Find below a list of products from our preferred lenders. The
Product Grid below provides product
description and minimum cash down required for a partcular loan
product. |
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Serving all of Florida, including
our home areas of Naples, Marco Island, Sanibel Island, Captiva
Island, Bonita Springs, Fort Myers & Fort Myers Beach
...... on the 'net
for over 4 years.
Michael May, Broker,Owner,Webmaster
1-888-964-5626(LOAN)
Operating
hours: Monday thru Friday:
9 a.m. to 8 p.m.
Saturday
by Appointment. |
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SPECIALTY
PRODUCTS |
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PRODUCT |
COMMENTS |
DETAILS |
CASH
DOWN REQ'MNTS. |
"NO EMPLOYMENT"
VERIFICATION |
The best No-Income Verification loan product
available. |
There is no income verification, no asset verification, and no
verification of employment.
The IRS Form 8821 and IRS Form 4506 are
not required.
Lender requires good credit and 2 appraisals.
Better pricing available if Assets can
be verified. Products offered include:
1-Year ARM
3/1 ARM
5/1 ARM
15-Year FIXED
30-Year FIXED |
As little as 10% down on Primary
Residence, but pricing is expensive.
Preferred is 25% down
on Primary Residence;
30% down on
Second Homes.
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“THE” BRIDGE
LOAN |
A Bridge Loan is a loan product that
permits a client to get a loan-against-equity in an existing
property that they own, to help facilitate the purchase of another
property. A Bridge Loan will allow a percentage of the
value of a property that is listed for sale, or under sales contract
scheduled to be sold |
"THE" BRIDGE LOAN is special,
in that it does not count the Bridge Loan Payment NOR the current
home mortgage (1st mortgage) payment against a client's income,
allowing the client to qualify for a larger property. |
Up to 65% of the Value of the Listing Sales
Price of a home, minus the 1st mortgage balance;
Up to 70% of the Value of the Sales Price
of a home, minus the 1st mortgage balance. Payment is calculated,
and payment schedule identified and initiated, but "THE"
Bridge Loan Payment is not counted in the client's Debt-To-Income
Ratios, making it easier for the client to qualify for their
next home.
Product available to be used with a previous
residence outside of Florida or Colorado. Lender must have holdings
in that particular state. (Lender has holdings in 33 states).
Also, "THE" Bridge Loan can only be used when a client
intends to buy another property as their
Primary Residence. |
NO INCOME
VERFICATION |
Also knows as Stated-Income loans, these
products use only what the client states is their income, but
does not verify these figures, UNLESS.... |
Underwriting determines that there is a need
to review the client's tax returns. As part of the loan process,
the client must sign 2 documents which authorizes the Lender
to pull tax returns from the IRS to check the accuracy of the
loan application. The 2 IRS forms are:
IRS Form 8821
IRS Form 4506
The Stated-Income loans require the following:
2 years of continued employment on the
same job, or in the same line of work;
Verification of Assets for cash-to-close,
as well as 6 months cash reserves after closing. |
As little as 10% down, although the lower the amount down, the
greater scrutiny the file attracts.
Preferred cash down would be in the range
of 20% to 30%. |
FOREIGN BUYER
NO INCOME VERIF. |
Product doesn't verify foreign buyer
income, assets or credit |
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30% down as a stated
Second Home.
40% down for Investment |
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PRODUCT
GRID & CLIENT PROFILE |
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PRODUCT |
DESCRIPTION |
CLIENT PROFILE |
MINIMUM
DOWNPAYMENT |
1 YEAR ARM |
Adjustable (Variable) Rate Product that changes every 12 months |
A client who understands the risks of the ARM, but are willing
to accept them. Typically, the client anticipates that the mortgage
loan will be paid off within an acceptable risk period. |
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LOAN AMOUNT |
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5% |
$300,000 |
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10% |
$400,000 |
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20% |
$500,000 |
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25% |
$650,000 |
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30% |
$750,000 |
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35% |
$1,000,000 |
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3/1 ARM |
Fixed rate for the first 36 months, converts to a 1-Year
Treasury-Bill ARM thereafter. Rate increase "caps"
of 2% per year, with a lifetime cap of 6%. Example: if the 1-Year
Treasury Bill Start Rate is 6.5%, it can go up (or down) no more
that 4.5% to 6.5%, and can go up to a maximum of 12.5% over the
lifetime of the loan.
At the end of the 36-month
period, the ARM Start Rate is determined by the current 1-Year
Treasury Bill, PLUS an additional of .625%. Example: if the current
1-Year T-Bill rate is 7.125%, add .625%,
total = 7.750% |
A client who intends to either sell the property or pay off the
property within the 36-month period, or shortly thereafter. |
Same as above |
5/1 ARM |
Fixed rate for the first 60 months, converts to a 1-Year
Treasury-Bill ARM thereafter. Rate increase "caps"
of 2% per year, with a lifetime cap of 6%. Example: if the 1-Year
Treasury Bill Start Rate is 6.5%, it can go up (or down) no more
that 4.5% to 6.5%, and can go up to a maximum of 12.5% over the
lifetime of the loan.
At the end of the 60-month
period, the ARM Start Rate is determined by the current 1-Year
Treasury Bill, PLUS an additional of .625%. Example: if the current
1-Year T-Bill rate is 7.125%, add .625%,
total = 7.750%
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A client who intends to either sell the property
or pay off the property within the 60-month period, or shortly
thereafter. |
Same as above |
7/1 ARM |
Fixed rate for the first 84 months,
converts to a 1-Year Treasury-Bill ARM thereafter. Rate increase
"caps" of 2% per year, with a lifetime cap of 6%. Example:
if the 1-Year Treasury Bill Start Rate is 6.5%, it can go up
(or down) no more that 4.5% to 6.5%, and can go up to a maximum
of 12.5% over the lifetime of the loan.
At the end of the 84-month
period, the ARM Start Rate is determined by the current 1-Year
Treasury Bill, PLUS an additional of .625%. Example: if the current
1-Year T-Bill rate is 7.125%, add .625%,
total = 7.750% |
A client who intends to either sell the property
or pay off the property within the 84-month period, or shortly
thereafter. |
Same as above |
7/23 ARM |
Fixed rate product for the first 84 months, then converts to
another Fixed Rate for the remaining 23 years.
At the end of the 84-month
period, another Fixed-Rate
product is offered, based
on the Fixed Rates at the time of conversion,
plus .625%. |
A client who wants a good rate, but have an
option to either sell the property or pay off the property within
the 84-month period, or shortly thereafter. |
Same as above |
10/1 ARM |
Fixed rate for the first 120 months,
converts to a 1-Year Treasury-Bill ARM thereafter. Rate increase
"caps" of 2% per year, with a lifetime cap of 6%. Example:
if the 1-Year Treasury Bill Start Rate is 6.5%, it can go up
(or down) no more that 4.5% to 6.5%, and can go up to a maximum
of 12.5% over the lifetime of the loan.
At the end of the 120-month
period, the ARM Start Rate is determined by the current 1-Year
Treasury Bill, PLUS an additional of .625%. Example: if the current
1-Year T-Bill rate is 7.125%, add .625%,
total = 7.750% |
A client who intends to either sell the property
or pay off the property within the 120-month period, or shortly
thereafter. |
Same as above |
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CONDOMINIUMS |
A property other than a Single-Family
Residence or a 2/3/4-Unit property. Will be part of a Master
Homeowner's Association, and Maintenance Fees will be required
as part of the client's monthly/quarterly debt service on the
property. |
As opposed to a Single-Family Residence (where an appraisal and
pest inspection will suffice), a condominium undergoes aggressive
scrutiny over and above an appraisl. The areas of scrutiny include
the Condominium Documents, the current and proposed Budget, and
the insurance coverage (evidenced by a Master Certificate of
Insurance). |
As little as 5% down on Primary Residences,
10% down on Second Homes. |
