Tampa Area Real Estate News & Market TrendsThe Top home loans for 2023
Finding the best loan
Finding the best loan for you doesn't have to be a difficult process, especially if you know your score, how much you have to put down and how much you have for closing costs. FHA, VA, USDA, Conventional? This is sooooo confusing! But here is some information that you may find useful!
An FHA is a loan that is backed by the federal government. It affords mortgages for lower credit scores as low as 500 (however down payments will be higher, as much as 10%). A credit score of 580 can afford you the opportunity of putting as little as 3.5% down. The downside as the borrower is you pay mortgage insurance (an upfront premium of 1.75% of the loan amount and an annual premium of between .45
% to 1.05% annually, which protects the lender on default. Terms on the FHA loan can be 15 or 30 years at a fixed rate. This loan is best if you can't qualify for a conventional loan due to credit OR if you don't have a lot of cash saved to put down on the home.
A VA Loan is a loan made to veterans of the military who can acquire a certificate of eligibility, which can be acquired online at VA.gov or through your chosen lender. The VA loan is made by private lenders that are partially backed by the Department of Veterans Affairs. The VA loan allows for 100% financing of the loan amount and is more flexible with its more lenient credit and income restrictions. Having your Realtor understand the VA process is critical to getting you the best possible outcome for the VA loan. You could potentially get into a home with ZERO out of pocket, to include closing costs!
The USDA loan is a 100% no money down mortgage made available that is backed through the US Department
of Agriculture. It is geographically restricted as it offers loans in more rural areas. The loan is only offered as a fixed rate product. Although the USDA loan does require an upfront mortgage insurance premium
Conventional is a mortgage loan for scores starting at 620 with down payments as low as 3%. Primary Mortgage Insurance (PMI) can be
.05% to 1% of the loan amount per year. Terms on the Conventional loan can be 10, 15, 20 or 30 years at either a variable or a fixed rate. If you have cash on hand for down payment and closing costs than the conventional mortgage could be the best loan for you. Lenders of conventional loans are not as restricted as government backed loans, although the government has special rules for over site, lenders can set their own guidelines.
Tampa Mortgage Lenders | Home Loans
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Keith Houtz
Loan Originator
Rocket Mortgage
KeithHoutz@RocketPro.com
727-415-4982
NMLS#2181952
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Shop Lenders
Don't be afraid to shop a few lenders to see who may give you the best deal. In these days of technology it is easy to gain access about your credit score before you even need to apply. Banks like Wells Fargo offer free credit score programs where you can see your score through your account.
Make sure you have an idea of how your credit shapes up. Things may have happened in the past to cause you to be late on payments for your car or credit card and they will negatively affect your score. More commonly unpaid medical bills may appear from past medical bills that you may or may not even be aware of. Getting these things cleaned up prior to you applying for a mortgage would be to your advantage.
Based on your score you can search the internet for rates, however any rate you see will be subject to a review of an and all documents necessary for your loan. Therefore it can change. Some of my clients have used the inline lending companies, however I have found that the more local lenders understand the market in Tampa Bay and more importantly know the Florida home buying process.
You can ask your Realtor for a few lenders they may have used for transactions. You may find the transactions may run a bit smoother that way!
Remember ask questions and always read any fine print on any lending documents so there are no surprises!
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Keith Houtz
SL# 3116122
Team Z Realtor / Partner 5314 Van Dyke Rd Lutz, Florida 33558 Direct: (727)-415-4982 |
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A luxurious condo in the heart of downtown Tampa
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The Brass Tap is an upscale Craft Beer Bar that boasts 40 different beers on tap and more than 300 bottles of import, domestic, and local craft brewed beers. All of beers will be served in the proper glassware and temperature as specified by the brewer. The Brass tap will continually seek out the freshest and newest products on the craft beer scene, keeping up with innovative new styles, tastes, and seasons. Our large store front patio area is an ideal spot for friends to meet, try new beers, and enjoy live music and sporting events on one of many high definition televisions. The Brass Tap is not only a Beer Bar it’s a package store as well. All of our bottle beer will be available for take out for customers to enjoy at home.
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clubhouse. Located about 22 miles from downtown Tampa, Cheval offers an easy commute and features some of the best schools in the state in McKitrick elementary, Martinez middle and Steinbrenner high schools. There are two main entrances to the community, both of them are manned 24 hours a day, 7 days a week. The community is very safe and secure. Cheval is surrounded by beautiful lush Florida landscaping, lakes and nature and features two golf courses, The community is close to several hospitals. Nearby shopping, grocery stores and restaurants are close by and less than 20 minutes to the outlet mall. Perhaps you would enjoy a day at the beach, Cheval is less than 60 minutes to several beaches. The community is located less that 30 minutes to Tampa International and downtown Tampa!