100% Mortgage Financing Possible?

Florida USDA mapYes, it is possible, you can still obtain 100% financing in Florida via the USDA 502 Guarantee Loan Program!  The USDA mortgage program basics are the same for all states but local Florida experts will know how to quickly identify if the areas you’re shopping are eligible (this program can only be used in areas designated as rural by the USDA) Don’t assume your locations is not eligible without contacting us first.  You will likely be surprised by some of the areas that are USDA eligible, so it is certainly worth exploring. If your household income must also be within the limits for your county (there are income limitations for the different versions of the program).

FHA Loan Lender – Miami Dade County

Florida FHA loans have been helping people become homeowners since 1934.  Florida FHA Loans are backed by the Federal Housing Administration (Also known as FHA).  FHA insures the loan so your mortgage lender can offer more risky loan products.  For example: FHA loans typically have a lower down-payment and better loan rates for borrowers with lower credit scores. So low in fact you often get an FHA loan with just 3.5% down payment and credit scores as low as 600.
During the Florida Housing Boom around 2005-2006, FHA Home Loans weren’t as popular because of the ample supply of mortgage credit.  Anyone could essentially obtain 100% financing.  Conventional Fannie Mae Loans with 0% down payment and reduced loan documentation requirements.  After the housing market crash, as Fannie Mae and other Florida loan lenders retreated from these riskier loan products, FHA stepped in and Florida FHA Home Loans became the only option for borrowers with limited money for a down payment, or a credit score below 600.

USDA 502 Housing Refinance

The USDA Streamline Pilot refinance program is now allowing homeowners to now include closing costs and other settlement charges into a lower rate USDA mortgage.  USDA mortgages offer buyers the ability to finance 100% of the purchase price when purchasing a primary residence but now USDA is making it much easier to refinance these USDA mortgages so homeowners can take advantage of today’s low fixed mortgage rates.

Pensacola VA Home Purchase – Refinance Guide

Pensacola VA Home LoanPensacola is certainly a huge military town and the VA loan is unquestionably  the best mortgage option available today for VA home buyers. Below we will discuss some things new VA home buyers, and existing VA refinance borrowers will want to know.

First a little history lesson,  the Florida VA Loan came about in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. With more than 25.5 Million veteran’s eligible or VA financing, the VA loan is still an excellent source for affordable 100% financing to eligible veterans.

USDA Rural Housing -Gaining Popularity

USDA Mortgage FloridaUSDA Rural Housing loans are pretty popular these days mainly due to the fact the program still allows for 100% mortgage financing. 100% mortgages are almost unheard of these days in Florida.  This USDA loan, also called the USDA 502 Guarantee loan, or “RD” loan is administered by the United States Department of Agriculture (USDA) and helps buyers in Florida’s rural and suburban areas buy homes more easily. The USDA mortgage is one of the most cost effective home buying programs in the Florida today. Since its inception in 1949, the USDA Rural Development loan has helped over 1 million home buyers obtain housing with little or no money down. In fiscal year 2011 alone, 130,000 people benefited from the program. The USDA mortgage loan has transformed from a relatively unknown niche mortgage program just a few years ago to a mainstream home buyers throughout Florida.

Florida Mortgage Shopping Tips

Florida mortgage shopping


Below we have listed some tips and things to remember when shopping for a mortgage. Please call us at 800-871-2636 with any questions.

  • Advertised mortgage rates generally include points

You know those mortgage rates you see on TV, hear about on the radio, and view online. Well, most of the time they require you to pay mortgage points. So if your loan amount is $150,000 and the rate is 4.0% with 1 point, you have to pay $1.500 to get that rate. And there may also be additional lender fees on top of that. Many lenders use this tactic to get their phone to ring, just to inform you later your closing costs will be thousands higher. Don’t fall in the trap.

USDA Loan Information- Applying

Five Stars Mortgage

Because of the uniqueness of USDA Rural Home Loans, the guidelines are quite different from what is traditionally found with FHA or Conventional loan programs. With that being said, some lenders provide advice that may be well intentioned, but unfortunately is simply not accurate. Homebuyers should remember, there are many USDA “approved lenders” in Florida, however very few actually specialize in the program. Be aware of this when searching for information about USDA Rural Loans.

Here are important highlights that can help with a homebuyer’s qualifying for a Florida USDA mortgage:

Purchasing With FHA Home Loan


Purchasing with FHA home loan can be nervous experience for most homebuyers, especially all you first timers. Below we have outlines some steps of the FHA loan process to help give borrowers a snapshot on what to expect.

FHA Mortgage Application  – Applying & Pre-Qualification.

Buyers want to start the FHA pre-approval process about three months before purchasing a home.  Pre-qualifying can mean several things depending on the lender you talk to, but generally it involves knowing the following key points – the location you want to purchase, the property type, mortgage type and down payment amount.  From there a loan specialist can talk to you about financing options that fit your needs.

Interest Rates August 2014

Florida mortgage interest rates for Conventional, FHA, VA and USDA are currently at the lowest point of 2014. Now is a great time to purchase a new home or refinance your existing home loan.  Secure 30, 15 year fix rate along with adjustable rate loans available.

Homeowners who missed the last decrease in interest rates can look again to see if refinancing makes sense.  All the government loan program like FHA, VA and USDA have refinance programs to assist homeowners that are “under water” or owe more on their house than the current value. Many of these programs are streamline with little documentation and no appraisal report required.

Florida VA Home Loan Purchase & Refinance

The Veteran’s Administration (VA) home loan mortgage is perfect for past or present military looking to purchase a Florida home for little or no money down. The VA loan program is a government mortgage program backed by U.S. Department of Veterans Affairs and provides a number of homeownership opportunities in Florida with no down payment needed. The government backed VA home loan is available to active duty military personal, honorably discharged veterans or their widows. This is one of the last remaining mortgage programs that still allow home buyers to purchase their Florida home with NO MONEY DOWN. First time home buyers and current homeowners in Florida with a VA certificate of eligibility are permitted. Regardless of your financial or mortgage knowledge, Five Stars would be more than happy to assist you.  We take the time to answer all your questions and educated you on the tremendous advantages of VA home loans here in Florida. Listed below are some of the highlights for the Florida VA purchase and Florida VA refinancing program.