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1st Florida Lending
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Florida’s Top Rated Direct Mortgage Lender with  A+ BBB Rating We Offer More Than 48 Loan Programs  800-655-1345  I  Call or Text us at 407-300-2558
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Our Progressive Mortgage Repayment Programs offer a unique opportunity for borrowers to enjoy lower monthly payments during the crucial early years of homeownership. By spreading out the repayment schedule, we aim to alleviate the financial burden and provide greater flexibility for our valued customers. This expansion allows us to assist a wider range of borrowers in financing their homes with reduced monthly payments during the initial five years of their mortgage. Whether you are seeking a QM or Non-QM loan, our Progressive Mortgage Repayment Programs are designed to cater to your specific needs. We understand that every borrower is unique, and our goal is to ensure that homeownership remains accessible and affordable for all. With our Progressive Mortgage Repayment Programs, you can now embark on your homeownership journey with confidence, knowing that you have the support and flexibility to manage your mortgage payments effectively. Take advantage of this opportunity to secure your dream home while enjoying the benefits of lower monthly payments in the initial five years. HOW DOES THE PROGRESSIVE MORTGAGE REPAYMENT PROGRAM WORK? The Progressive Mortgage Repayment Program is a 30-Year Fixed Rate Option, ensuring that your interest rate remains constant throughout the entire loan term. This stability provides borrowers with peace of mind and predictability. Below are some program highlights. Lower Initial Payments, Increasing 5% Each Year 30-Year Fixed Qualify Using 25-Year Amortization Up to 75% LTV Credit Scores as Low as 660 Primary Residences Only Loan Amounts: Minimum $150,000 up to $3M PROGRAM ADVANTAGES One of the key advantages of this program is that it offers borrowers lower initial monthly payments compared to other mortgage options. This feature allows borrowers to save on their mortgage payments during the initial years of the loan. By easing the financial burden in the early stages, homeowners have the opportunity to allocate their funds towards other important expenses or investments. A. Lower Initial Monthly Payments: Graduated Payment Mortgages (GPMs) offer borrowers the benefit of lower monthly payments during the initial years of the mortgage. This option is particularly appealing for borrowers who anticipate an increase in their income or wish to save on out-of-pocket mortgage payments in the early years of the loan. With this program, you can secure the lowest possible payment for the first year while enjoying the stability of a 30-Year Fixed Rate. Example: A $300,000 loan amount, with a 30-year fixed term and rate scenario of 5%. Your mortgage payment would be $1,676.42. Utilizing our Progressive Mortgage Repayment program, your initial mortgage payment would be lower on the first year and gradually increase at year 6. Monthly Payment Scenario Year 1: $1,313.52 Year 2: $1,379.20 Year 3: $1,448.16 Year 4: $1,520.56 Year 5: $1,596.59 Year 6-30: $1,676.42 B. Fixed Rate: Unlike Adjustable-Rate Mortgage options that some borrowers may consider to reduce their monthly payments, a graduated payment mortgage offers a fixed interest rate. This means that you can enjoy the stability of a 30-Year Fixed mortgage rate. C. Knowing your Payment Schedule at Closing: With Progressive Mortgage Repayment loans, the rates remain unchanged during the 5-year graduation period. This provides borrowers with the advantage of knowing exactly how much their monthly mortgage payments will increase when they close on their mortgage loan, allowing them to plan accordingly. In the initial years of the loan, the Progressive Mortgage Repayment Program follows a negative amortization schedule. This means that any unpaid interest during this period is added to the principal balance. While this may seem concerning, it is important to note that borrowers qualify for this program based on the largest payment over a 25-year amortization period. This ensures that they can comfortably afford the payments as they gradually increase annually until year 6. One of the standout features of the Progressive Mortgage Repayment Program is its graduation rate. This predetermined percentage remains unchanged during the graduation period. This transparency allows borrowers to have a clear understanding of their mortgage payments each year when they sign for their loan. With no unexpected payment increases, homeowners can effectively plan their finances and avoid any surprises. HOW DO I QUALIFY? At 1st Florida Lending, our Progressive Mortgage Repayment Program allows borrowers to provide full doc or alternative income documentation, such as 1. Two years tax returns 2. W2 Income 3. 12/24 months Bank Statements 4. 1099 Income 5. Asset Depletion 6. CPA Gross Receipts or any combination of the above! This program is particularly beneficial for homeowners who aim to save money on their mortgage payments during the initial years of the loan. In conclusion, the Progressive Mortgage Repayment Program offers stability, lower initial payments, and a clear payment structure. It is an ideal choice for homeowners looking to save money in the early years of their mortgage while enjoying the benefits of a fixed-rate option. With flexible income verification options, this program caters. WHO COULD BENEFIT FROM A PROGRESSIVE MORTGAGE REPAYMENT LOAN? A Progressive Mortgage Repayment loan is an excellent choice for borrowers seeking lower monthly payments at present. Additionally, self-employed individuals, small business owners, and contractors may find these mortgages particularly advantageous. There are numerous reasons why individuals are seeking to retain more money in their pockets at this time. Whether you wish to navigate through uncertain economic times or simply desire to accumulate extra savings as a precautionary measure, the Progressive Mortgage Repayment Program can assist you in finding the payment plan that aligns with your financial goals. Contact us today to learn more about our Progressive Mortgage Repayment Programs and how they can help you achieve your homeownership goals. Our team of experienced professionals is ready to guide you through the process and provide personalized solutions tailored to your financial situation. Let us be your trusted partner in making your dream of homeownership a reality! If you are interested in exploring your mortgage options? Click here (link to our 1 minute questionnaire) or you can get in touch with a 1st Florida Lending Senior Loan Officer to discuss your choices by calling or sending a text message to (407) 300-2558. To gain further insight into how 1st Florida Lending assists individuals in finding the perfect mortgage solution for their specific circumstances, we encourage you to read our Google Reviews. You can always click the link below If you are ready to go and want to obtain a quote, pre- approval letter or if you are under contract an require and expedited loan commitment.