Welcome to Schaefer Mortgage in Florida!
Celebrating 23 Years in business!
Schaefer South provides current mortgage rates, home loans, refinance, loan calculators, and mortgages in Florida, including Fort Myers and Cape Coral.
The most popular FHA home loan program by far is the 203(b). This is your standard fixed rate loan for 1-4 family owner occupied houses and only requires a minimum of 3.5% from the borrower. This loan also permits 100% of their money needed can be a gift from a relative, non-profit organization, or government agency.
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Benefits Include:
- 3% Grant Available (not only for first time buyers)
- Not restricted to 1st time home buyers
- Max loan Limits (Lee County)
- 1 Family......$356,250
- 2 Family......$456,050
- 3 Family......$551,250
- 4 Family......$685,100
- 3.5% down payment can be 100% gift
The rest can be paid by the seller - Much lower interest rates than conventional alternatives
- Less expensive mortgage insurance payment than conventional PMI
- Relaxed property condition requirement
- No water test or termite test required (unless requested by appraiser)
- Not credit score driven
- Sometimes a great alternative to subprime
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No Down Payment? Lower credit score? You still have a chance! Ask about our USDA Rural Housing and move into the house of your dreams!
USDA PROGRAM BENEFITS:
- No down payment required
- No Mortgage Insurance
- No cash reserves required
- No seller contributioin limit
- No Prepayment Penalty
- Loan up to 102% of appraised value allowed
- New and existing homes ok
- No minimum credit score required
- No minimum cash contribution required
- Seasoning of funds not required
- 100% gifted closing costs or down payment assistance is permitted
- No derogatory credit explanations required when credit score is 620 +
- Rent is not verified with FICO of 620 +
- Conventional type loan packaging with only 1 extra form required
- Competitive rates
We also offer the Community Solutions option for eligible teachers, healthcare workers, military personnel and Safety 1st employees, which allows for higher qualifying ratios and gifted reserves. Apply Now
