FHA, USDA, and VA
Miami, FL 33176
About Columbus Capital Lending
Columbus Capital Lending is a mortgage lender with the headquarters located in Miami, Florida; with licenses in Florida and North Carolina. The mission at Columbus is to strengthen America’s social fabric through sustainable homeownership.
We believe in the power of homeownership and the proven safety, stability, wealth and improved quality of life it has created for families and communities. Columbus Capital Lending is committed to promoting and protecting sustainable homeownership for all segments of America through its focus on retail mortgage originations of home purchase mortgages.
We seek to become a national force for sustainable homeownership, reaching out to underserved communities and expanding to other markets.
Madison, WI 53718
Limited 203(k) Rehabilitation Mortgage
In addition to funding your new home, an FHA Limited 203(k) can provide up to $35,000 (including a contingency reserve) in additional funds to help make a few non-structural repairs or renovations such as updating a kitchen or bathroom, adding new flooring, purchasing new appliances, or repairing the roof.
Standard 203(k) Rehabilitation Mortgage
If your potential dream home needs more than $35,000 in renovations or the repairs are structural, the Standard FHA 203(k) might be the right solution. This program removes the restrictions of the limited option to allow for major home remodeling. A Standard FHA 203(k) can provide additional funds* to help with eligible repairs including moving or removing walls, minor pool repairs, and landscaping.
*Final disbursement of funds is subject to final inspection.
USDA Loan Highlights
With flexible requirements, USDA loans feature:
- 100% financing + required guarantee fee = 102% of the appraised value
- Low FICO score requirements
- Low interest rates
- Low closing costs
- Gift funds can be used for closing costs
- 30-year, fixed-rate mortgage
USDA Loan Eligibility
Eligibility is based on the property size, location and condition along with income and other qualifying factors. Some of these requirements include:
- Property must be located in a USDA designated rural area
- Maximum loan limits vary based on location
- Household members can have a total income of up to 115% of the medial income for the area
- Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis
VA Loan Highlights
Since VA loans often require no down payment* with lower closing costs, you can help keep your savings secure. VA loans also feature:
- No prepayment penalties
- No private mortgage insurance (PMI)
- 100% financing with full VA entitlement*
- Fixed- and adjustable-rate mortgages
- VA financing fees can be “rolled” into the loan amount
- Variety of eligible property types, including townhomes and VA-approved condos
*A down payment is required if the borrower does not have full VA entitlement, or if the loan amount is greater than $424,100
VA Loan Eligibility
In order to be eligible for a VA loan, you must first obtain a valid Certificate of Eligibility (COE). Your COE is based on length of service or service commitment, duty status and character of service.