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- First position loans - primary residence - single family residence only (no condos, etc)
- Purchase and rate and term refinance loans only. FLORIDA ONLY
- 750 minimum credit score on both applicants required; No prior bankruptcy allowed
- No outstanding adverse credit items (judgments, repossessions, liens, etc.)
- Most recent 24 month payment history paid as agreed (revolving / installment /
mortgage) - Maximum 60% LTV/CLTV - Loans $900,001 to $1,200,000;
- Maximum 50% LTV/CLTV - Loans $1,200,001 to $1,500,000;
- Rate and term refinance - minimum 12 months seasoning on current mortgages
- Prior mortgage history required for purchase money (minimum 24 months at 0x30 and
maximum
- Maximum 35% housing ratio and 45% total debt to income
- Interest only option not available for loan amounts greater than $900,000
- Two URAR appraisals required (one must be ordered thru Investor)
- Certified appraiser required for property value greater than or equal to $1,000,000
- Customer's own funds required for all purchase money (verified and seasoned 60 days)
- Minimum $250,000 cash reserve requirements on loans greater than $900,000
- Minimum reserve requirement must be verified in addition to any cash to close on
purchases - Maximum $1,500,000 combined lien exposure on subject property (any CLTV)
Interested in applying for a Jumbo Loan in Florida fill out contact form below or call Suzie
352-213-3424.