At Patriot Home Funding, Inc., we offer a variety of home loan options designed to suit your unique circumstances. Whether you're purchasing your first home, upgrading, or exploring refinancing possibilities, our experienced team is here to provide personalized solutions for a seamless and fulfilling homeownership journey.
Conventional Loans
Also known as FNMA (Fannie Mae) and FHLMC (Freddie Mac). The maximum loan amount for conventional loans is $806,500. Conventional loans can be used to purchase or refinance primary residence, second/vacation homes, and investment properties. These loans require as little as 3% down in certain cases (FNMA Home Ready, FHLMC Home Possible) but generally the required down payment is at least 5% on primary residences, 10% for second/vacation homes, and 15% for investment properties.
The minimum credit score for conventional loans is 620. Private mortgage insurance (PMI) is required for all loans where the down payment (purchase) or equity position (refinance) is less than 20%. In some cases it is advisable to finance the PMI into the loan, also known as Lender Paid Mortgage Insurance (LPMI). Fixed rate and adjustable rate loans are available. We will evaluate and advise you on which scenario works best for your particular situation.
FHA Loans
These loans are used for purchases and refinances of primary residences only. The maximum loan amount for FHA varies by county but in Central Florida it will be $524,225 (Volusia, Orange, Seminole, Osceola, Lake). These loans are used for purchases and refinances of primary residences only.
The minimum down payment (purchase) or equity position (refinance) is 3.5%. The minimum credit score for FHA financing is 580. FHA requires both up-front mortgage insurance premium (MIP) which is financed into the loan and monthly MIP. The monthly MIP stays in place for the life of the loan. FHA loans offer easier qualifying terms than conventional loans. FHA loans are generally cheaper than conventional loans for borrowers with credit scores under 720 and down payments/equity positions less than 20%. Fixed and adjustable rate loans are available. Please contact Patriot Home Funding, Inc. to see which loan option is best for you.
Fixed Rate Loan
With a fixed rate mortgage, the interest rate does not change for the term of the loan, so the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be.
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.
VA Loans
One of the ways we as a grateful nation thank our active duty military and veterans is with the VA guaranteed mortgage program. The VA mortgage program offers 100% financing with no monthly mortgage insurance requirement for all eligible veterans buying primary residence properties up to $417,000.
The interest rates for VA loans are the same as FHA and the absence of a down payment requirement and monthly mortgage insurance makes the VA loan especially attractive and cost efficient. Fixed rate and adjustable rate loans are available. The owners of Patriot Home Funding, Inc. are both sons of World War 2 veterans. Patriot Home Funding, Inc. is proud to serve our veterans and are experts at VA financing.
USDA Rural Loans
The USDA Rural Guaranty program targets low to moderate income primary residence buyers in designated rural areas. USDA offers 100% fixed rate financing of the appraised value of the property to eligible owner occupant buyers in eligible areas. Please contact Patriot Home Funding, Inc. to determine if you are eligible and if the property is in an eligible area.
DSCR Loan
What is a DSCR Loan?
A DSCR (Debt Service Coverage Ratio) loan is a type of real estate investment loan designed specifically for property investors. Unlike traditional loans that focus heavily on personal income, DSCR loans are approved based on the cash flow the property generates. This makes it an excellent option for real estate investors looking to expand their portfolio without the usual income documentation hurdles.
What a DSCR Loan Can Do for You:
- Simplified Approval Process:
No personal income verification is needed. Approval is based on the property's ability to cover its debt payments through rental income.
- Flexible Financing Options:
Whether you're purchasing a new investment property or refinancing an existing one, a DSCR loan can be tailored to fit your strategy.
- Grow Your Investment Portfolio Faster:
With easier qualifications, you can scale your property investments without being limited by traditional loan requirements.
- Competitive Rates & Terms:
Enjoy access to competitive interest rates and flexible loan terms designed to maximize your investment returns.
- Ideal for New & Experienced Investors:
Whether you're a seasoned real estate investor or just getting started, DSCR loans provide a practical, hassle-free financing solution.
Is a DSCR Loan Right for You?
If you're an investor looking for a loan option based on your property's cash flow rather than your personal income, a DSCR loan might be the perfect fit. It's a smart way to build wealth through real estate with less red tape and more opportunity.
Contact us today to learn more about how a DSCR loan can help you achieve your investment goals.
At Patriot Home Funding, Inc., we're here to understand your aspirations, providing tailored mortgage solutions that pave the way for the realization of your homeownership dreams with expertise and care.
Construction to Permanent
Embark on building your dream home with our Construction to Permanent loan option. This unique financing solution streamlines the process by providing funding for both construction and permanent mortgage phases. With Patriot Home Funding, Inc., turn your vision into reality with a seamless and cost-effective approach to building your custom home.
Home Equity Lines of Credit (HELOC)
Access the equity in your home with our Home Equity Lines of Credit (HELOC) option. Whether you're funding a major expense, consolidating debt, or planning for a big purchase, Patriot Home Funding, Inc. offers flexible lines of credit that allow you to leverage your home equity strategically. With competitive rates and a straightforward process, our HELOC options empower you to make the most of your home's value.
Reverse Mortgage
Unlock the equity in your home and enhance your retirement with a Reverse Mortgage from Patriot Home Funding, Inc.. This financial tool allows homeowners aged 62 and older to convert home equity into cash. Experience financial flexibility while continuing to live in and own your home. Our team is here to guide you through the benefits and considerations of this unique mortgage option.
Renovation Loan
With a fixed rate mortgage, the interest rate does not change for the term of the loan, so the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be.
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.
Portfolio Investors
For seasoned investors, Patriot Home Funding offers Portfolio Investors loans, providing tailored financing solutions for those looking to expand their real estate portfolios. Benefit from our expertise in investment properties, competitive rates, and personalized strategies to optimize your investment ventures.
