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Loan Programs

Conventional Loan

The traditional 30- and 15-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then stable-rate loans are usually cheaper. By locking in a fixed interest rate, borrowers shield themselves from fluctuations in the market, ensuring that their monthly mortgage payments remain affordable and manageable over the duration of the loan term. This stability not only simplifies budgeting but also offers peace of mind, allowing homeowners to focus on enjoying their homes without the worry of rising interest rates.

FHA Loan

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. It was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate
the housing market by making loans accessible and affordable

VA Loan

A VA loan, or Veterans Affairs loan, is a specialized mortgage product available
exclusively to current and former members of the United States Armed Forces, as well as their eligible surviving spouses. Backed by the U.S. Department of Veterans
Affairs (VA), this loan program offers veterans and their family's unique advantages and benefits for purchasing or refinancing a home. Created with the noble intention of providing long-term financing solutions to those who have served their country, VA loans are guaranteed by the VA, mitigating risk for lenders and enabling eligible
borrowers to access favorable terms and conditions. These loans can be obtained through qualified lenders, including banks, credit unions, and mortgage companies, who partner with the VA to extend financing to eligible applicants

USDA Loan

The United States Department of Agriculture (USDA) gives out a variety of loans to help low- or moderate-income people buy, repair or renovate a home in a rural area.
Some of the popular types of loans are: the single-family direct homeownership loan, the single family guaranteed homeownership loan, the rural repair and rehabilitation loan or grant and the mutual self-help loan. This guide will help you figure out what these loans are and whether you qualify. Though the terms and details of these loans differ, all offer very low effective interest rates (some are as low as 1 percent) and don’t require a cash down payment. To qualify, you need to have a decent credit history.

Reverse Mortgage Loan

A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments. With this, seniors have the flexibility to convert a portion of their home's equity into usable funds, which can be received as a lump sum, a line of credit, or fixed monthly payments. Unlike traditional mortgages, where borrowers make regular payments to the lender, a reverse mortgage allows homeowners to defer repayment until they move out of the home, sell the property, or pass away.

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Hometown Heroes Loans

Down Payment Assistance - Eligible full-time workforce, employed by a Florida based employer can receive lower than market interest rates on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance. Borrowers
can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance. Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the
property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.

Jumbo Loans

A jumbo loan is a specialized financial product that surpasses the standard conforming loan limits established by government-sponsored enterprises like Fannie Mae and Freddie Mac. These loan limits vary depending on the location and are adjusted annually to reflect changes in the housing market. As of the latest update in 2024, the conforming loan limit for most areas in the United States stands at $760,550. However, certain high-cost areas such as Alaska, Hawaii, Guam, and the U.S. Virgin Islands have higher limits, set at $1,149,825

Customers Testimonial

What Our Clients Say

Daniel J
Daniel J

Customer

FLOMortgage transformed our dream of homeownership into reality. Their 100% FHA loan option, paired with their steadfast support, streamlined the process effortlessly. The team's commitment to first-time buyers is remarkable – from personalized financial advice to guiding us through paperwork, they instilled confidence at every step. FLOMortgage doesn't just offer loans; they pave the way to a brighter future. We are now homeowners with pride.

Rebecca Mark
Rebecca Mark

Customer

FLOMortgage made our dream of homeownership a reality. The 100% FHA loan option, supported by their expert guidance, made the entire process stress-free. Their commitment to supporting first-time buyers was evident in every interaction. From educational resources to personalized consultations, their team ensured we felt empowered throughout. FLOMortgage doesn't just offer financial solutions; they offer a genuine partnership.

Mark T
Mark T

Customer

FLOMortgage exceeded expectations to ensure our homebuying experience was exceptional. The 100% FHA loan option was revolutionary, removing the necessity for a traditional down payment. The personalized service from their Mortgage Brokers ensured a seamless process from start to finish. From the initial consultation to closing, they offered valuable insights, enabling us to make informed decisions. The team's commitment to educating first-time buyers is evident in their dedication.

Laura James
Laura James

Customer

Our experience achieving homeownership with FLOMortgage surpassed all expectations. The 100% FHA loan option, along with their devoted service, transformed our dream home into reality. Their Mortgage Brokers offered invaluable guidance every step of the way, ensuring we were informed and confident in our decisions. Their dedication to supporting first-time buyers, demonstrated through educational resources and personalized consultations, distinguishes them from the rest.

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Get In Touch

We’re here to support you every step of the way. Whether you have inquiries, require information, or wish to explore your options, we eagerly await your contact. Your path to homeownership begins with a simple “get in touch.”

Our committed team is prepared to assist you in your journey to homeownership. Don’t hesitate to reach out with any questions or to arrange a consultation. We anticipate hearing from you!

Address

Davenport - FL

Phone

(912) 980-3604

Email

JAponte@flomortgage.com

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