View Loan Assumptions
Rates subject to change without notice
Conforming Loan amounts up to $647,200 | FHA Loan Limits are specific to each Florida County
Check to See Florida FHA loan limits here
Fidelity Home Groups First-Time Home Buyer Programs help hopeful homeowners even if they are low- to moderate-income individuals. These programs also assist Americans in securing mortgages when they don’t have the best credit scores. Some even cater to specific professions like those in Firefighter, Law Enforcement, Educators, Health Care Workers and the Military.
Pros
Low down payment requirement
Multiple loan styles available
No credit necessary for certain loans
Cons
Higher interest rates than other federal programs
Eligibility
Cannot earn more than location-specific income requirements unless you’re buying home in low-income census tract.
Best For
Anyone looking for a low down payment loan, but doesn’t qualify for any other federal options
Conforming Mortgages – Freddie Mac and Fannie Mae government-sponsored mortgage providers offer a few different loans for first-time homebuyers.
The HomeReady® loan from Fannie Mae, for one, requires down payments as low as 3%. That makes it a great choice for anyone who’s strapped for cash, has a credit score of at least 620 and makes an income at or near the U.S. median. With a HomeReady® loan, you must have private mortgage insurance at the time of purchase. Once you’ve accrued 20% equity in your new home, you can cancel it.
One of the more popular Freddie Mac mortgages is the 97% LTV Home Possible loan. LTV stands for loan-to-value, meaning down payments are 3% here.
You don’t need a strong credit history to qualify for a Home Possible loan and you can choose both the length and terms of the loan. It also has that cancelable private mortgage insurance we talked about above. Perhaps best of all, you won’t need a strong (or any) credit history to qualify. The Home Possible Advantage mortgage is essentially the same, except it has credit requirements and only comes in fixed-rate variations.
Pros | Low down payment requirements Low credit scores accepted |
|
Cons | Higher down payments needed for those with a low credit score | |
Eligibility | Credit score of at least 620 | |
Best For | Anyone that doesn’t have a perfect credit history or sufficient funds for a down payment |
The Federal Housing Administration backs FHA loans. A great option for anyone who lacks adequate savings, FHA loans generally require a 3.5% down payment. Consider that standard mortgages require 20% down and you’ll realize what a substantial benefit that is.
To receive this perk in its full glory, you must have a credit score of 620 at this time. If your credit score is closer to 620, you could need to make a down payment of up to 3.5% of your home’s value. Still not too shabby compared to 20%. In fact, even with the credit score requirement, an FHA loan is one of the easiest federal programs to qualify for.
Pros | No down payment requirement for those with decent credit scores Low credit scores accepted |
|
Cons | Only available to those that don’t qualify for a conventional mortgage | |
Eligibility | Cannot earn more than 115% of the adjusted U.S. median in most cases Home must be in an eligible rural area |
|
Best For | Low- to mid-income individuals willing to live in the country |
The United States Department of Agriculture (USDA) sponsors “Section 502 Single Family Housing Guaranteed Loan Program,” better known as USDA mortgages. USDA mortgages attract new homebuyers to less populous areas of the country, whether they be rural or semi-rural.
Borrowers must earn less than 115% of the U.S. median income and prove that they are unable to secure a conventional mortgage in order to secure a USDA loan. Depending on your credit score, you might not have to pay any down payment at all. If your score falls a bit lower on the scale, you may have to pay a down payment around 10% of your home’s value.
Pros | Loan coverage up to 100% of your home’s value No private mortgage insurance requirement Usually comes with lower closing costs |
|
Cons | Must pay VA fee Long application process |
|
Eligibility | Current or former military members, spouses, or other beneficiaries Credit score of at least 620 |
|
Best For | Veterans with little monthly income or savings | |
The Department of Veterans Affairs insures VA loans, which help veterans without adequate savings or significant income. Depending on your circumstances, a VA loan may not require any down payment at all. Plus, since the government will back part of your risk, you won’t have to get private mortgage insurance (PMI).
While significant, those aren’t the only benefits. VA loans also tend to come with lower closing costs than other mortgages. To qualify for a VA loan, veterans usually need a credit score of at least 620. You also need to pay between 1.25% to 2.4% of your home’s value into the VA fund. The exact amount will depend on how much you put down upfront, if you choose to make a down payment at all.
You’ve estimated your affordability, now get pre-qualified by Fidelity Home Group to find out just how much you can borrow.
florida mortgage, florida mortgage rates, florida mortgage claculator, florida mortgage broker, florida mortgage lender, florida mortgage compamny, mortgage broker near me, mortgage brokers near me, orlando mortgage, orlando mortgage rates, the villages mortgage, the villages mortgage rates, the villages mortgage lender, the villages mortgage broker, naples mortgage, naples mortgage rates, naples mortgage lender, naples mortgage broker, florida keys mortgage, florida keys mortgage rates, florida keys mortrgage lender, florida keys mortgage broker, cape coral mortgage, cape coral mortgage rates, fort myers mortgage, cape coral mortgage lender, cape coral mortgage broker, fort myers mortgage rates, fort mayer mortgage, fort myers mortgage lender, fort myers mortgage broker, sanible island mortgage, sanibel island mortgage rates, sanibel mortgage lender, sanibel mortgage broker, anna maria island mortgage, anna maria island mortgage rates, anna marie mortgage lender, anna maria mortgage broker, clearwater mortgage, clearwater mortgage rates, clearwater mortgage lender, clearwater mortgage broker, bonita springs mortgage, bonita springs mortgage rates, bonita springs mortgage lender, bonita springs mortgage broker, marco island mortgage, marco island mortgage rates, marco island mortgage lender, marco island mortgage broker, st. augustine mortgage, st augustine mortgage rates, st. augustine mortgage lender, st. augustine mortgage broker, st. augustine beach mortgage, st. augustine beach mortgage rates, st. augustine beach mortgage lender, st. augustine beach mortgage broker, tampa Bay mortgage, tampa bay mortgage rates, tampe bay mortgage lender, tampa bay mortgage broker, st. petersburg mortgage, st. petersburg mortgage rates, st. petersburg mortgage lendser, st. petersburg mortgage broker, bradenton mortgage, bradenton mortgage rates, bradenton mortgage lender, bradenton mortgage broker, bradenton beach mortgage, bradenton beach mortgage rates, bradenton beach mortgage lender, brandenton beach mortgage broker, sarasota mortgage, sarasota mortgage rates, sarasota mortgage lender, sarasota mortgage broker, longboat key mortgage, longboat key mortgage rates, long boat key mortgage lender, long boat key mortgage broekr, key west mortgage, key west mortgage rates, key west mortgage broker, key west mortgage lender, key largo mortgage, key largo mortgage rates, key largo mortgage lender, key largo mortgage broker, isalamorada mortgage, islamorada mortgage rates, islamorada mortgage lender, islamorada mortgage broker, big pine key mortgage, big pine key mortgage rates, big pine key mortgage lender, big pine key mortgage broker, marathon fl mortgage, marathon fl mortgage rates, marathon fl mortgage lender, marathon fl mortgage broker, upper keys mortgage, upper keys mortgage rates, upper key mortgage lender, upper keys mortgage broker, lower keys mortgage, lower keys mortgage rates, lower key mortgage lender, lower keys mortgage broker, apalachicola mortgage, apalachicola mortgage rates, apalachicola mortgage lender, apalachicola mortgage broker, st. geoerge island mortgage, st. geoerge mortgage rates, panama city mortgage, st. geoerge island mortgage lender, st. geoerge island mortgage broker, panama city mortgage rates, panama city mortgage, panama city mortgage lender, panama city mortgage broker, panama city beach mortgage, panama city beach mortgage rates, panama city beach mortgage lender, panama city beach mortgage broker,
Fidelity Home Group
4700 Millenia Blvd Suite 175, Orlando, FL 32839
Hours of Operation:
Monday - Friday 8am to 7pm EST
Saturday - Sunday 10am to 6 pm EST