Most home loan options available to Florida residents tend to be backed by government agencies, such as VA loans, FHA loans, and USDA loans. With government backing, the applicants for these home loans are able to borrow despite having lower credit scores or limited cash availability for down payments.
Conventional loans are home loans that are not insured by any government organizations, and are a good option for those borrowers who have strong income and credit. They are also ideal in the scenario where the loan amount you are looking to borrow is over the amount provided by loans backed by the government.
Residents of Florida can explore their conventional loan options through the help of e-Finance Mortgage LLC. Conventional loans can be either conforming or non-conforming. For conforming conventional loans, they need to be in line with stipulations set by Freddie Mac or Fannie Mae in order for them to be eligible for purchase by them. Non-conforming conventional loan options do not meet this criterion.
Florida Fixed and Adjustable-Rate Conventional Loan Options
Homeowners can apply for either fixed rate or adjustable rate conventional loans, or for a combined option that has aspects of both types included.
Fixed rate home loan options are particularly ideal for homeowners, as the interest rate on the mortgage remains fixed. This means that the monthly payments remain the same, regardless of any changes in the market. This type of conventional loan is generally available to borrowers in the form of 15 year, 20 year, or 30 year loans.
With adjustable rate conventional loans, borrowers get the advantage of a comparatively low interest rate. However, the interest rate is subject to change over the course of mortgage payment, depending on the condition of the market and other factors. This is a loan option particularly ideal for those borrowers who intend to relocate or refinance.
At e-Finance Mortgage LLC, we are committed to offering our clients with the right conventional loan options in Florida. With our help, you can buy the house or condo of your choice in Florida, and that too with competitive interest rates on your conventional loan. We can also help you refinance your existing mortgage through a conventional loan. If you’re a Florida resident looking for more information on the conventional loan products we offer, you can contact e-Finance Mortgage LLC today!