Mortgage closing with a hand shake

Mortgages, it’s all we do!

Picking the right mortgage is as important as picking the right house

FHA Loans

A standard FHA-insured loan product is traditionally one of the best types of home loans for first-time buyers. A FHA loan is insured by the Federal Housing Administration (FHA) and is originated or funded by a private lender. While mortgage lenders do vary in how they apply FHA underwriting guidelines, FHA standards in general are more flexible than most other types of home loan programs and can be a great fit for those households with lower credit scores. FHA also has a low minimum down payment of just 3.5% (of the purchase price) and it permits a gift from a family member or the seller to pay the remaining closing costs and fees to purchase your first home. These are great features for the typical cash-strapped buyer looking to finance a home of their own.

VA Home Loans

This home loan is guaranteed by the United States Department of Veterans Affairs and is available for military personnel, surviving spouses, and veterans. This is a great product because it is still one of the rare 100% financing loan options available and is offered with no Mortgage Insurance. This flexible loan product offers $0-down options for purchases and refinances. The rates on a VA Loan are comparable to standard rates offered by FHA.

Conventional Loans

A Conventional Loan is a loan product that conforms to Fannie Mae and Freddie Mac’s guidelines. Fannie Mae and Freddie Mac are nicknames for the two Government Sponsored Enterprises that were created by the federal government to purchase mortgage loans from lenders. In partnership with Private Mortgage Insurance (PMI) companies, Conventional Loans can have down payments as low as 3% for qualified borrowers. A Conventional Loan requires a higher credit score.

USDA Rural Housing Loan

USDA Loans are offered by the U.S. Department of Agriculture for people living in rural areas. Like a VA loan, USDA loans are up to 100% financed, pending all requirements are met. USDA Loans used to be considered “farmers loans,” but they have evolved over time. Many buyers looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan. Guidelines for USDA loans can be very specific, and some of the eligibility standards that determine if you qualify include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim.

1st Time Home Buyers

One of the most challenging aspects of buying your first home can be the down payment. We understand this challenge and so Home Team Lending is proud to partner with many Down Payment Assistance (DPA) programs. These 1st time buyer programs have options that can allow qualified borrowers to obtain up to $36,000 to be used towards their 1st home purchase. These programs all have different credit and income limitations, and most require a homebuyer education course.

Jumbo Loans

A Jumbo Loan is a mortgage for an amount that exceeds the maximum loan amounts established by the Federal Housing Finance Agency (FHFA). If your loan amount is larger than the conforming amount, a Jumbo loan may be required to secure financing. We have several mortgage options for our borrowers looking into Jumbo Loans that range from very conservative to very aggressive depending on the investment.

Condo Loans

You may have heard that it is extremely difficult to get approved for a mortgage to buy or refinance a condominium. That was the case for several years after the housing market crashed, but today we are financing not only warrantable condos but non-warrantable condos as well. Whether you are looking at a small retirement development in Historic Downtown DeLand or a high-rise Beachfront Condo on one of Volusia County’s beautiful beaches we have mortgage options to suit your needs. Condos are no longer a financing nightmare when you are working with a lender that is as versed at them as we are.

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