.
- HUD Home Loan Program-FHA loan for HUD owned homes or FHA foreclosures.
- Kiddie Condo-Parent(s) can co-sign for son and daughter without occupying property.
- Streamline 203k Renovation Loan-Repairs and home improvements may be added into mortgage to repair a home. Great for foreclosures, short sales and fixer uppers! For contractors please visit www.ContractorConnection.com/REMAX
- VA Loan-0% Down Payment geared toward Veterans and active personnel in Navy, Army, Marine Corps, Air Force, Coast Guard, and National Guard.