The best type of home loan for first-time buyers in Florida will depend on the person’s credit profile income — particularly for military veterans.
While there are many types of housing loans, Florida is among the states with the most number of people who bought a house with private mortgage insurance in 2017. These likely included those who sought the help of a mortgage lender in Fort Myers.
It’s no secret that applying for a loan with a low credit score and high down payment requirements makes it difficult for many Americans. Add high-interest rates and home buyers are likely to abandon their plan.
The Federal Housing Administration’s loan program helps those with a credit score of at least 580 to pay a 3.5% down payment.
Similarly, the US Department of Agriculture also provides 100% housing assistance to qualified applicants. You don’t need to live on a farm to apply for a loan, but you need to meet certain income requirements.
Most people in Florida paid private mortgage insurance since they are unable to afford 20% down payment. High home prices have also made it impractical to save money for the initial payment.
As such, some types of loans, such as the Florida HFA Preferred Conventional Loan and HFA Preferred 3% Plus Conventional Loan, the next best options.
Veterans in Florida may choose to buy a house via the US Department of Veterans Affairs’ financing assistance. This often involves no down payment and mortgage insurance.
Spouses of deceased veterans could also apply to them. The state also helps veterans through its Military Heroes Government Loan Program.
When choosing the right financing for your home purchase, you should consult with a mortgage lender that has experience in offering different options. This allows you to compare your options and find out the best loan for your profile as a borrower.