8 Loan Types Available in Tampa by Private Lenders

About Miami - Miami, officially the City of Miami, is a coastal metropolis and the county seat of Miami-Dade County in South Florida. With a population of 442,241 as of the 2020 census, it is the second-most populous city in Florida and the eleventh-most populous city in the Southeastern United States.

FHA Loan Miami
FHA mortgages give borrowers more leniency with their DTI ratio by offering a 43% debt-to-income ratio, which can make qualifying for a loan a much easier process. Not to mention, this 43% can be negotiated even further, depending on other compensatory factors like your down payment, credit score and cash on-hand. You apply for an FHA loan directly with the bank or other lender that you choose. Most banks and mortgage lenders are approved for FHA loans.

You can apply for pre-approval of an FHA loan with the lender you choose. The lender will gather enough financial information to issue (or deny) a pre-approval within a day or so. That will give you an idea of how much you can borrow while not committing yourself to anything. All of the above is true for any mortgage application. If you want an FHA loan you should say that upfront.

First Time Home Buyer Miami
Buying a home is still considered a key aspect of the American dream, as a home is typically an appreciating asset that grows in value over time. Being a first-time buyer can open the door to tax breaks and federally backed loans if you don’t have the usual minimum down payment—ideally, 20% of the purchase price for a conventional loan—or are a member of a certain group. And you may qualify as a first-time buyer even if you’re not a novice.

You may also be able to take advantage of down payment assistance or closing cost assistance programs as a first-time buyer. These programs, which can be operated by state governments and nonprofit organizations, can provide you with funding to cover your down payment and closing costs in order to make your home ownership dream a reality.

Purchasing a home with less than 20% down can mean paying private mortgage insurance (PMI) until you reach 78% to 80% equity in the home.

Qualifications of First-Time Buyers
Who is a first-time buyer for a home? According to the U.S. Department of Housing and Urban Development (HUD), a first-time homebuyer is someone who meets any of the following conditions:

An individual who has not owned a principal residence for three years. If you’ve owned a home but your spouse has not, then you can purchase a place together as first-time homebuyers.
A single parent who has only owned a home with a former spouse while married.
A displaced homemaker who has only owned a home with a spouse.
An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
An individual who has only owned a property that was not in compliance with state, local, or model building codes—and that cannot be brought into compliance for less than the cost of constructing a permanent structure.

That broad definition could make it easier for you to qualify as a first-time buyer and enjoy some of the associated benefits that go along with buying a home for the first time.

Hard Money Loan Miami
A hard money loan is a short-term, non-conforming loan for commercial or investment properties, that doesn't come from traditional lenders, but rather people or private companies that accept property or an asset as collateral.
Hard money loans are essentially a type of asset-based financing in which the borrower acquires funds that are secured by real property. It's called a “hard money” loan because it's harder to acquire and pay back than its soft money counterpart.
A hard money loan is a type of secured loan that's used to buy hard assets—usually real estate. Instead of relying on the creditworthiness of a borrower, hard money lenders instead weigh the merits of the investment that a borrower is looking to fund and use that investment as collateral.

Fix and Flip Loan Miami
Fixing and flipping is when an investor purchases a property, remodels the property to add value and then (typically) lists it on an MLS to sell to an end user. Fix-and-flip loans are short-term loans used by real estate investors to purchase and improve a property to then sell for a profit. The loan flipping definition tells that loan flipping is a predatory lending activity that happens when lenders convince borrowers to refinance their homes by accepting a new long-term loan with higher costs. Even though the new loan doesn't actually provide any financial advantage to homeowners in any possible way.

Multifamily Loan Miami
Multifamily financing allows real estate investors to purchase or refinance small multiunit properties with two to four units and large apartment complexes with five or more units. Multifamily loans are good for both new and experienced investors and have interest rates as low as 2.625% with terms up to 35 years.

There are four types of multifamily financing:

Conventional multifamily mortgage: Best for investors who want traditional multifamily financing for two to four units in good condition
Government-backed multifamily mortgage: Best for owner-occupants of two- to four-unit properties or investors with five or more units
Portfolio multifamily loan: Best for investors who want to finance multiple properties at once or cannot qualify for a conventional mortgage
Short-term multifamily loan: Best for fix-and-flip investors who wants to purchase a distressed property quickly

Bridge Loan Miami
Also known as interim financing, gap financing, or swing loans, bridge loans bridge the gap during times when financing is needed but not yet available. Both individuals and companies use bridge loans, and lenders can customize these loans for many different situations.

Bridge loans can help homeowners purchase a new home while they wait for their current home to sell. Borrowers use the equity in their current home for the down payment on the purchase of a new home while they wait for their current home to sell. A bridge loan gives the homeowner some extra time and, more often than not, some peace of mind while they wait. However, these loans normally come at a higher interest rate than other credit facilities such as a home equity line of credit (HELOC).

Mortgage Refinance Miami
Refinancing a home loan means availing a new loan from another lender to pay off an existing one. Two primary reasons for switching a housing loan (also known as refinancing) are: (1) To get the benefit of a lower rate of interest and (2) To avail a top-up on the original loan amount. Refinancing your mortgage means renegotiating your existing mortgage loan agreement. You might do this to consolidate debts, or you could use the equity in your property to increase your mortgage loan amount for large expenses. Mainly, the difference is in the purpose of the two loans: Purchase mortgages enable you to become a homeowner. Refinances empower you to change the terms of your original mortgage, which you may want to do for a variety of reasons.

VA Loan Miami

A VA loan is a mortgage offered through a U.S. Department of Veterans Affairs program. VA loans are available to active and veteran service personnel and their surviving spouses, and are backed by the federal government but issued through private lenders.

Purchase Loans Help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. Learn More

Interest Rate Reduction Refinance Loan (IRRRL): Also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan. Learn More

Native American Direct Loan (NADL) Program: Helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan. Learn More

Adapted Housing Grants: Help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability. Learn More

Foreclosure Avoidance Assistance: VA provides financial counseling to help Veterans avoid foreclosure during periods of financial difficulty. Learn More