There are many types of Florida home mortgage loans. Understanding what’s available can help you review your options to get an idea of what options might work best for you and your family. Of course, 1st Florida Mortgage is happy to help you find the right home loan! In the meantime, why not review your home loan options?
Our home loan product options include:
Conventional 30-Year Fixed Rate Mortgage
If you’re planning to settle down for a while, you’ll probably want a conventional Florida home mortgage. These long-term loans are best for those who want to stay in their Florida home for at least 5 – 10 years. Get the peace of mind of a consistent budget with an interest rate that remain the same along with your monthly payments.
15-Year Fixed Rate Mortgage
This option lets you quickly build equity and pay off your home twice as fast. Throughout the life of a 15-year fixed rate mortgage, your interest rate stays the same. You’ll also enjoy predictable monthly payments as you fast track to amortization.
FHA Loan
Achieve your goal of owning a home with an FHA loan, a popular choice for first-time home buyers. Available to all Florida residents, FHA loan programs are help low- and moderate-income families who don’t meet conventional loan requirements that adhere to more strict underwriting guidelines. These loans have flexible credit guidelines and down payment options as low as 3.5%.
VA home loan
For active-duty service members and veterans, Florida VA home loans feature low down payments and relaxed credit standards. These loans are part of the benefits that come with serving in the US military as a thanks for their service.
Adjustable Rate Mortgage
The interest rates for an Adjustable Rate Mortgage (ARM) change after a fixed amount of time. These loans are a great way to buy a house in Florida since they typically offer lower interest rates than fixed mortgages. You’ll be able to avoid surprises in the future with rate caps.
Jumbo Loan
Found your dream home in Florida? Need a loan for more than the current conforming limit? A fixed or adjustable jumbo mortgage can help. A jumbo home loan will allow you to buy a more expensive home. However, these loans have higher credit score and larger down payment requirements.
Now that you have some ideas about your home loan options,
First Florida Mortgage Can Help
At First Florida Mortgage, we are a Florida-based mortgage company. We want to help you through every step of financing your new home. Fill out the quick contact form or call First Florida Mortgage today at 1-800-501-2131 to speak with one of our Florida mortgage specialists and get a free good faith estimate.
