Listed below are the conditions:Loan submitted to underwriting begins the 21-Day PromiseFile must be submitted with appraisalFHA minimum FICO 580 up to 96.5% LTVConventional LTV to 95% with FICO 680Conventional minimum FICO 620, up to 80% LTVNon-Owner and 2nd Home Purchases allowed on ConventionalMandatory DO/DU with CMS as sponsor, using a CMS approved credit vendorJumbo, HomePath, VA loans, short sales, new construction and flips are not eligible at this time*Disclaimers: *1st Florida Lending Corp will process any qualifying loan from the time a loan file is submitted to underwriting to the time it funds within 21 calendar days, or the company will apply a closing cost credit of the lesser of 1st Florida Lending fee for underwriting and processing or $995, to the loan once the loan closes. In order to receive the closing cost credit, any delay that causes the loan to close more than 21 days after submission must be due to 1st Florida Lending independent processes. If the delay is due to the broker, borrower’s or third party’s action or inaction or any other circumstances outside of 1st Florida Lending's control, the 21 day closing offer will be void. This offer excludes some loan programs, such as HomePath, Jumbo loans, VA loans, Short Sales, New Construction loans, loans requiring property repairs, inspection, or re-inspection prior to closing, loans requiring condo approvals and flips. Offer is subject to revision or cancellation at any time without notice. The submission date is recorded as the underwriting received date in Pipeline Manager for all qualifying loans. Some loans may require additional information and be returned. Exclusions apply; contact your us for details.
We Are VA Approved Lenders Not all lenders have the ability to process and close VA home mortgage loans. Lenders have to submit an application, as well as provide other information in order to get approval from the VA before they can process and close VA home mortgage loans. 1st Florida Lending is an “approved” VA lender, serving the Central Florida Community. Our VA loan program is available for all branches of the military including active duty, reserves, disabled veterans and National Guard.Why a VA Loan is perfect for first time buyers?Buying your first home can be a very rewarding experience. As a first time buyer, there is a lot you need to know and selecting the right loan is definitely one of them. If your clients are eligible, a VA Loan is one of the best loan programs available, particularly for first time home buyers.VA Loans can be financed 100% with $0 dollars downNow more than ever banks are requiring large down payments, many loan programs require 10-20% down, putting home ownership out of reach for many first time home buyers. A VA Loan is perfect for young families and first time home buyers because the borrower can finance 100% of the home's value and purchase with $0 down. The VA is one of the only loan programs that can offer this same benefit.Some of the key benefits of a VA Loan are:Sellers can contribute up to 4 % closing costThere is no monthly mortgage insuranceWe offer competitive interest ratesThere is a basic allowance for housingNo pre-payment penaltyBest of all, there are no Broker Fees!
ADVANTAGES OF OUR PROGRAM FOR FOREIGNERSInterest rates are highly competitiveBorrow up to $ 650,000 for each propertyLoans for new homes and refinancingNo penalties for prepaymentsUp to 65% of property value55% of debt capacitySelf-employed, no problemRefinance up to 55% for cashYou can lower the interest and term of the loan after 24 months
We currently offer several new loan programs for your clients that live and/or work in Puerto Rico. More specifically, borrowers who have filed tax returns in Hacienda (Puerto Rico) are eligible to purchase . This includes borrowers on fixed incomes like social security and pensions who want to purchase a:Primary home2nd homeVacation homeInvestment home
Carlos MatosI Chairman & Co-Founder I NMLS #323206 I Telephone 1 (800) 344-1995
1st Florida Lending Corp is proud endorse the Kambuck Mortgage Business School. Kambuck offers pre license as well as state and national prep course instruction in multiple locations serving a large geographical area. Kambuck’s priority is to deliver the highest level of quality mortgage business education and to assist you in becoming successful once you’ve obtained your license.
FHA Loan Guidelines •580+ FICO Score to 96.5 LTV purchase and 97.75 rate & term or 85 LTV cash out•Minimum 580 FICO on flips or high balance•No DTI restrictions, follow AUS•Collections only need to be paid if required by AUS•No minimum credit history or trade lines with AUS approval•Borrowers with 1 credit score OK•No VOR unless required by DU findings•Non-occupant co-signers no minimum FICO•Mortgage Rates OK if US approved•1 day off of market for cash out Refi. Property to be off market before date of loan application•Borrower with work permits/non-resident aliens OK•Rental Income on 2-4 unit properties OK for 1st time homebuyers
Old-School Lending ProgramsIf you were in the business during the sub-prime era, then you will love our programs that are now READY TO GO IN FLORIDA!•2nd Chance Purchase Programs•Fix and Flip•Community Development Lending•Foreign National•B&C Lending•Out-of-the-Box Lending and Hard Money Loans
Loan Amounts: $250,000 to $1,500,000Loan Purpose: Purchase, Refinance (rate/term & cash-out)Property Types: multifamily, condo warehouses, self-storage, service centers, part supplier, restaurant, medical offices, automotive services, etc..Debt Coverage Ratio: 1.20 to 1.25LTV: 65% TO 70% i Fixed Period: 3 & 5 year optionsMinimum FICO: 650 Middle ScorePricing: Rates starting as low as 6.99%Term: 30 year fully amortizing / 30 year loanPrepayment Penalty: Equal to the fixed period
The Advantage: Simple loan documents, No loan committees, Common sense underwriting, Permanent financing, NO balloons, Quick Closings (20-45 days)!
What kind of loan program is best for you? Should you get a fixed-rate or adjustable rate mortgage? A conventional or government loan? When deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer. If your ready to start the process. Just fill out our Pre-Qualifying Loan Application and let one of our trained loan specialist assist you in selecting the right program that fits your budget and requirements.
First 1st Florida Lending is pleased to introduce unique investor loan programs that target the special needs and requirements for the serious real estate investor.1st Florida investor Loan Products offer great flexibility and business friendly features:•Take cash out on existing investment properties•Re-Coup up to 75% of an all cash purchase with Delayed Financing options•Purchase properties with multiple income options•Income sources include rental, W2 and self-employment for all transactions•High-Balance ARMs okay on Purchase and Rate and Term Refinance•Minimum FICO scores down to 620 on Purchase and Rate and Term Refinance•Finance up to 110% with 620 credit score on HARP•Attached, Detached 1-4 units, condos and PUDs available for investor programs•Self-employed okay - Business assets may be used when the borrower is 100% owner of the company•Fannie Mae Home Path Program available (No MI, No Appraisal, No Condo Review)•Competitive interest rates (fixed and adjustable)More Information about 1st Florida Lending Investor LoansToday's real estate market provides investors with a unique opportunity to buy a property at an attractive price and enjoy substantial returns on the investment. Low-priced distressed or investor-owned properties provide even greater bargains, and an ample supply of these homes has encouraged many investors to purchase and rehabilitate foreclosures around the country.However, the market is not without its difficulties, particularly when it comes to securing real estate investor loans. Investors with a strong history of investment success, significant cash reserves and a solid credit picture might encounter rigid and inflexible loan products when shopping at lenders nationwide.At 1st Florida Lending , we work with real estate investors to arrange the most affordable and accessible investor loans. With a broader selection of real estate investor loans and the flexible terms that make these mortgages more attractive to more borrowers, 1st Florida Lending has the tools to help investors achieve the financing they need for a successful investment.The challenges of traditional financing Investors have recognized today's foreclosure picture as a prime opportunity to turn these distressed or investor-owned properties into successful, burgeoning multifamily homes. At the same time, many of these buyers have encountered difficulties when applying for investor loans.For example, mortgage eligibility requirements have become ever-more stringent for both homebuyers and investors, as many banks look to avoid the poor lending habits that led to the economic crash. Subsequently, securing flexible conventional loans at many lenders has become more challenging, with some lenders limiting how much can be borrowed and restricting the type of income investors can use to qualify for a loan.As a result, there is a segment of the home buying population that remains underserved by major mortgage underwriters. While these investors may be prepared to make the significant purchases that can turn around local real estate markets, their inability to secure financing holds back their progress.What 1st Florida Lending offers that others don't At 1st Florida Lending , we have developed expanded consumer offerings that reach out to this prominent audience of investors.Our real estate investor loans are ideal for the self-employed, who often find it difficult to secure financing in a tight lending environment. Because many of these professionals are paid on an irregular basis, from multiple sources or with inconsistent documentation, other banks might make it doubly difficult for them to receive financing.But, at 1st Florida Lending , we understand the rigors of the independent investor, and we work to find affordable and flexible mortgage options that can allow many of these professionals to qualify for financing using rental, self-employment or W-2 income.Our real estate investor loans are for serious investors who require expanded debt-to-income ratios and greater income documentation options. To determine how you can finance an investment property at competitive interest rates. Please take a minute to speak with one of our loan officer specialist.
VENTAJAS DE NUESTRO PROGRAMA PARA EXTRANJEROSLas tasas de interes son altamente competitivasObtencion de prestamos hasta de $650.000 por cada propiedadPrestamos para casas nuevas y para refinarciarSin sanciones para pagos por anticipadoHasta un 65% del valor de la propiedad55% de la capacidad de endeudamientoTrabajador independiente, no hay problemaRefinanciamiento hasta 55% para obtener efectivo Puede bajar el interes y el termino del prestamo despues de 24 meses
With our ability to manually underwrite FHA loans that allow us to fulfill one of FHA’s major goals and help borrowers who previously had great credit histories but were recently affected by the rescission and lost their previous home or filed bankruptcy. •Max Debt-to-Income (DTI) ratio for FICO 560•3.5% Down Payment•Gifted Down Payment Funds can be used•Derogatory Payment History Tradelines is Acceptable
HomePath products allow a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance.Terms: 30yr Fixed - 15yr Fixed - 5/1 LIBOR ARM - 7/1 LIBOR ARM Benefits:•No lender-requested appraisal •Low down payment — 5% on primary home can be funded by your own savings; a gift; a grant; a loan from a nonprofit organization, state or local government, or employer. •Flexible mortgage terms •Borrowers may qualify wth less than perfect credit •No mortgage insurance* •Expanded seller contributions for closing costs. •Available for primary residences, second homes and investment properties** •Many condo project requirements are waived; call for details.
•Minimum 500 FICO•Max 80%LTV•(Purchase Money, 650 minimum FICO)•50.49% Max DTI•(Below 650 FICO, 43.49%-Subject to residual income qualification)•MAX Loan SIZE $750K•(Over $499,999.00-owner occupied Only)•24 Month Bank Statement Program for Income•Business or Personal OK!•(Minimum A- Credit Grade)•Room Rental Income? No Problem!•Handwritten Pay stubs? SURE!•Social Security Gross up 120%•No Price Adjustment for Cash Out!•Maximum Properties Allowed (Non Owner) -20•No Seasoning of DOWN PAYMENT FUNDS-MAX 60%LTV•(Must come from a financial institution)•No Prepayment Penalty•No Early Premium Recapture•Chapter 13BK Buy Out? OK!
This program and guidelines are subject to change without notice. 1st Florida Lending may utilize secondary market investors for this program. In the event that a particular investor(s) discontinue a product. 1st Florida Lending at its own discretion reserves the right to cancel any loan it is processing based on the availability of the product in the secondary market. Loans in this product cannot and will not be locked until the loan has been sent to processing. Please contact us with any questions regarding this program
When buying a home, it is very important to have a trusted professional on your side, someone who is willing to put your needs above their own and protect your interests.At 1st Florida Lending we originate mortgages and witness first hand the difference when choosing the right real estate agent can make for a home buyer. We are proud to acknowledge those Realtors who have make their best efforts follow the rules.
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