Financing Options for Buying a Home in Pensacola, FL
October 23, 2023
October 23, 2023
Purchasing a home is a significant financial decision, and finding the right financing option is crucial. Here are some financing options for buying a home in Pensacola, FL:
Conventional Mortgage Loans
If you plan to stay in the same house for a while or are looking for a consistent payment, a conventional mortgage may be a suitable option. Some of the best mortgage lenders in Pensacola, FL, offering conventional mortgage loans, include:
Government-Backed Mortgage Loans
Government-backed mortgage loans, such as FHA, VA, and USDA loans, are designed to help homebuyers with low down payment options and flexible credit requirements. PenAir Credit Union also offers USDA Rural Development Mortgage loans for eligible homebuyers in Pensacola, FL.
First-Time Homebuyer Programs
The City of Pensacola and Escambia County jointly participate in the HOME First-Time Home Buyers Program, which provides down payment and closing cost assistance up to $12,500 in the form of a zero-interest deferred payment loan for low-income families. Additionally, the City of Pensacola offers up to $30,000 in down payment and closing cost assistance through the Pensacola Homebuyer Incentive Program, funded by the American Rescue Plan Act (ARPA), for low-income homebuyers.
Local Credit Unions and Banks
In addition to PenAir Credit Union, other local credit unions and banks in Pensacola, FL, offer home loans and mortgage options. Consider exploring options from:
Mortgage Brokers and Online Lenders
Mortgage brokers and online lenders can provide a wide range of financing options and competitive rates. Some popular online mortgage lenders include:
Working with a Local Realtor
When buying a home in Pensacola, FL, consider working with a local realtor who has expert market knowledge and can guide you through the home buying process. Damon Hitt, an agent for Levin Rinke Realty Gulf Coast, is a trusted realtor in the Pensacola area. Levin Rinke Realty is the leading independent real estate company in Pensacola, Gulf Breeze, and Pensacola Beach, with over 30 years of experience and $3 billion in residential real estate sales.
14112 Perdido Key Dr Pensacola, FL 32507 · (850) 255-9163
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