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.
Conventional Loans:Most simply stated, a conventional loan means a homebuyer’s mortgage is not backed or insured by a government agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). Buyers can use a conventional mortgage to purchase a one- to four-unit home, a condominium, modular or manufactured home as a primary, secondary or investment property.FHA Loans: FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.203K Loans:When consumers use FHA financing, the most traditional source of funding is an FHA 203B loan. However, FHA 203B loans have specific requirements of a property for purchase; namely the condition of the property and habitability requirements.VA Loans:VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.Foreign National Loans:Foreign National Loans are home mortgages offered to borrowers who are not a citizens and/or residents of the United States who seek to own real estate in the United States. This also applies to resident aliens, temporary residents or other classifications of either temporary or permanent status. Commercial Loans:A commercial mortgage is similar to a residential mortgage, except the collateral is a commercial building or other business real estate, not residential property. In addition, commercial mortgages are typically taken on by businesses instead of individual borrowers.HARP 2.0 Loans:HARP 2.0 is a program that allows homeowners who are "underwater" on their mortgages to refinance. In particular, it's geared toward people who can't find assistance elsewhere. You can check the following sites to see if you have a FNMA or FHLMC loan: http://www.FannieMae.com/loanlookup or https://ww3.FreddieMac.com/corporateInterest Only Mortgages:Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.Balloon Mortgages:Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.Reverse Mortgages:A reverse mortgage is a loan available to people over 62 years of age that enables a borrower to convert part of the equity in their home into cash. Reverse mortgages were conceived as a means to help people in or near retirement and with limited income use the money they have put into their home to pay off debts (including traditional mortgages), cover basic monthly living expenses or pay for health care. There is no restriction on how a borrower may use their reverse mortgage proceeds.Graduated Payment Mortgages:Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.Fixed Rate Mortgages (FRM)The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.Adjustable Rate Mortgages (ARM)Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting. Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs. .
1st Florida Lending Corp is proud to announce that we have become a Sun Trust Mortage Partner. This will expand our wholesale line to expand with a growing market. SunTrust Mortgage is a wholly-owned subsidiary of one of the largest commercial banks in the nation and we have strong support from SunTrust Bank as a funding source. The Wholesale Division of SunTrust Mortgage is a one of the top 20 wholesale lenders in the United States.
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!
Our Foreign National Loan Program offers each individual borrower fewer restrictions making it easier for Non-U.S. Citizen to buy a U.S. Home with the exception of Borrowers who are politically exposed are ineligible. All involved entities must be cleared through the OFAC SND list.The key highlights of this Loan Program include:Foreign Nationals Only (a non-U.S. Citizen with a valid passport and valid visa)Loan amounts: Up to $650kFixed rate terms (10, 15, 20, 25 & 30) and 30 I/OAdjustable rates (5/1, 7/1, 10/1) and 10 I/OPurchase and Refinance rate and term (not available for cash out)Up to 65% loan-to-value financing on Purchase (Max 55% LTV on Refinances)Self-employed okayEligible properties include single-family homes, condos, PUDs, and townhousesOccupancy includes primary and second homesAll loans must establish an ACH debit for mortgage payments from a U.S. bankNo previous bankruptcies or foreclosures permitted
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
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)!
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.
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.
New FHA Loan Guideline Updates •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 homebuyersWith our ability to manually underwrite FHA loans, these FHA enhancements 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. 1st Florida Lending is Your FHA Loan Expert! We Can Answer Your Questions and Give You the Best Information to Get You Started. We offer Low Rates + Flexible Terms and make Qualifications Easy with an FHA Loan. Click Here to get pre-qualified for your FHA Loan today!
WELCOME TO OLD-SCHOOL LENDING IN THE DODD-FRANK WORLD!If you were in the business during the sub-prime era, then you will love 1st Florida Lending’s New Mortgage Programs that are now READY TO GO IN FLORIDA!Click Here to submit your loan scenarios to 1st Florida Lending or call 800-344-19942nd Chance Purchase ProgramsFix and FlipCommunity Development LendingForeign NationalB&C LendingOut-of-the-Box Lending