Purchase

Each home purchase is unique and we take the time to learn about what is important to our clients. From that we can develop a mortgage strategy that will put our clients in the driver's seat from Day 1. Couple that with our in-house production and processing team and you quickly understand The Panaia Team difference to mortgage lending. 

We offer a variety of lending programs from low down payment options that range from 3.5% down payment on FHA loans and 5% on Conventional loans. For our Military Veterans we offer VA loans with up to 100% financing.

Loan Programs 

• Conventional Loans
• Jumbo Loans
• FHA Loans
• VA Loans
• First-Time Homebuyer Programs
• Renovation Loans
• Construction Loans
• Florida Hometown Heroes 

Breakdown of the Buying Process

Buying a home is a major life decision, and it's important to have a solid understanding of the purchase mortgage process before diving in. Below we'll walk you through the key steps involved in obtaining a mortgage for a home purchase.

Step 1: Determine Your Budget

Before you start shopping for a home, it's important to determine how much you can afford to spend. This involves taking a close look at your finances, including your income, expenses, and debt. You'll want to calculate your debt-to-income ratio, which is the percentage of your monthly income that goes toward paying off debts. Most lenders prefer a debt-to-income ratio of 43% or lower but some programs have higher limits. Engage your mortgage advisor in this process as its our job to give you an idea of your budget and programs that may fit your specifics. 

Step 2: Get Pre-Approved for a Mortgage

Once you have a good sense of your budget, the next step is to get pre-approved for a mortgage. This involves submitting an application to The Panaia Team at CrossCountry Mortgage, who will review your financial information and credit history to determine how much they're willing to lend you. Pre-approval gives you a clear idea of your price range and helps you stand out as a serious buyer when you make an offer on a home.

Step 3: Shop for a Home

With your budget and pre-approval in hand, it's time to start shopping for a home. Work with a recommended and experienced and local Real Estate Brokerage to find properties that meet your needs and fit within your budget. When you find a home you're interested in, make an offer to the seller.

Step 4: Submit a Mortgage Application

Once your offer has been accepted, you'll need to submit a mortgage application to The Panaia Team. This is where The Panaia Team will really start to work for you. We take that detailed financial information, such as your income, assets, and employment history. We will also conduct an appraisal of the property to ensure it's worth the amount you're borrowing.

Step 5: Get Underwriting Approval

After you submit your application, we will conduct underwriting, which is a thorough review of your financial information and the property's value. If everything checks out, the The Panaia Team at CrossCountry Mortgage will provide you with a clear to close, which means you're ready to move forward with the closing process.

Step 6: Close on the Mortgage

Closing is the final step in the purchase mortgage process. This typically involves a Title Agency Company which is where you'll sign all the necessary paperwork, pay closing costs, and take possession of the property. The lender will provide you with a closing disclosure, which outlines all the costs associated with the mortgage, including interest, fees, and taxes.

By understanding each of these steps and having the right lender and real estate agent team, you can make the homebuying process as smooth and stress-free as possible.

Common Documents to get Pre-Approved

• Drivers License 
• Paystubs from the last 30 days
• W-2's from the last 2 years
• Tax Returns from the last 2 years
• Bank Statements from the last 2 months