Jumbo Elite is a mortgage loan intended for well qualified buyers that are looking for a mortgage in the range of $550,000  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 

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

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

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

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.