Month: January 2023

Buying a home can be an exciting and rewarding experience, but it’s important to be aware of the common mistakes that homebuyers can make. Here are some common mistakes people make when buying a home:

1. Not getting pre-approved for a mortgage: It’s important to get pre-approved for a mortgage before you start house hunting. This will give you a better idea of what you can afford and help you avoid falling in love with a home that’s out of your price range.
2. Failing to budget for all the costs of homeownership: In addition to your mortgage payment, there are many other costs associated with homeownership, such as property taxes, homeowner’s insurance, utilities, and maintenance. Be sure to factor in all of these costs when creating a budget.
3. Overlooking important details during the home inspection: A home inspection is a critical part of the home buying process. Make sure you attend the inspection and ask plenty of questions. Don’t be afraid to negotiate repairs or ask for a credit if the inspection reveals any issues.
4. Letting emotions drive the decision-making process: It’s important to keep your emotions in check when buying a home. Don’t let a beautiful kitchen or amazing backyard cloud your judgment. Stay focused on your budget and your needs.
5. Skipping the title search: A title search is an important part of the home buying process that ensures the property is free of any liens or other legal issues. Skipping the title search can be a costly mistake.
6. Failing to consider the future: It’s important to think about your long-term goals when buying a home. Will the home meet your needs for the next 5-10 years? Is it in a location that will be convenient for your job or your family’s needs?

Avoiding these common mistakes can help you have a smoother, more successful home buying experience. Allow Valiant Mortgage to be your advocate when purchasing a home!

An FHA loan can make homeownership a reality for those who are buying their first home, don’t have a long credit history, excellent credit, or a lot of cash to make a down payment. There are still minimum requirements that need to be met to qualify, however they are much less restrictive than requirements for conventional loans. The FHA designed this loan program so more people would be able to obtain a mortgage and own a home. Here are some of the requirements that you need to consider.

• An FHA loan is backed by the Federal Housing Administration which means there is less risk involved for the lender and they are likely to approve more loans.
• The down payment requirement for an FHA loan can be as little as 3.5%.
• You can typically qualify for an FHA loan if you have a minimum credit score of 580.
• Closing costs may be covered using gift funds.
• No matter what your down payment is you must pay a monthly mortgage Insurance Premium. There is also an upfront MIP, which equates to 1.75% of the total loan cost, due at closing. This is the most well-known downside to choosing an FHA loan as it increases the overall loan amount.
• The property must be your primary residence. Therefore, you cannot finance an investment property using an FHA loan.
• The property must be appraised by an FHA-approved appraiser and meet their strict property guidelines.

Learn more about FHA loans

If you’re considering an FHA loan, get in touch with a loan officer with Valiant Mortgage today. They can help walk you through the requirements and determine if this is the right program for you.

A jumbo loan is a type of mortgage loan that exceeds the loan limits set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy and guarantee most conventional mortgages in the United States. Each county will have a different maximum conforming loan limit. Loans that exceed this limit are considered jumbo loans.

Because jumbo loans exceed the loan limits for conventional mortgages, they are considered higher risk and typically have stricter eligibility requirements. Borrowers may need to have a higher credit score, a larger down payment, and a lower debt-to-income ratio to qualify for a jumbo loan. Additionally, jumbo loans often have higher interest rates compared to conventional loans, which can result in higher monthly payments.

Jumbo loans are often used by homebuyers who are looking to purchase high-value properties in expensive housing markets, such as California, New York, or Hawaii. They can also be used to finance second homes or investment properties. If you’re considering a jumbo loan, it’s important to do your research and work with a reputable lender to ensure you understand the terms of the loan and can afford the monthly payments. Reach out to a Valiant Mortgage loan officer today!

Here are the 2023 conforming loan limits for Florida:

COUNTY	2023 One-Unit LOAN LIMIT	2023 Two-Unit LOAN LIMIT	2023 Three-Unit LOAN LIMIT	2023 Four-Unit LOAN LIMIT
Alachua	$726,200	$929,850	$1,123,900	$1,396,800
Baker	$726,200	$929,850	$1,123,900	$1,396,800
Bay	$726,200	$929,850	$1,123,900	$1,396,800
Bradford	$726,200	$929,850	$1,123,900	$1,396,800
Brevard	$726,200	$929,850	$1,123,900	$1,396,800
Broward	$726,200	$929,850	$1,123,900	$1,396,800
Calhoun	$726,200	$929,850	$1,123,900	$1,396,800
Charlotte	$726,200	$929,850	$1,123,900	$1,396,800
Citrus	$726,200	$929,850	$1,123,900	$1,396,800
Clay	$726,200	$929,850	$1,123,900	$1,396,800
Collier	$726,200	$929,850	$1,123,900	$1,396,800
Columbia	$726,200	$929,850	$1,123,900	$1,396,800
Desoto	$726,200	$929,850	$1,123,900	$1,396,800
Dixie	$726,200	$929,850	$1,123,900	$1,396,800
Duval	$726,200	$929,850	$1,123,900	$1,396,800
Escambia	$726,200	$929,850	$1,123,900	$1,396,800
Flagler	$726,200	$929,850	$1,123,900	$1,396,800
Franklin	$726,200	$929,850	$1,123,900	$1,396,800
Gadsden	$726,200	$929,850	$1,123,900	$1,396,800
Gilchrist	$726,200	$929,850	$1,123,900	$1,396,800
Glades	$726,200	$929,850	$1,123,900	$1,396,800
Gulf	$726,200	$929,850	$1,123,900	$1,396,800
Hamilton	$726,200	$929,850	$1,123,900	$1,396,800
Hardee	$726,200	$929,850	$1,123,900	$1,396,800
Hendry	$726,200	$929,850	$1,123,900	$1,396,800
Hernando	$726,200	$929,850	$1,123,900	$1,396,800
Highlands	$726,200	$929,850	$1,123,900	$1,396,800
Hillsborough	$726,200	$929,850	$1,123,900	$1,396,800
Holmes	$726,200	$929,850	$1,123,900	$1,396,800
Indian River	$726,200	$929,850	$1,123,900	$1,396,800
Jackson	$726,200	$929,850	$1,123,900	$1,396,800
Jefferson	$726,200	$929,850	$1,123,900	$1,396,800
Lafayette	$726,200	$929,850	$1,123,900	$1,396,800
Lake	$726,200	$929,850	$1,123,900	$1,396,800
Lee	$726,200	$929,850	$1,123,900	$1,396,800
Leon	$726,200	$929,850	$1,123,900	$1,396,800
Levy	$726,200	$929,850	$1,123,900	$1,396,800
Liberty	$726,200	$929,850	$1,123,900	$1,396,800
Madison	$726,200	$929,850	$1,123,900	$1,396,800
Manatee	$726,200	$929,850	$1,123,900	$1,396,800
Marion	$726,200	$929,850	$1,123,900	$1,396,800
Martin	$726,200	$929,850	$1,123,900	$1,396,800
Miami-Dade	$726,200	$929,850	$1,123,900	$1,396,800
Monroe	$874,000	$1,118,900	$1,352,450	$1,680,800
Nassau	$726,200	$929,850	$1,123,900	$1,396,800
Okaloosa	$726,200	$929,850	$1,123,900	$1,396,800
Okeechobee	$726,200	$929,850	$1,123,900	$1,396,800
Orange	$726,200	$929,850	$1,123,900	$1,396,800
Osceola	$726,200	$929,850	$1,123,900	$1,396,800
Palm Beach	$726,200	$929,850	$1,123,900	$1,396,800
Pasco	$726,200	$929,850	$1,123,900	$1,396,800
Pinellas	$726,200	$929,850	$1,123,900	$1,396,800
Polk	$726,200	$929,850	$1,123,900	$1,396,800
Putnam	$726,200	$929,850	$1,123,900	$1,396,800
St. Johns	$726,200	$929,850	$1,123,900	$1,396,800
St. Lucie	$726,200	$929,850	$1,123,900	$1,396,800
Santa Rosa	$726,200	$929,850	$1,123,900	$1,396,800
Sarasota	$726,200	$929,850	$1,123,900	$1,396,800
Seminole	$726,200	$929,850	$1,123,900	$1,396,800
Sumter	$726,200	$929,850	$1,123,900	$1,396,800
Suwannee	$726,200	$929,850	$1,123,900	$1,396,800
Taylor	$726,200	$929,850	$1,123,900	$1,396,800
Union	$726,200	$929,850	$1,123,900	$1,396,800
Volusia	$726,200	$929,850	$1,123,900	$1,396,800
Wakulla	$726,200	$929,850	$1,123,900	$1,396,800
Walton	$726,200	$929,850	$1,123,900	$1,396,800
Washington	$726,200	$929,850	$1,123,900	$1,396,800