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Mortgages on properties in Florida are easily arranged – usually up to 80% for an overseas buyer. The loan to value (maximum lending amount) is based on the lender’s assessment of the area and property value based on the resale potential and market stability and the status of the client financially. A non-status mortgage is a popular option and is available for 70% loan to value.
We are pleased to have on board as our preferred mortgage lenders: International Mortgage Associates, a licensed Mortgage Broker in Kissimmee.
International Mortgage Associates are ideally placed to guide US and international clients through the mortgage maze, wherever you choose to buy, but particularly in Florida.
Our mission is to build a dedicated compliant mortgage team that can provide innovation international mortgage solutions and unsurpassed client service.
We are equipped to provide high quality mortgage advice for US and International clients. Whilst we cover our prime markets, we also like a challenge, so if you want to buy in another area of the World, let us know and we will use our experience and contact to source a solution for you.
A type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac, Fannie Mae and Freddie Mac guarantee, or purchase 35-50% of all mortgages.
A Current Fannie Mae guideline for conventional home mortgage loan is at just over $417,000 for a single-family home in Central Florida and can vary in other areas.
Conventional Loans are available for home purchase, refinance or Cash Out refinance.
Most home owners have heard of FHA (Federal Housing Administration). FHA is a department within Housing and Urban Development (HUD) and is run by Federal Government. FHA is designed to assist first time buyers, but not limited to first time buyers.
The main benefits of FHA loans are:
A Jumbo Loan in Central Florida is a loan that is higher than the maximum loan for Conventional Lending. It exceeds the Fannie Mae’s and Freddie Mac’s loan limits and is currently set at $417,000 in Central Florida. A Jumbo Loan is also known as a Non-Confirming Loan.
The Loan to Value (LTV) is based upon the amount you want to borrow.
Up to $1,500,000 to $2,000,000: Maximum 75% LTV.
There are so many different types of mortgages available to you, you may not feel confident which is best suited to your circumstances. We are here to help you decide which mortgage type is best for you and to guide you through the process.
Florida Residential hard money loans are usually offered by private lenders like hedge funds, wealthy private individuals and small community based investment companies.
These loans tend to be asset based and focus on the Loan to Value of the asset pledged by the borrower. Conventional Loans focus on ‘full document’ underwriting, which means that they review the borrower’s credit history, tax returns and income statements when underwriting. Hard Money Loans focus more on the value of the equity in the securitized asset instead. A typical Loan to Value for a Hard Money Loan would be 50% to 55% borrowing.
As the underwriting is less stringent for Hard Money Loans, closing can often occur much more quickly than a Conventional Loa, often within two to three weeks.
The trade-off is that the interest rates for Hard Money Loans tend to be a lot higher, often 6-8% above the rates available in the conventional loan marketplace. This means that the loans tend to be shorter term as borrowers will look to repay as early as possible.
Hard Money Loans are available for US Clients and International Clients alike.
Foreign National (FN) loans are loans granted to non US citizens, to help them buy residential property in USA. The lenders in this marketplace will usually lend to four groups of people:
The process of establishing which lender is right for you will take into account: