This is a new lending product which gives a Grant for 24 months mortgage free for your clients that are looking to purchase property in Florida and only have to pay Taxes & Insurance. Also, this is a great program for Foreclosures, Short Sales, and most all purchases. Mortgage rate are around 6% give or take, credit score will determine. Minimum credit score 640.
GUIDE LINES:
Program Types: 30yr Fixed, 30yr amortization / 75% loan TLV w/25% credit line @ 7% APR/ 10yr Amortization/2yr Deed restriction. After compliance with the SAVE A HOME PROGRAM on the 24th monthfrom closing a GRANT in the sum of Principal and Interest of the First Loan*24. On the 24 month a credit line will be issued to the line in the amount above described, a 1099 will be issued to buyer, and credit line payment adjusted to reflected grant amount.
Maximum loan Amounts and CLTV: $729,000 maximum loan amount / 50,000 minimum laon amount / 100% CLTV
Seasoning Requirements: N/A
Eligible Borrowers: U.S Citizens / Permanent Aliens eligible for a mortgage on the same terms as U.S Citizen / Non-Permanent Resident Aliens
Property Eligibility: Please call to inquire about eligibility if property type is not reflected / Primary Res. 1-4 Units / Condos / PUDS / Second Homes 1 Unit only / Investment Properties 1-4 Units
For more details call me @ 305.733.8529
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