A conventional fixed rate mortgage can be assured with loan terms up to 30 years. A minimum of 3% down payment is required for first time home buyers seeking to purchase a primary residence. If you have had ownership interest in a property in the past 3 years the minimum borrower contribution on a primary residence is 5%. Borrowers can finance up to $417,000 for one unit property. Loan maximums are higher for 2-4 family properties and properties located in Monroe and Collier Counties.
An adjustable rate mortgage or ARM, allows you to capitalize on today’s low interest rates. ARM programs may be amortized up to 30 years and have initial fixed loan terms of 5, 7 or 10 years. After the initial fixed rate period the interest rate may increase or decrease by up to 2% annually and is capped at 5% over the initial interest rate over the life of the loan.
We offer many jumbo loan programs for all types of borrowers and credit profiles.
- Loan amounts up to $8M
- Less than perfect credit
- Low credit scores
- Cash-out refinances
- Non-warrantable condo
- Fixed rate and ARMs
- Loans to US and foreign corporations
- Asset based jumbo programs
- Light doc and bank statement programs
We offer many foreign national programs and the requirements differ for each program depending on the loan size, geographic location of the property and country of origin.
- Rehab Loans (buy, fix & flip)
- Commercial Loans
- Blanket Loans
- Loans to U.S. and foreign corporations
- Non-prime loans
- Bank statement program for self-employed borrowers
- Asset depletion
- Cross collateralization
- Recent foreclosure, bankruptcy or short sale
- Hard equity loans on primary residence for business purpose
- Credit lines for buy, fix & flip
It is a common misconception that an FHA loan is strictly for first time home buyers. An FHA loan is one of the easiest loans to qualify for especially if you lack the funds to qualify for a conventional mortgage, have faced financial difficulties in the past or you have less than perfect credit. These government insured loans will allow for more risk thereby making the qualification standards less stringent than conventional financing. Now, there are even FHA programs available for borrowers who have experienced an economic event and can document that certain negative credit ratings were a result of the loss of household income of 20% or more over a period o six months more. This program allows for qualified borrowers who receive homeownership counseling the opportunity to purchase a home again one year after a short sale, foreclosure or bankruptcy.
A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.
A reverse mortgage can be done as a refinance or as a purchase as long as the home is the borrower’s primary residence. The loan is due and payable when the borrower no longer occupies the property as their primary residence.
The only requirement for this loan is you must be at least 62 years old. There are no income or credit requirements.
This is a great loan for a senior home buyer looking to make a cash purchase. Let me show you how to use a reverse mortgage as an investment strategy.