Buying a Home in Eustis, Florida – Part 2 (Mortgages)

Buying a Home in Eustis, Florida – Part 2 (Mortgages)

By Jason, Jul 12 in Blog with 0 comments

As we discussed in Part 1 of the Buying a Home in Eustis, Florida, there are many options that a potential home owner has when looking for a home in the Eustis area.  And like the real estate, a home owner has several mortgage programs to shop for.

Each mortgage loan that is available to Eustis borrowers has its own unique set of guidelines and characteristics.  In general though, they have the same basic ground rules: must have a job, must have credit (Good to Excellent), and must be able to afford the mortgage payment.

It is from these main ground rules that lenders and programs deviate into the individual programs that are offered. ( To avoid a long, drawn out post, we will cover the individual programs in more detail in separate posts.)  Here is basic list and summary of the programs that are available to potential mortgage loan borrowers:

  • USDA 100% Guaranteed – 100% Financing, Seller can credit up to 6% of purchase price towards closing costs, not credit score driven, schooling can be used in lieu of work history, no Mortgage Insurance, must meet income limit guidelines
  • HomePath – 97% Financing, Seller can credit up to 6% of purchase price towards closing costs, need a 660 credit score to obtain 97% (580 credit scores maxes at 80%), no Mortgage Insurance, no Appraisal
  • FHA – 96.5% Financing, Seller can credit up to 3% of purchase price towards closing costs, not credit score driven, Mortgage Insurance needed if over 80%, strict appraisal guidelines
  • Conventional – 90% Financing, Seller can credit up to 3% of purchase price towards closing costs, needs at least a 580 credit score, Mortgage Insurance if over 80%

And should a foreign national want to vacation here in Eustis, there is even financing available for them.  So, as you can see, Eustis, Florida offers a homebuyer many options in finding the perfect home and getting the best financing to meet their needs.  And just a heads up when shopping for that new home, most Realtors will want a buyer to pre-approved or pre-qualified for a mortgage before they schedule a showing.  Click here to begin the application process and get your pre-approval/pre-qualification today.

Stay tuned for Part 3 where we will discuss insuring your new home.


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