About Pinellas Park's Mainlands

Which Government Backed Home Loan Is Best Suited For Purchasing My New Home?

If you want a loan with a No Money Down Option then you must be a veteran or you must purchase a home in a HUD Approved Area for Rural Housing. The VA and USDA Loan are the only type loans that offer the No Down Payment Option for buying a home.

The FHA loan is the most popular type loan at this time because the down payment requirement is only 3.5% compared to the Conventional Loans which require 5% down. Both require the added cost of Mortgage Insurance any time less than 20% down is used.

The VA and USDA Loans do not require mortgage Insurance but have a funding fee that is financed into the loan. The USDA funding fee is currently 3.5% but expected to rise with the growing number of defaults. The VA funding fee varies and is determined by the veterans DD214 and Certificate of Eligibility.

Here is a snap shot of the type client that may choose one of these loan types.

VA Loan - An active member or a former member of the armed forces.

USDA Loan - A person living in or wanting to buy a property that resides in an area that typically has under 10,000 other residents.

Conventional Loan - A person with clean credit and 5% or more saved for the down payment of their new home.

FHA Loan - A person with past credit issues that have been resolved in the last year who does not have any money saved for a down payment but who has a relative that will give them the money to put down and/or co-sign on the loan for them.

The Interest Rates on all of the above mentioned loan types are at their lowest levels in the past 100 years. Some are opting for the 5 year arm which is fixed at 3% for the first 5 years of the 30 year loan term. Many of whom plan to refinance or sell the property within the next 5 years.

Senior Home Loan Originator Jim Poole

NMLS #351358

Mainlands is a very active 55+ community with a lovely clubhouse, heated pool, shuffleboard courts, a public golfcourse, and a variety of activities, too many to mention! It is nestled against Mainlands Golf Course. A well run and maintained community, near Parkside mall, grocery stores, banks, restaurants, interstate, airports and beaches! It is off of Hwy 19 just north of Gandy Blvd. Freedom Lake Park is within walking distance.

Come experience the Florida Lifestyle in Pinellas Park with the nearby sparkling beaches of Clearwater Beach and just a little bit to the south is St. Pete Beach. It is a just short drive to I-275 and then it is an easy commute to Largo, Clearwater, Bradenton, St. Petersburg, or a quick trip to MacDill Air Force Base.

Let us show you your new home today! Just contact us at Solaris Realty of TampaBay.

You will love peaceful way of life in Pinellas Park. The community offers convenient access to beautiful Gulf beaches, golf courses, restaurants, medical facilities, amusement parks, shopping, downtown Tampa and more. That's why the community is ideal for buyers looking to find the perfect home in a quiet, community atmosphere.

The contents of this posting are the property of Pam Mabe and Solaris Realty of TampaBay. Pam Mabe is a broker working in the Pinellas and Hillsborough area helping buyers and sellers buy and sell homes. Contact Pam at 813-245-0316 to list your property for sale or to purchase a property in Hillsborough, Pinellas or Pasco County area. Information is provided in this blog with the intent to educate homeowners and buyers about Tampa, St. Petersburg, Clearwater, Brandon, Wesley Chapel, Lutz, Valrico, Odessa and other communities in the Tampa area. For more information on different communities and subdivisions go to my website at TampaHomeGuides.

Visit my profile to find my more about my services. Call 813-245-0316. To view homes for sale in the Pinellas and Hillsborough area, click here and then fill in the information on your dream home.