Innovative Mortgage Services
Innovative Mortgage Services

Traditional

Conforming Loans

 

Conforming loans are industry standard for qualified borrowers that have established credit, verifiable income and are better suited for borrowers with credit scores in the 700’s.  Borrowers can be first time homebuyers or seasoned home buyers.  Conforming residential loans can be used for all types of occupancy, including owner occupied, second home, or investment properties. 

 

  • Down Payment:  3% or more down payment is typically required.  Down payment for primary residence can be in the form of a family gift.
  • Credit Scores:  Ideal for borrows with credit scores greater than 700 (Lower credit scores are accepted with pricing adjustments.)
  • Loan Limits:  Up to $484,350 (Higher loan limits apply to high cost areas)
  • Occupancy:  Owner occupied, second home, or investment properties are allowed

 

FHA Loans

 

FHA home loans are a favorite of first time homebuyers that will be occupying the property as their primary residence.   These loans are easier to qualify for than the more strict conforming loans as they allow less than perfect credit and require just 3.5% down payment.  By allowing higher debt to income ratios, more first time borrowers are able qualify using this product than any other product.

 

  • Down Payment:  3.5% or more down payment is typically required.  Family gift money is allowed for down payment.
  • Credit Scores:  Ideal for borrows with credit scores greater than 640 (Lower credit scores in a range of 580 to 639 can be accepted with pricing adjustments and tighter underwriting criteria.)
  • Loan Limits:  Up to $314,827 (Higher loan limits available in certain high cost areas)
  • Occupancy:  Owner occupied residence only

 

VA Loans

 

VA (Active Military and Veterans) home loans are one of the best loans available today and are intended to help those who have served honorably.  By providing 100% financing, the burden of a down payment is removed plus there is no monthly mortgage insurance which further helps Veterans qualify for a new home.  Less stringent credit score requirements, flexible debt to income ratios, and more favorable underwriting criteria help to make home ownership a reality for many veterans.

 

  • Down Payment:  Zero.  100% financing!  No down payment required.
  • Credit Scores:  Scores above 640 provide the best terms for a VA loan.  (Lower credit scores in a range of 580 to 639 can be accepted with additional underwriting conditions.)
  • Loan Limits:  Up to $484,350  (Higher loan limits apply to certain high cost areas.)
  • Monthly Mortgage Insurance:  None!   

 

USDA Rural Home Loans

 

USDA Rural home loans are intended to serve buyers that are seeking to own a home in less populated setting such as a small town or rural area.  These loans are an excellent mortgage source providing 100% financing for first time homebuyers by removing the burden of a down payment.  Monthly mortgage insurance for USDA home loans is one of the lowest in the industry. 

 

  • Down Payment:  Zero.  100% financing!  No down payment required.
  • Credit Scores:  Ideal for borrows with credit scores greater than 640.
  • Income Caps:  Total household income will determine a borrower’s eligibility when it comes to USDA loans.  Generally, a 1-4 member household income cannot exceed $82,700.
  • Occupancy:  Owner occupied residence only.   

 

Jumbo

Jumbo Elite Loans (>$485,000) 

 

Jumbo Elite is a mortgage loan intended for well qualified buyers that are looking for a mortgage in the range of $485,000  to $2,000,000.  Borrowers can choose from 30 year fixed product or three different ARM programs.  This program is designed for borrowers with excellent credit whom are seeking exceptional pricing and terms and have the ability to fully document income and assets.  Program requires 20% down payment. (See Non-Traditional Mortgage Section below for less stringent criteria.)

 

  • Down Payment:  20% or more down payment is required. 
  • Credit Scores:  Ideal for borrows with credit scores greater than 760 (Lower credit scores in a range of 720 to 759 are accepted with pricing adjustments.)  Middle score of highest income earner will be used.
  • Loan Limits:  Up to $2,000,000
  • Occupancy:  Owner occupied or second residence 

 

Piggyback Loans (Purchase Price up to $800,000)

 

This piggyback loan program is a great way to get the best in pricing with a conforming first mortgage, and piggyback it with either a home equity line of credit or fixed rate second.  This can be an ideal solution for properties selling in the range of $540,000 to $1,000,000.

 

  • Down Payment:  10% or more down payment is required. 
  • Credit Scores:  Ideal for borrows with credit scores greater than 700 (Lower credit scores are accepted with pricing adjustments.)
  • Loan Limit on 1st Mortgage:  Up to $484,350 (Higher loan limits apply to high cost areas)
  • Loan Limit on 2nd Mortgage:  90% of the sales price, less first mortgage loan amount
  • Occupancy:  Owner occupied

 

Foreign National & Domestic Investor Loans

Foreign National

 

This program is designed for over-seas buyers wishing to take advantage of the opportunity to own property here in the Sunshine State.  No US credit or Social Security Number required and up to 75% financing is available.  If you want to buy a second home or investment property here in Florida, regardless of property type; single family home, townhome or condo, this may be just the program for you.

 

  • Down Payment:  25% or more down payment is required.
  • Credit Scores:  No U.S. credit required
  • Property Types:  Single Family, Townhome or Condo
  • Loan Limits:  Up to $750,000
  • Reserves:  Twelve months

 

Domestic Investor

 

To secure traditional financing on investment properties, you will need at least 20% down payment.  If you can put down 25% (that extra 5% down payment will save you at least one-quarter percent on the interest rate) maybe more.  Ideally you will want to have a middle score of 740 or better and be able to demonstrate cash reserves equal to six months for each investment property owned.  Rates may be adversely impacted for every 20 points below a 740.

 

  • Down Payment:  20% or more down payment is typically required.  (25% down payment saves at least a quarter on the rate)
  • Credit Scores:  Ideal for borrows with credit scores greater than 740 (Lower credit scores are accepted with pricing adjustments.)
  • Loan Limits:  Up to $485,350 (Higher limits available for high cost areas)
  • Reserves:  Six months

 

Alternative Income Verification

Income Per Bank Statements

 

Self-employed borrowers whose true income is documented by their bank statements can take advantage of this exceptional program.  This program is for borrowers who have operated the same business continually for 3 or more years, and can prove their ability to repay by utilizing their last 24 months of personal and/or business bank statements. 

 

  • Maximum Loan to Value: 
    • 80% to $750,000
    • 75% to $1,000,000
    • 70% to $1,650,000
    • 65% to $2,000,000
  • Credit Scores:  Middle credit score = or > 700
  • Proof of Self Employment:  Via business license or registration through Florida Sun Biz
  • Occupancy:  Owner occupied or second residence only

 

Asset Depletion

 

Designed for borrowers with substantial liquid capital. The Asset Utilization program permits borrowers to qualify for repayment of the loan based on their assets rather than the traditional earned income approach that requires employment verification.  This special program requires net liquid assets in an amount equal to or greater than 175% of the principal loan amount being requested.

 

  • Maximum Loan to Value:  75% to $1,000.000
  • Credit Scores:  Middle credit score = or > 700
  • Loan Limits:  65% Up to $2,000,000
  • Occupancy:  Owner occupied or second residence only

Reverse Mortgage

Home Equity Conversion Mortgage (HECM) & Reverse Mortgage Purchases

 

If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA's Home Equity Conversion Mortgage (HECM) program.  The HECM provides a way to improve quality of life by eliminating mortgage payments and/or providing additional monthly cash to the homeowner.  If you simply would like to have more control over your financial affairs and the ability to stay in your home longer, a reverse Mortgage might be just the answer.  HECM loans can be used for your current home, or the purchase of a new home.

 

  • Equity Required:  Typically a minimum of 60%. 
  • Credit Scores:  Acceptable credit history is required to avoid an escrow reserve set-aside
  • Loan Limits:  Up to $625,500
  • Occupancy:  Owner occupied only

 

Adverse Credit Exceptions

Recent Housing Event or Bankruptcy (More Than 18 Months)

 

So long as 18 months have passed since the credit event, no letter of explanation is required, just clean credit since the event.  If you have experienced a financial set-back whereby you had to short sell a home, had a lender foreclose, or had a discharged bankruptcy, this program provides up to 75% financing.  Re-established credit along with two years of continual employment are required.

 

  • Down Payment:  25%
  • Credit Scores:  660 or better
  • Re-established Credit:  3 active trade lines that have each been open 12 months or longer
  • Loan Limits:  Up to $850,000
  • Occupancy:  Primary residence only

 

Recent Housing Event or Bankruptcy (More Than 1 Day, Less Than 18 Months)

 

If you have a very recent housing event or bankruptcy (less than 18 months ago), this program may provide up to 80% financing with a minimum 580 credit score, and up to 75% financing with a minimum credit score of 540.  Clean credit history since the recent housing event or bankruptcy is required, and there are no minimum required open/active trade lines.  This program helps buyers get back into a home of their own while they work on rebuilding their credit.  There are no pre-payment penalties whatsoever, so once credit has been re-established and seasoned for at least 3 years past the adverse credit event, the borrower can then refinance into an FHA loan.

 

  • Down Payment:  20%
  • Credit Scores:  580 or better
  • Re-established Credit:  No minimum required open/active trade lines
  • Loan Limits:  Up to $1,000,000
  • Occupancy:  Primary residence only

 

Renovation

FNMA Homestyle Renovation Loans 

 

The HomeStyle Renovation is a convenient way for borrowers to purchase a home that needs moderate repairs, or refinance their current mortgage on their existing home and include the necessary funds in the new loan amount to complete their renovation.  The Homestyle Loan provides an economical way to make improvements instead of applying for a second mortgage, home equity line of credit, or other more costly method.  Unlike FHA renovation loans, these FNMA loans will generally require credit scores above 700 .

 

  • FNMA Homestyle program:  Renovation/repair costs are allowed up to 50% of the “After Completed” value of the property.
  • Maximum Financing Available:  95% after improved value
  • Eligible Improvements:  All improvements must be permanently affixed to the property and add value.  Appliances must be built-in; free standing appliances are not eligible.  Luxury items are eligible (e.g. swimming pools, spas, outdoor kitchens or fireplaces, etc.)
  • Draws:  An escrow account is established and funds are released as work is completed. A maximum of 5 draws are allowed.
  • Contractor Requirements:  All work must be completed by one (1) licensed general contractor.  One (1) specialty contractor allowed for work such as foundation, pool, well/septic etc.

 

FHA Renovation Loans (203-K)

 

 

 

FHA 203-K loans are a favorite of first time homebuyers that have their eye on a house that is in need of repairs.  These loans require a bit of determination and patience on the borrower’s part as they involve getting bids from licensed contractors which result in more time spent from offer to closing.  These loans fully fund at closing with an escrow hold-back that is released in stages as the contractor completes the work.

 

  • Limited 203(k) program:  Intended to assist homeowners with basic repairs costing from $5,000 to $35,000
  • Amount of Financing Available:  Adjusted As-Is value plus improvement costs, or 110% of the after improvement value
  • Down Payment:  3.5% or more down payment is typically required.  Family gift money is allowed for down payment.
  • Credit Scores:  Requires middle credit score greater than 640  
  • Loan Limits:  Up to $314,827 (Higher loan limits available in certain high cost areas)
  • Occupancy:  Owner occupied residence only

 

 

Mortgage Banking Specialist

 

Giles Wardian

Phone: (407) 963-1151

Email: floridaaps@gmail.com

Services Provided by: Giles Wardian of Team Innovative (407) 963-1151

Licensed Mortgage Specialist NMLS #349296

Innovative Mortgage Services, Inc. NMLS #250769

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