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United Realty Group
12323 SW 55th Street
Suite 1002
Cooper City FL 33330
(305) 244-0609
Buy, Sell, Rent Luxurious homes in
South Florida!
Patty DaSilva, a full time, full service REALTOR you can trust.
Licensed REALTOR®
& Mortgage Broker
®
Financing
View More Pictures HERE
Below is a brief summary of the financing options available.
Conventional Loans
A conventional loan is a loan that is not backed,
guaranteed or insured by the Federal Government, the Veteran's Administration (VA)
or the Federal Housing Administration (FHA).
Conventional loans usually require larger down
payment that government backed loan, VA or
FHA. Conventional loans can be conforming and
non-conforming. Conforming loans are loans that meet Fannie Mae and Freddie Mac criteria. Conforming loans can be sold to Fannie Mae or Freddie Mac so lenders can raise capital to lend
to other clients. Non-Conforming loans are conventional loans that exceed the limits for
Fannie Mae and Freddie Mac. These loans are called jumbo loans and are loans larger than $417,000 (with exceptions for high cost area such as California). There are a variety of financing options with conventional loans. Options include fix loans with repayment periods 15, 20, 30 even 40 years, as well as Adjustable Rate Mortgages (ARMs) with rates that do not change for a certain amount of years followed by a re-adjustment and lastly, (less common theses days), are Interest Only loans, where for a certain amount of years, no principal is paid, only interest, followed by re-adjustments.
Federal Housing Administration (FHA)
The Federal Housing Administration was created in 1934 to promote home ownership in the United States. FHA, a sector of Department of Housing and Urban
Development (HUD), does not actually provide mortgage loans. FHA insures loans made by private lenders adding security to the lenders.
FHA loans requires a small down payment of 3.5%, it does not require large income, allowing low and moderate income borrowers the ability to enjoy home
ownership. One of the most interesting programs that FHA has is the 203k Rehab loan. The “Streamline (K)” Limited Repair Program permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
The VA Home Loan Guaranty Program was created in 1944 with the mission to help veterans and active-duty personnel purchase and retain homes in
recognition of their service to United States. Like the FHA, the VA does not make the loans but it guarantees the loan to the private lenders who are lending the money. If the borrower qualifies, they may obtain a VA loan with zero down payment and a Veteran's benefit with the VA Home Loan Guaranty program
can used more than once.
