I am a second-generation Floridian born in Manatee County. My family relocated here from New York a few years before my birth. The Franz family owned and operated Franz Tractor Company in Bradenton. With over 15 years of experience in real estate appraisal, real estate, and mortgage lending, I continuously seek new opportunities for my clients. I firmly believe in the importance of completing what I start and am dedicated to upholding the highest standards of ethics and integrity for my clients. I am grateful for the influence of my teachers, who have contributed to my family's growth. I have been married to Arlen for over ten years, and we were blessed with twins, Jax and Gia, in 2016. I thoroughly enjoy spending quality time with my family in south Hillsborough County, our place of residence for the past seven years.
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TIME SAVER: A few things to note when filling out your application:
We DO NOT need your bank account information – just put the balance and the name of the bank.
You DO NOT need to list your liabilities; these will come over with your credit report.
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Florida Home Loans' Mortgage Calculator
Ready to unlock your mortgage potential? Start exploring your options now with our free mortgage broker calculator. Simply enter your information and let the numbers guide you towards a brighter future. Whether you’re a first-time homebuyer or looking to refinance, we’re here to support you every step of the way. Begin your journey today and let us help you turn your homeownership dreams into a reality!
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Calculator Result Definitions
- The interest rate is used to calculate the interest owed on a loan.
- Discount/Rebate (%/$)
- Discount points are additional funds paid at closing to reduce your interest rate. Rebate is money credited to your closing costs in exchange for a higher interest rate.
- Monthly P&I
- Principal and Interest payment includes a payment to reduce the balance of your loan as well as to pay the accrued interest.
- Total Payment
- This payment includes principal, interest and mortgage insurance premium, when required. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner’s insurance premiums.
- APR is the annualized cost of a loan— including fees. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such as mortgage insurance, most closing costs, discount points and loan origination fees. The APR is intended to give you more information about what you’re really paying. The Federal Truth in Lending Act requires that lenders always disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. (Remember, though: Your monthly payment is not based on APR, it’s based on the interest rate on your promissory note.)
Your Mortgage Resource Center
Buying your first home?
Welcome to Florida Home Loans, your trusted source for all things related to home buying! We understand that purchasing a home is a significant financial decision, and we’re here to guide you through the process. Today, let’s delve into the different types of down payments you can make when buying a home.
Standard Down Payment:
- The most common type of down payment is the standard down payment. Typically, lenders require a down payment of 20% of the home’s purchase price. For example, if you’re buying a home worth $250,000, your down payment would be $50,000. Making a standard down payment not only demonstrates your commitment as a buyer but also helps you secure more favorable loan terms and avoid private mortgage insurance (PMI).
Low Down Payment Options:
If you don’t have enough funds for a standard down payment, don’t worry! There are various low down payment options available to make homeownership more accessible. These include:
a. FHA Loans:
The Federal Housing Administration (FHA) offers loans with a down payment requirement as low as 3.5%. These loans are popular among first-time homebuyers or individuals with lower credit scores. However, keep in mind that FHA loans often require mortgage insurance premiums.
b. VA Loans:
Exclusive to eligible veterans, active-duty service members, and their spouses, VA loans provide an excellent opportunity for homebuyers. They offer the benefit of zero down payment, making homeownership more attainable for those who qualify.
c. USDA Loans:
The U.S. Department of Agriculture (USDA) provides loans for rural homebuyers with low to moderate incomes. These loans offer zero down payment options, making them an excellent choice for individuals looking to purchase a home in eligible rural areas.
d. Conventional Loans:
- While conventional loans typically require a 20% down payment, some lenders offer options with lower down payments. These may include down payment assistance programs or flexible loan terms based on your financial situation.
Large Down Payment:
If you have the means to make a larger down payment, it can provide several advantages. These include:
a. Lower Monthly Payments:
A larger down payment means borrowing less money from the lender, resulting in lower monthly mortgage payments. This can improve your cash flow and overall financial stability.
b. Better Loan Terms:
Lenders often provide more favorable interest rates and terms to buyers who make substantial down payments. This can lead to significant savings over the life of your loan.
c. Equity and Resale Value:
- A larger down payment instantly builds equity in your home. It also reduces the risk of being “underwater” on your mortgage, which can affect your ability to sell your home or refinance in the future.
At Florida Home Loans, we believe in empowering our clients with knowledge. Understanding the various down payment options available enables you to make an informed decision that aligns with your financial goals and circumstances. Our team of experts is ready to assist you throughout your home buying journey, ensuring a smooth and rewarding experience.
Contact us today to learn more about down payments, explore financing options, and find your dream home. Let’s make your homeownership dreams a reality together!