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Florida Home Loan for an Investment Property

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Florida Home Loan for Investment Property

PURCHASE

JUMBO MORTGAGE

REFINANCE

1ST TIME HOME BUYER

JUMBO REFINANCE

HOME EQUITY

100% purchase from 560 credit score

DEBT CONSOLIDATION

CONSTRUCTION

Are You A Real Estate Investor?

In recent years, we've seen the tech boom go bust and the stock market become increasingly volatile. Yet through it all, real estate investing has soared -- and has made thousands of millionaires overnight.

Now property owners and would-be buyers can take advantage of the enormous investment opportunities that exist in the Florida real estate market today. Today's boom is not just driven by low interest rates -- there are a host of demographic reasons that show why real estate will continue to outpace other investment opportunities, from the growing needs of the baby boomer generation to the new ways real estate is marketed and sold.

Also known as Income Property, Rental Property or Non-Owner Occupied Loans, our Investment Property Mortgages are available for 1-4 unit residential dwellings. If your investment is for any other type of property, please refer to our Commercial Mortgages page.

Whether your purpose is to rent for cash flow or speculate for appreciation, these mortgages used to require large down payments and full qualifying. There are some lenders who are willing to lend as much as 100% towards an investor property (expect premium rates)! Investor property mortgages carry higher rates than your primary housing rates.

Apply for an Investment Mortgage and talk to one of our Home Mortgage Experts.

One very important thing to remember is that property "flipping" is frowned upon by mortgage lenders. If your intention is to buy and sell before 12 months of ownership has occurred...your buyer may not be able to secure a loan. You should intend to keep the property at least 6 months, but better yet, 1 year. If your intention is to flip your Investor Mortgage please read Prohibition of Property Flipping, a document issued by HUD about their position on the subject. If you are selling within 12 months of your purchase and increasing the selling price from your purchase price, then be prepared to show the improvements that you have made to the property that will justify your increased selling price.

Q. What is "Spec" construction?

Contractors, builders and developers who are building a home without a guaranteed sale upon completion are said to be building on "Spec", which is short for "Speculation". These individuals and companies are speculating that they will earn a profit when they sell the newly constructed home. This special program is specifically designed for these types of projects.

Q. What do my Builders need to know about the Spec Loan?

Here's some important information about the Spec Loans:
�	24/7 online draw request
�	Financing up to 90% of total project cost
�	Loans up to 80% LTV
�	Loans up to $1.5M, No loan committee approval on loans less than $1M
�	Up to 4 loans to the same Builder within the same subdivision, market or neighborhood
�	Lot draws up to 60% of land value
�	Land equity and pre-paid costs can be used as down payment
�	No DTI ratio calculated
�	Corporations, Partnerships and LLCs okay with personal guarantees by principal(s)

Q. What does it take for my Builder to qualify for a Spec Loan?

This is a list of requirements that your Builder will have to meet:
�	680 middle credit score
�	10% post-closing liquidity of the total loan amount
�	Minimum GPM (gross profit margin) of 15%
�	Full documentation only
�	Only approved Builders with 5+ years experience in the building/marketing of residential SFR's are acceptable as GC's. Facts from the Joint Center for Housing Studies of Harvard University. Executive Summary Rental Housing Housing Markets Demographic Trends Home ownership Second Home Mkt Surges 05 Second-Home Market Surges, Bigger Than Shown in Earlier Studies WASHINGTON (March 1, 2005) � A new study shows sales of second homes surged in 2004, and that investment property and vacation homes make up a significant portion of the overall housing market, accounting for more than one-third of residential transactions, according to the National Association of Realtors^�.

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