Services
Complete Mortgage solutions
We offer a variety of solutions across the lending spectrum.
We specialize in providing our clients with competitive rates and terms. Our commitment is to excellent service. We assist our clients with mortgage loans, refinancing, and home equity lines of credit with perfect and imperfect situations. Whether you’re a first time buyer looking for an affordable option or a veteran homeowner looking to reduce your monthly payment, IFinance Florida can help. We offer professional consultation and free loan analysis with a guarantee to reduce your payments.
cONVENTIONAL LOANS
Conventional loans are also known as conforming loans that are purchased in the secondary market by Fannie Mae or Freddie Mac. These two institutions set the lending guidelines by which all lenders follow.
Conventional loans are amongst the most popular loans in today’s market. Why? Because they offer loan to values (LTV) as high as 97% – 95% with fixed 30-year programs and very low rates.
Another attractive component for conventional loans deals with mortgage insurance (M.I.). Mortgage insurance is not required if at the time of closing on a purchase the borrower(s) put down 20% + down payment. If borrower(s) put less than 20% down payment, in the future they could eventually get rid of the mortgage insurance once they have 20% + equity in the property. This would also apply to refinancing of a loan and borrower(s) are refinance 80% + of the value of the home.
The maximum allowed debt-to-income (DTI) ratio allowed on a conventional loan is 50%. This basically means that all of the borrowers combined debt such as: (car payment, credit card debt, student loans, alimony or child support payments, IRS tax payments, other real estate owned properties “REO” expenses and current subject property expenses) cannot exceed 50% of the allowed earned income as defined by (conventional guidelines).
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GOVERNMENT LOANS
An FHA loan is insured by the US Federal Housing Administration. These loans are a type of federal assistance and are provided by an FHA-approved lender. FHA loans historically have given lower-income Americans the ability to borrow money to purchase a home that they would not otherwise be able to afford. These loans are for first time home buyers and not real estate investors. Given that these loans have lower minimum down-payments they usually involve more risk to the lender. For this reason, the borrower(s) are required to pay a two-part mortgage insurance that involves a one-time bulk payment and a monthly payment to compensate for the increased risk.
FHA loans also have additional benefits such as a 55% max allowed DTI (debt-to-income) ratios and they require a lower middle FICO score of 580 to qualify.
NON-QM LOANS
A Non-QM loan is a type of mortgage loan that uses alternative qualify guidelines to get borrowers approved for a loan. While most traditional guidelines are still used the traditional income verification guidelines differ from one program to the next. Below is a list of the different types of NON-QM loans that exist:
• Bank statement program (No Tax Return Loans)
• DSCR “no income” program
• Non-Permanent Resident program
• Foreign National Loan program
• Credit Graded program
• P&L only program
• Assets Utilization (No Tax Return Loans)
• WVOE / 1099
HARD MONEY LOANS
Hard money loans are asset-based loans that are secured by a real property. Because these loans are issued by private investors the qualifying guidelines are much lenient than conventional guidelines. Conventional loans require proof of income, proof of assets and minimum FICO scores to qualify amongst other requirements. Hard money loans only require proof of assets and 2 forms of ID. Because most hard money loans need to close under corporate name, another requirement of hard money loan is LLC or Corp docs proving ownership of the corporate structure.
Usual rates and LTVs with hard money loans are (7.99% – 9.99% interest only on 50% – 65% LTV) for terms between (12-36 months). A common rule of thumb with hard money loans is the higher the LTV the higher the rate.
Hard money loan rate and terms are not meant for the everyday borrower. These loans are perfect for real estate investors who do not want to lose an opportunity in buying a property quickly due to time constraints.
JUMBO & SUPER JUMBO LOANS
A loan is considered a jumbo loan when the loan amount exceeds the max conventional loan amount. This can vary from county to county. A super jumbo loan is any loan amount that exceeds $1 million loan amount. These loans follow conventional guidelines but differ in certain areas. While DTI (debt-to-income) ratios are 50% – 55% for conventional and FHA loans, the max DTI for a jumbo or super jumbo loan is 43%. LTV’s (Loan-To-Value) vary depending on the amount of the loan. For example: a loan below $1million can have a 90%-85% LTV but when it crosses the $1.5million threshold the LTV can come down lower. Basic rule of thumb the higher the loan amount the lower LTV the lender will offer.
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