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| Foreign National Loans |
| Non-Warrantable Condos |
| Hard Money Loans |
| FHA Loans |
| VA Loans |
| Conforming Loans |
| HomePath® Mortgage Financing |
| USDA Loans |
| Commercial Mortgage |
Rates last updated on Tuesday, April 06, 2010
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Foreign National Loans
This is very unique program that allows Foreigners to purchase real estate at very affordable and convenient terms. As a foreigner you will only few documents to qualify for the loan and you loan can be as high as 70% LTV wheter you buy a condo or a house. Some adjustments may apply if you are buying a new construction where the developer is still in control of the condominium.
Term: 30 years
Maximum Amount: $4,000,000
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| Rates | APR | Points |
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| 5.375% | 6.193% | 2% |
| 5.75% | 6.178% | 1.5% |
| 6% | 6.153% | 1% |
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Qualifications
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For self-employed borrower require an accountant letter with 2 years of income and YTD figure. For borrowers who are employed require a job letter containing 2 years of income and YTD figure.
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As an alternative credit the borrower may present a Bank Reference or Credit Reference letter form country of origin or U.S. Bank. Account must have 2 years of history in a good standing.
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Borrower must have US based bank account with down payment, cash to close and reserves. It is preferred to have 24 month reserves in U.S. bank prior to closing. |
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Non-Warrantable Condos
It is very common today to find a very nice deal in the condo on the beach but most condos especial in South Florida are having major issue to qualify for the mortgage finance. Most common issue is HOA delinquency with over 15 percent or high foreclosure and short sale concentrations. This information is usually provided in form (Condo Questionnaire) which is requested by the lender. We have a solution to these issues by providing lenders who request only limited information (Limited Review) which avoids a lot of questions.
Term: 30 years
Maximum Amount: $417,000
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| Rates | APR | Points |
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| 5.5% | 5.778% | 0% |
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Qualifications
- The loan is for a primary residence with an LTV/CLTV of 80% or less OR a second home with an LTV/CLTV of 75% or less or DU Approve/Eligible with Limited Review messaging
- The developer has transferred control of the association to the individual unit owners.
- The project have been 100% complete with no additional phases to be built and at least 90% of the total units sold and closed.
- No Litigation.
- More requirements may apply.
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Hard Money Loans
Term: 30 years
Maximum Amount: $1,000,000
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| Rates | APR | Points |
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| 11.9% | 13.198% | 2% |
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FHA Loans
Term: 30 years
Maximum Amount: $417,000
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VA Loans
Term: 30 years
Maximum Amount: $417,000
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Conforming Loans
Term: 30 years
Maximum Amount: $417,000
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HomePath® Mortgage Financing
The HomePath Mortgage Program was created by Fannie Mae to allow homebuyers buying a Fannie Mae repossessed home some perks. Some of these perks make the HomePath loan program more advantageous over FHA Home Loans.
Home buyers looking to purchase a Fannie Mae repossessed home can use the HomePath Mortgage Program, an FHA or some other type of financing, or even pay cash. If you are looking to purchase one of these Fannie Mae homes and you need to finance it you may want to consider the HomePath Mortgage for the following benefits.
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Benefits
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Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest- only)
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You may qualify even if your credit is less than perfect
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Available to both owner occupiers and investors
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Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
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No mortgage insurance*
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No appraisal fees |
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USDA Loans
A USDA Guaranteed Loan is Government insured 100% purchase loan. These Loans are only offered in rural area's and serviced by direct lenders that meet federal guideline's.
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Commercial Mortgage
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.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $12,510. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $4,000,000 with closing costs of $120,000. Your actual APR may be different depending upon these factors.
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