First Time Home Buyer
Cape Coral Florida

First Time Home Buyer Cape Coral Benefits:
* FHA Loan 3.5% Down
* VA Loan – No Money Down
* HomeReady 3% Down
* Business Owner Non QM Loans (Statement Only Loans)
* Jumbo Loans (Conventional, P&L and Statement Only)
* FICO Starting at 550

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Cape Coral Florida’s best mortgage rate programs for First Time Home Buyer home loans. Helping borrowers in Cape Coral Florida qualify for the best First Time Home Buyer loan to meet their borrowing requirements. First Time Home Buyer loan programs in Cape Coral Florida are backed by the Federal Housing Administration (FHA). 

First Time Home Buyer Programs
Cape Coral Florida

CambridgeHomeLoan.com has a number of First time home buyer loan programs from simple W2 employees to full 2 year tax returns, self employed loans, Non QM loans and more with low down payments and fees. Contact us today to craft the loan that best fits your needs. Some qualifications below.

FHA First Time Home Buyer and HomeReady Program Terms

  • A credit score of at least 580 for a 3% down home loan
  • A credit score of 500 to 579 for a 10% down payment
  • FHA loan with 3.5% down payment requirement
  • Mortgage insurance that is offset due to lower FHA interest rates than a conventional loan.
  • FHA Debt to income ratio of 50% or less

Qualify for a 3% down Home Loan in Cape Coral Florida. Use this application to pre-qualify and start shopping for your new home in Cape Coral Florida today! Purchase, Refinance, Cash Out Refinance.

Contact us to find out what the loan limits in the county you would like to purchase in. Call now 800-826-5077. 

Prequalify now to see how much of Loan you can qualify for. 

Benefits of Being A First Time Home Buyer Cape Coral Florida

Home Loans For Cape Coral Florida

  • HomeReady mortgage for Cape Coral Florida.  Fannie Mae’s HomeReady mortgage program also requires just 3 percent down (with PMI, although it might be less expensive), and offers more flexible underwriting.

  • Home Possible mortgage – Freddie Mac’s Home Possible mortgage program is similar to the HomeReady mortgage, with a 3 percent minimum down payment.

  • FHA Loans (Federal Housing Administration): FHA loans are government-backed loans designed for first-time homebuyers with lower credit scores. They require a smaller down payment (3.5%) but come with mortgage insurance premiums.

    VA Loans (Department of Veterans Affairs): VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses. These loans offer 100% financing and generally have competitive interest rates..

    Jumbo LoansJumbo loans are used for high-value properties that exceed conventional loan limits. They typically require larger down payments and have stricter credit requirements.

     

    Interest-Only Loans: Interest-only loans allow borrowers to pay only the interest for a specified period, typically 5 to 10 years. Afterward, payments increase to cover principal and interest.

    Reverse Mortgages: Reverse mortgages are designed for seniors aged 62 and older. They allow homeowners to convert home equity into cash, with loan repayment deferred until the homeowner sells the home, moves out, or passes away.

    Non-Qualified Mortgage (Non-QM) Loans: Non-QM loans Cape Coral are for borrowers who don’t meet conventional mortgage standards are self employed or do not have a w2 to possibly tax return to show income. Various types include:

    Profit and Loss Loans (P&L):  Suitable for self-employed individuals who may have fluctuating income. Closest thing to a no doc loan.

    Statement Loans: Based on bank statements rather than tax returns, beneficial for those with non-traditional income documentation.

    Foreign National Loans: Tailored for non-U.S. citizens or non-permanent residents.

    Asset Depletion Loan: Uses assets like retirement savings, trust funds, treasuries, etc.,  to qualify you for a loan.

    DSCR Loans Cape Coral: DSCR loan is typically used when purchasing under an LLC or company and can provide up to 85% LTV. The DSCR loan is based on the assets income and not focused primarily on the borrower. There is no borrower income or employment requirement.

    Fix and Flip LoansFix and flip loans are short-term financing options for real estate investors purchasing, renovating, and reselling properties. These loans often have higher interest rates but shorter terms. The can close in as fast as 5 days and provide up to 90% LTV.

Cape Coral is a city in southwest Florida, known for its many canals. Home to manatees, Sirenia Vista Park has kayak routes to Matlacha Pass Aquatic Preserve, where birds wade amid mangroves. 

Cape Coral Historical Society & Museum traces the planning of the city. Yacht Club Community Park has a beach and pier on the Caloosahatchee River. To the north, Four Mile Cove Ecological Preserve attracts herons and ibis.

Schools in Cape Coral FL

Caloosa Elementary School
620 Del Prado Blvd S · +1 239-574-3113

Cape Elementary School
4519 Vincennes Blvd · +1 239-542-3551

Cape Coral High School
2300 Santa Barbara Blvd · +1 239-574-6766

Cape Coral is one of the Most Affordable Places to Live in FL. Florida has become known as a destination which offers lots of amenities at an affordable cost. But residents of Cape Coral enjoy even higher value. Cape Coral has been named the third most affordable city in Florida. Not just Cape Coral, we are serving all of First Time Home Buyer Florida market.

First Time Home Loan Cape Coral Florida

One of the fastest growing areas in Florida!

Things To Do In and Around Cape Coral Florida

  • Lakes Park (Fishing galore in a freshwater lake)
  • Sun Splash Family Waterpark (Over 14 acres of aquatic fun)
  • Bunche Beach (Tranquil beach with shallow surf)
  • Four Mile Cove Ecological Preserve (Wetlands with a trail & kayak rentals)
  • Sanibel Causeway (Raised route with an island park)
  • Useppa Island (Island known for luxury resorts)

Best Loan for Business Owners To Purchase A Home

FHA Loan Cape Coral Q&A
Everything You Wanted To Know about FHA Loans Cape Coral Florida

A Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify.  You can find out more by applying here!.   Same rule applies for borrower with chapter 13 bankruptcy.

A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the  lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 pla.

Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan Florida. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify.  You can find out more by applying here!.   Same rule applies for borrower with chapter 13 bankruptcy.

A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the  lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 plan.

Charge-off accounts are not included in borrowers’ debt.

 

For non-medical collection accounts when the cumulative outstanding balance is greater than $2,000 borrower may either pay-off the balance or, for the purpose of debt-to-income ratio (DTI), provide proof of a payment plan. If neither are an option, the lender must use 5% of the outstanding balance and include it in the borrower’s DTI calculation.

 
 
 

Delinquent child support must be paid current or in a payment plan.

 
 
 
 

Borrowers with delinquent tax debt are ineligible unless currently in payment plan.

 
 
 
 
 

Borrowers with delinquent tax debt are ineligible unless currently in repayment plan. Repayment plan tax liens are not required to be paid in full if documentation is provided indicating the borrower is in a valid payment plan.

The following is required:

  1. The borrower must have made a minimum of 3 months of scheduled payments and documentation of the payments is required.
  2. The payment must be included in the DTI / Debt to income calculation.
  3. The borrower cannot prepay the payments to meet the 3-month payment requirement NOTE: Borrowers with delinquent taxes may or may not have a tax lien. Borrowers currently in a repayment plan, and the IRS has not filed a tax lien, are not required to meet the minimum 3-month payment requirement. The payment to the IRS will be included in the DTI calculation.

Foreclosure waiting period is measured from the date of title transfer. Three (3) years must have elapsed from the time title transferred. If the foreclosed loan was an FHA loan, the 3-year waiting period is based on the date the FHA claim was paid (e.g. foreclosure 11/12/14, FHA claim dates was 7/12/15, the 3-year waiting period ends 7/13/18).

Borrowers with foreclosure/Deed in Lieu within 3 years of case number assignment that was due to documented extenuating circumstances may be eligible if the borrower has re-established good credit since the foreclosure. A downgrade to manual underwriting is required. If the foreclosure was included in the bankruptcy, the foreclosure waiting period still applies. HUD treats the foreclosure and Bankruptcy  independently, not as a single event.

The three-year waiting period from date of title transfer still applies unless they were current at the time on short sale. Speak to your loan officer for specifics. 

 

The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets.  Typically, the DTI cannot exceed 45% of the borrower’s gross income.  However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt. 

 

Borrowers with student loans that are in deferment or not fully amortized will be required to calculate 1% of the outstanding balance as minimum monthly payment that will be added in their debt-to-income ratio (DTI) calculation.

The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets.  Typically, the DTI cannot exceed 45% of the borrower’s gross income.  However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt. 

 

 

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