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CALL TODAY:
(813) 928-9610

FLORIDA
SINCE 1995
DIRECT LENDING

Say goodbye to

LIMITATIONS.

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

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GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation

 

The FLEX Mortgage Program

The family of mortgage programs designed around flexibility and second chances.

FLEX is designed to fill several under-served needs in Mortgage Lending.  Here are some of the scenarios that can benefit from this loan program:

 

MINIMAL WAITING PERIODS AFTER A RECENT HOUSING EVENT

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.  If not, see the waiting periods here. FLEX is designed with only a 1 year waiting period after a major housing event. It is the ideal tool to get you back into home-ownership, until you're eligible to refinance into a traditional home loan.  The Minimum Down Payment is 20% if the housing event is ≥ 4 years, or 25% if the event is < 4 years.

 

 

 

HAVE A SIGNIFICANT AMOUNT OF LIQUID RESERVES, BUT NOT ENOUGH INCOME?

Many home buyers have a significant amount of reserves--either in a liquid account, or retirement---but they lack enough income on their tax returns to qualify for a home loan.  We offer multiple ASSET DEPLETION methods which is a way for us to calculate an income stream from this money that we can count as usable income for approval purposes.  Minimum Down Payment to qualify is 20% for asset depletion.  We offer these in the standard Fannie Mae Asset Depletion guidelines and Freddie Mac Asset Depletion guidelines  as well as more flexible guidelines as well.  

 

 

 

 

 

 

 

 

 

 

 

WANT TO CLOSE IN THE NAME OF YOUR OWN TRUST OR LLC?

We can close your new FLEX home loan in the name of your own trust or LLC.  This is available as  traditional full-doc loan with a down payment of 20% - 25% for Owner-Occupied Homes,  30% for Second Homes, and 40% for Investment.  There is a $500 Review Fee of the Trust or LLC documents prior to approval.   The terms are the same as our JUMBO PREMIER program.

 

 

 

 

SELF-EMPLOYED?

Business owners have unique needs when it comes to mortgage lending.  We offer two FLEX programs to assist self-employed applicants: 1)  Bank Statement Loans and 2) P&L Loans.

 

 

 

 

 

INVESTMENT HOMES - APPLICANT DOES NOT HAVE ENOUGH INCOME, BUT THE MARKET RENT FOR THE NEW HOME WILL SUPPORT THE NEW INVESTMENT PAYMENT?

This is a called a DSCR (Debt Service Coverage Ratio) Program.  When the appraisal is ordered, the appraiser performs a supplemental report called a market rental analysis which provides the average market rent for homes in the surrounding area. Then, this number is compared to the full monthly payment on the new loan.  (example: A ratio of 1.0 means that the rent supports 100% of the new payment)  

  • DSCR ≥ 1.15   Minimum Down Payment of 30% with 700 FICO *or* 60% with 680 min FICO
  • DSCR 1.0 – 1.14  Minimum Down Payment of 35% with 720 FICO *or* 60% LTV with 680 min FICO
  • DSCR < 1.0   Minimum Down Payment of 40% with a 720 FICO        

 

 

 

 

HAS YOUR CURRENT HOME NOT SOLD, BUT YOU NEED TO CLOSE ON THE NEW HOME?
BRIDGE FINANCING / CROSS-COLLATERALIZATION

If your current home has been on the market for a while, but your closing date on a new home is approaching, we can help. With our FLEX Bridge Loan, we will finance up to 60% of the combined appraised value of both homes, less any outstanding mortgages/liens on the current property. This works especially well when the old home is owned free and clear or has minimal financing left.

  • 11 Month Term- Interest-Only payments
  • Collateral can be: 1) Property selling 2) Property purchasing OR 3) Both Properties. (All properties must be in Florida)
  • Typically 1st lien position; however, this is reviewed on a case-by-case basis.
  • Reserves of 20 months of all debt (remaining after the closing) must be documented
  • Full-Doc only
  • Borrower must have clean credit; however credit scores are not considered for underwriting or pricing purposes.
  • Current interest rate is 4.50%, Interest-Only for 11 months.   No prepayment penalties.  

 

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