Florida Mortgage Broker

If you're buying, selling, or listing a condo in Southwest Florida, the rules just changed under your feet. Fannie Mae and Freddie Mac rewrote how condo loans get approved, and the first big piece kicked in August 3, 2026. Here's the deal. Some of this makes condos easier to finance. Some of it makes certain buildings a lot harder. And in Florida, where condos are already under a microscope after Surfside, this hits harder than almost anywhere else in the country. I'll walk you through what actually changed, what it means for your loan, and how to keep a deal from blowing up three weeks before closing. No jargon. Just the stuff you need. First, why did this happen? Short version: the 2021 Surfside collapse changed everything. After that building came down, lenders started digging way deeper into condo finances and structural health before approving loans. These 2026 updates are the next step. Fannie and Freddie want to make sure the building behind your loan is financially ...

  Rates moved on us this week. If you had a buyer pre-approved two weeks ago at one payment, that payment looks different today. Here's the good news. There's a fix for this, and it doesn't require waiting for the Fed. It requires negotiating. More on that below. ✦✦✦ Rate Snapshot Daily national averages, as of July 24, 2026 30-Year Fixed Conventional    6.70% to 6.82% 15-Year Fixed   ~ 6.00% FHA 30-Year   ~ 6.50%   VA 30-Year    ~ 6.40%   30-Year Jumbo    6.78% Sample figures for illustration only. Not a commitment to lend. Rates change daily and vary by credit score, loan amount, property type, and occupancy. Call me for a live quote. ✦✦✦ What Moved Rates This Week Short version: oil and inflation. The conflict in the Middle East pushed oil prices up again. Higher oil means higher costs to make and move just about everything. That feeds inflation, and inflation is what drives mortgage rates. The 10-year Treasury climbe...

  This week I want to talk about the most misunderstood loan in the business. VA loans. I had two Veteran deals this week that both almost didn't happen because of bad information. More on that below. If you take one thing from this email, let it be this: when a Veteran walks into your open house, you're holding the strongest offer tool in SW Florida. Most agents just don't know it yet. VA appraisals stay with the Veteran borrower, NOT the property. FHA appraisals stay with the property for 6 months. Don't FHA the VA Buyers! 😉 ✦✦✦ 📊 Rates This Week 30-Yr Fixed Conventional 6.625%* 30-Yr Fixed FHA 6.0%* 30-Yr Fixed VA 6.125%* Rates crept up this week after Tuesday's CPI report. Nothing dramatic. The Fed meets July 28-29 and the market's mostly sitting on its hands until then. Notice the gap. VA is running about 1/2 a point below conventional right now,  Saving them $$$$. *Sample national average rates as of July 17, 2026, for illustration only. Rates change da...

You've probably seen the headlines. Congress passed a massive bipartisan housing bill, and as of July 11 it's officially law. Politicians on both sides are calling it the biggest housing legislation since 1990. So does this mean houses get cheaper? Does it help you buy in Cape Coral or Fort Myers this year? I read the bill. Real talk: there's some good stuff in here, but almost none of it touches your next purchase. Here's the honest breakdown. The New Housing Law at a Glance WHAT IT DOES ✓ Blocks mega-investors (350+    homes) from buying more ✓ Cuts red tape for builders ✓ Opens the door to cheaper    manufactured homes ✓ Boosts apartment construction    financing ✓ Rewards cities that build WHAT IT DOESN'T DO ✗ No new down payment    assistance money ✗ Doesn't touch mortgage rates ✗ Nothing on homeowners    insurance ✗ No power over local zoning ✗ No change to your monthly    payment What the Ne...

  Mike Steele Loans • SW Florida Mortgage Broker Non-QM Loans in SW Florida: How to Buy a Home When the Bank Says No Here's the deal. Every week I talk to buyers in Cape Coral, Fort Myers, and Naples who make good money but got turned down by their bank. Contractors. Charter captains. Realtors. Restaurant owners. People with real income that just doesn't show up neatly on a W-2. If that's you, this post is going to change how you think about buying a home. We're talking about non-QM loans. I'll explain what they are in plain English, who they help, and what the catch is. What Is a Non-QM Loan? (The Simple Version) QM stands for "qualified mortgage." That's a loan that follows a strict set of federal rules about how lenders check your income. Think of it like the standard entrance exam for a mortgage. Pay stubs, W-2s, tax returns. Check every box and you're in. A non-QM loan is any mortgage that doesn't follow that exact recipe. It's not a s...