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The FLEX Mortgage Program

The mortgage program designed around second chances

If you're one of the millions of Americans who have been through a bankruptcy, short sale or foreclosure, you may already be aware of the waiting period before you're eligible for a traditional home loan again.   See the waiting periods here. The only trouble is....life must go on.  That's where we can help.  

FLEX is designed with little or no waiting periods after major housing events. It is the ideal tool to get you back into home-ownership, until you're eligible to refinance into a traditional home loan.

FLEX is available in three levels. Generally speaking, the program becomes more flexible as down payment increases.  At level 3, we can even close in the name of a trust or LLC. (a $500 doc review fee applies)  

This page includes a calculator to help you decide if it's right for you.  We'd love the opportunity to discuss your needs and answer your questions.

Say goodbye to

LIMITATIONS.

Minimum Down Payment 10%

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Minimum Down Payment - 10%

Minimum Middle-Credit Score: 680 or higher

Minimum Waiting Periods:

  • Bankruptcy  (Chapter 7 ) - 48 months
  • Foreclosure - 48 months
  • Short Sale - 48months

Occupancy Types - Owner-Occupied/ Second Home

Property Types: SFR, Townhome, Condo, 2-4 Unit

Income:  Full Documentation |  Bank Statements: 12- 24 months  bank statements (self-employed borrowers only)

Reserves:  3 - 6 months after closing

Pre-Payment Penalties: None

Terms - 30 Year Fixed | 5/1 ARM | 7/1 ARM

Loan Amount Min/Max - $100,000 - $2.5MM

 

 

 

 

 * Middle FICO - Determined by middle FICO score of the primary earner on the application.

Level 1

Level 2

Minimum Down Payment 15%

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Minimum Down Payment - 5% (requires 720+ FICO/ Full Doc Income Calculation)  10% Max for Bank Statement Income.**  

Minimum Middle-Credit Score: 660 or higher

Minimum Waiting Periods:

  • Bankruptcy (Chapter 7 ) - 36 months
  • Foreclosure - 36 months
  • Short Sale - 36 months

Occupancy Types - Owner-Occupied/ Second Home

Property Types: SFR, Townhome, Condo, 2-4 Unit, Non-Warrantable / Condotel

Income:  Full Documentation |  Bank Statements**: 12- 24 months  bank statements (self-employed borrowers only)

Reserves:  3 - 12 months after closing

Pre-Payment Penalties: None for Owner Occ/ 2nd Home

Terms:  30 Year Fixed | 5/1 ARM | 7/1 ARM

Loan Amount Min/Max - $100,000 - $1.5MM

 

* Middle FICO - Determined by middle FICO score of the primary earner on the application.

** Bank Statement Income can affect down payment and other factors.  See our Bank Statement loan page for details.

Minimum Down Payment 10%*

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Minimum Down Payment : 10% - 25%

Minimum Middle-Credit Score: 500 or higher

Minimum Waiting Periods*:  

  • Bankruptcy  (Chapter 7) -  No waiting periods
  • Foreclosure - No waiting periods
  • Short Sale - No waiting periods

Occupancy Types:  Owner-Occupied/ Second Home

Property Types: SFR, Townhome, Condo, ,2-4 Unit, Specialty Properties** (i.e. - Log homes, Dome Homes, Stilt Homes, Rural/ Large Acreage)

Income:  Full Documentation |  24 months  personal & business bank statements (self-employed only)

Reserves:  3 - 12 months after closing

Pre-Payment Penalties: None

Terms: 30 Year Fixed | 5/1 ARM | 7/1 ARM

Loan Amount Min / Max - $100,000 - $1.5MM

* Although Level 3 has no waiting period, the length of time from a prior housing event can affect the down payment requirement.  

  • 30% down payment required w/ NO waiting period
  • 15% down payment required w/ 12 mo waiting period
  • 10% down payment required w/ 24  mo waiting period

* Middle FICO - Determined by middle FICO score of the primary earner on the application.

** Bank Statement Income can affect down payment and other factors.  See our Bank Statement loan page for details.

 

Level 3

FLEX is designed to integrate into an overall  plan. Not only does it allow you to achieve home-ownership again, it does so much more.  Most people tend to overlook the tax benefits and home appreciation when considering their decision; however many are surprised to see how dramatic the potential benefits can be once everything is put into focus.  In most cases, using FLEX is a financially superior alternative to waiting to qualify for a traditional home loan.

See for yourself.

Run your own FLEX Scenario Analysis.

Can FLEX work for you?

This is not a commitment to lend.  Not all borrowers will qualify for the loan programs listed.  All program terms and conditions are subject to change and may be discontinued without prior notice.  Contact loan originator for program questions and scenarios.  

Introducing

GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation

GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation

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(813) 928-9610

HAVE A QUESTION?

Minimum Down Payment 20%*

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Minimum Down Payment : 20%  or higher

Minimum Middle-Credit Score: Non  Credit Score Driven (credit profiles are considered on an individual basis)

Minimum Waiting Periods**:

  • Circumstances considered on a individual basis

Occupancy Types:  Owner-Occupied/ Second Home

Property Types: SFR, Townhome, Condo, ,2-4 Unit, Specialty Properties** (i.e. - Log homes, Dome Homes, Stilt Homes, Homes w/ Rural/ Large Acreage)

Income:  Full Documentation

Reserves:  3 - 12 months after closing, depending on overall basis. Strong asset profiles are considered strong underwriting compensating factors for creditworthiness.

Pre-Payment Penalties: None

Escrow Account for property taxes & insurance: None

Terms: 3/1 ARM | 5/1 ARM |10/1 ARM

Loan Amount Min / Max - $100,000 - $6.5MM

 

*  Level 4 is the most flexible level.   Interest rates can be dramatically improved, vs other levels, additional property types & expanded credit profiles are also be  considered

** at Level 4, the waiting periods are waivable and specialty property types are accepted on a case-by-case basis.  See loan originator for details.

Level 4