The Best Mortgage Lenders in Marathon, FL
Compare verified mortgage lenders serving Marathon, Florida. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Marathon
Featured Mortgage Lenders
Marathon Mortgage
Marathon Mortgage
Marathon Mortgage is a highly specialized local mortgage broker deeply embedded in the Florida Keys community. With exceptional 4.9-star ratings across multiple review platforms, they're known for their personalized service and extensive knowledge of the unique Marathon real estate market. Their team understands the specific challenges of financing properties in the Keys, including flood zone requirements and coastal construction considerations. They excel at navigating complex loan scenarios for primary residences, vacation homes, and investment properties, offering competitive rates and flexible terms tailored to the local market's needs.
Loan Types:
Keys Federal Credit Union
Keys Federal Credit Union
As a longstanding community financial institution serving the Florida Keys since 1956, Keys Federal Credit Union offers exceptional mortgage services with a local touch. Their 4.7-star rating reflects their commitment to member satisfaction and competitive mortgage products. They provide personalized service through their Marathon branch location, offering competitive rates for members and local residents. Their mortgage specialists have deep knowledge of the Keys housing market and offer various loan programs including first-time homebuyer options, construction loans for custom homes, and flexible refinancing solutions with member-focused pricing.
Loan Types:
Amerant Bank
Amerant Bank
Amerant Bank (formerly Mercantil Bank) has been serving South Florida communities since 1983 and maintains a strong presence throughout the Florida Keys, including Marathon. With a 4.6-star rating, they're recognized for their expertise in luxury and coastal property financing. They offer competitive jumbo loan programs ideal for the higher-priced Marathon real estate market and specialize in financing for second homes and investment properties common in the Keys. Their experienced mortgage team understands the unique aspects of island living and provides comprehensive lending solutions with the stability of a well-established regional bank.
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Frequently Asked Questions
Common questions about mortgage lending in Marathon, FL
What are the current mortgage rates like in Marathon, FL, and how do they compare to the national average?
Mortgage rates in Marathon are typically very competitive with the national average, but can be slightly influenced by the unique coastal property market. Due to the higher concentration of luxury and second-home properties, some lenders may offer specialized jumbo loan products with specific rates. It's best to work with a local lender familiar with the Florida Keys market for the most accurate rate quotes.
Are there specific loan programs in Marathon that are beneficial for purchasing a home that may be in a flood zone?
Yes, this is a critical consideration. Virtually all properties in Marathon require flood insurance, and lenders will mandate it. While there isn't a specific "flood zone loan," your lender will help you factor the cost of a flood insurance policy into your debt-to-income ratio. It's essential to get a flood insurance quote early in the process to understand the full monthly cost of homeownership.
What should I know about getting a mortgage for a condominium in Marathon?
Financing a condo in Marathon has unique hurdles. Lenders will perform a strict condo project review to ensure the building's finances and insurance (especially master flood and wind policies) are sound. Many buildings have rental restrictions or high investor concentrations, which can make them ineligible for conventional loans like FHA or VA. A portfolio loan from a local bank is often a viable solution for non-warrantable condos.
Are there any first-time homebuyer programs specifically for Marathon, FL?
While there are no city-specific programs, Florida Housing Finance Corporation offers first-time homebuyer programs, like the Florida First and HFA Preferred loans, which are available in Marathon. These programs provide competitive interest rates and down payment assistance. However, income and purchase price limits apply, which can be challenging in Marathon's market, so checking your eligibility is a crucial first step.
How does Marathon's status as a "second-home" market impact mortgage lending requirements?
A significant portion of Marathon's real estate is purchased as second homes or investment properties. Lenders often have stricter requirements for these loan types, including higher credit score minimums, larger down payments (typically 10-20% for second homes and 15-25% for investments), and higher interest rates compared to primary residence loans. Be prepared to provide documentation proving the property's intended use.
Nearby Cities
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Why Choose a Mortgage Lender in Marathon?
Local Market Knowledge
Lenders who understand Marathon's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Florida.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Marathon and get competitive rates on your home loan.