The traditional 30-year fixed-rate mortgage is one of the most popular loan programs for homeowners in Lee County today. It has a constant interest rate and monthly mortgage payments that never change. The down payment can go as low as 3% for first-time home buyers and 5% for prior homeowners.

If the down payment is less than 20% Private Mortgage Insurance (PMI) will be required but will drop off once your loan reaches 80% loan-to-value (LTV).

Qualification:

Conventional loan programs place more weight on the borrower’s financial qualifications than government loans do. This means that when applying for a conventional loan you will get a better rate if you have better qualification factors (i.e. higher credit score, significant liquid assets in your bank account, low debt-to-income ratio). This may be a good loan program for you if have good credit score and some money for a down payment.

30-Year Fixed Loan Pros and Cons

Pros:

Low Monthly payments
3% and 5% Down Payments Available
PMI will cancel once 20% equity is reached

Cons:

Heavily dependent on credit and income.
Potentially higher interest rate than other loan programs.

Want to take the next step? Click this link to apply for a 30-Year Loan in Lee County!

Many buyers in the Fort Myers area like the 15-year fixed loan. This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast.

15-Year Fixed Loan Pros and Cons

Pros:

Lower interest rate than 30 year fixed
Shorter term – pay your loan off faster
PMI will cancel once 20% equity is reached

Cons:

Higher monthly payment due to shorter term

Want to take the next step? Click this link to apply for a 15-Year Loan in Lee County!

Are you a first-time homebuyer in Lee County, Florida? Whether you’re looking to buy in Cape Coral, Fort Myers, or the surrounding areas, an FHA Home Loan is a great program when purchasing your First Home or want to buy a home with less-than-perfect credit. FHA loans offer a low 3.5% down payment and have interest rates that are generally lower than conventional loans with the same terms. The FHA encourages home ownership and provides affordable housing opportunities with low down payment and flexible credit requirements.

An FHA loan is particularity beneficial to borrowers with less available cash due to their allowance of gift funds and seller credits in the transaction.

FHA Loan Pros and Cons

Pros:

3.5% down payment
Easier credit and income qualification
Up to 6% in seller credits allowed
Gift funds available

Cons:

Required Upfront and monthly mortgage insurance
Mortgage insurance is permanent for life of loan.

Think an FHA Loan sounds like a good program for you? Click this link to apply for an FHA Loan in Lee County!

Are you a veteran or active duty military who is looking to reside in Lee County? If so, you are eligible to take advantage of one of the best loan programs on the market today! A VA loan can offer low interest rates with zero down payment and no monthly mortgage insurance. There is an upfront funding fee with these loans which can be rolled into the loan amount so the veteran is not required to pay this fee out of pocket.

The VA loan program is an excellent choice for both first time and repeat buyers alike. With the combination of zero down payment and up to 6% seller concessions available to cover closing costs and pre-paids it is possible to structure a VA loan with little to no money out of the borrower’s pocket at closing.

VA Loan Pros and Cons

Pros:

Zero down payment required
No monthly mortgage insurance
Low monthly payment

Cons:

Not available to everyone - Limited to veterans or military personnel
Has upfront funding fee (VA’s version of mortgage insurance)

A VA (Veterans Administration) guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.

Tim Hart is your mortgage resource for VA loans in Southwest Florida. Click this link to apply today. He will walk you through the VA Loan Process in Lee County and help you achieve homeownership!

Are you self-employed and have been turned down for financing in the past? I can qualify self-employed borrowers using their bank statements – no tax returns required! This is a great new program that can make it easier for self-employed buyers to purchase homes.

• Loan amounts up to $3M
• Use 12 or 24 month bank statements or asset depletion to qualify
• No tax transcripts or tax returns required
• DTI up to 50%, 620 min. FICO
• 4+ years major derogatory credit
• $1.25M Cash Out at 80% LTV, $1M Cash in hand
• Up to 15 financed properties
• Fixed 30; ARM 5/1, 7/1, 10/1

Contact me for more information!

Looking to refinance your Florida home? Refinancing is the process of paying off an existing loan by taking a new loan and using the same property as security. Homeowners may refinance to reduce their mortgage expense if interest rates have dropped, to switch from an adjustable to a fixed rate loan if rates are rising, or to draw on the equity that has built up during a period of rising home prices.

Rates are still historically low – contact me to find out if refinancing your mortgage may be a good option for you!

If you’re driving through a neighborhood, chances are you’re looking at single-family homes. A single-family home is a stand-alone, detached property with its own private and direct access to a street or thoroughfare. These are built as a residence for one family, person, or household. Owners of single-family homes typically own the land on which the residence is located. If you’re interested in obtaining financing a single-family home, contact me to see what programs are available!

If you’re seeking the flexibility of a home without worrying about yard work and general maintenance, a condo may be what you’re looking for! A condo is a private residence with multiple units that have shared common spaces such as yards, garages, and gyms. Condo owners pay dues to a board who handle the upkeep of these spaces. Unlike single-family home loans, condo loans are subject to different qualification standards. Contact me to get a full list of requirements for condo loans!

A duplex, or multifamily dwelling, is a home with two units inside one building. These units can be stacked on top of each other or side by side with a shared wall. Duplexes are a popular option for people who want to keep family nearby or use as an investment property. As long as the purchaser lives in one of the units, duplexes are considered an owner-occupied home. Contact me for more information and guidelines for financing a duplex!

First things first - not all manufactured housing classifies as real estate. To obtain financing on a manufactured home, the structure must meet specific requirements. Manufactured housing must be on a permanent foundation and taxed as real estate. They must also be designed and constructed to Federal Manufactured Construction and Safety Standards and reflect a HUD Label and Data Plate. I am well-versed in the rules surrounding manufactured home financing – contact me for a full list of requirements!

For a home to qualify as a primary property, you must live there most of the year. In general, home buyers can qualify for better rates when purchasing a primary residence since they are considered less risky than other property types. There are a number of first-time programs and low-down payment options available for borrowers looking to purchase primary residence homes. Contact me for more information on the loan programs available for primary resident purchases!

Financing a vacation home is different than a primary residence. In general, credit score requirements are higher than those for a primary residence. You’ll also likely need of reserves, or funds available to pay your mortgage.

To be an eligible vacation home, the property must be:

• Suitable for year-round use
• Belong solely to the buyer
• Occupied by the owner some portion of the year
• Not rented full time

If you’re thinking about purchasing a vacation home, contact me for more information about financing!

An investment property is property you plan to use as a rental or to generate income. While these can be more challenging to finance than other property types, there are many programs available, including Conventional FHA, and VA to finance a rental property. Contact me for more information on Investment Property financing!

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