Melanie Thomas | 352.536.4222

Mortgage Programs

Quick Reference Guide

  • Loan Amounts up to $766,550 (effective January 1, 2024)
  • Minimum credit score: 620
  • Many amortization schedules available (15, 20, 30)
  • First Time Home Buyers: as low as a 3% Down Payment (Primary residence). Maximum income limitations apply
  • Primary Residence: 5% minimum Down Payment
  • Second Home: 10% minimum Down Payment
  • Investment: 15% minimum Down Payment
  • Gifts from acceptable sources are allowed, except for Investment transactions
  • Seller Concessions 3%-9% (based on LTV)
  • Mortgage Insurance Required on all Loans with Less than 20% Down
  • No MI programs available with Lender Paid MI or Single Payment MI
  • Non-occupant co-borrowers allowed
  • Down Payment Assistance allowed
  • Future employment allowed (starting a new job within 60 days of signing the note)
  • Subordinate financing allowed
  • Seasoning period Chapter 13: 2 years from discharge/4 years from dismissal
  • Seasoning period Chapter 7: 4 years from discharge/dismissal
  • Seasoning period Short Sale: 4 years
  • Seasoning period after Foreclosure and Deed In Lieu: 7 years
  • Appraisal: Good for 120 days
  • Septic Inspection: Required if the appraiser notes it on the appraisal
  • Well Inspection: Required if the appraiser notes it on the appraisal
  • Survey: Good for 10 years if no changes were made to the property
  • Roof: The roof must be considered to be water tight. Life expectance is 3-5 years
  • Termite: Not required unless noted on appraisal – Good for 90 days
  • Refinance: CONV 80% LTV maximum cash out allowed; CONV 75% LTV maximum cash out allowed on investment; CONV 70% LTV maximum cash out allowed on 2
  • 4 units on investment
  • This product is available for a Temporary Buydown

  • Jumbo loans allowed up to 1.5 million dollars with a small down payment. Down payment is calculated by subtracting the designated loan limit from the cost of the home. Veterans then pay a quarter of the difference.
  • Minimum credit score: 620
  • 100% Financing with VA Eligibility
  • Primary Residence only
  • An eligible VA borrower may have multiple VA loans depending on their remaining eligibility
  • One-time VA Funding Fee varies depending on your Down Payment, type of veteran and prior usage
  • Gifts from acceptable sources are allowed
  • Spouses of deceased military members may be eligible
  • No Mortgage Insurance
  • 4% maximum Seller Concessions towards the buyer’s Closing Costs and Pre-Paids
  • Seasoning period after Chapter 7 Bankruptcy: 2 years.
  • Chapter 13: 1-year satisfactory repayment period
  • Seasoning after a Short Sale, Foreclosure, Deed in Lieu: 2 years
  • Jumbo VA loans allowed
  • Appraisal: Good for 180 days and stays with property for six 180 days
  • Septic Inspection: Required if the appraiser notes it on the appraisal. If the local municipality requires hook up, it must be connected regardless of the cost.
  • Well Inspection: A water test is required. We can accept a letter from the county Health Department stating the water meets the requirements for that local health authority. If the local health department has no requirements, we must default to EPA Guidelines and we will always need bacteriological and 5 metal testing. (Lead, Nitrate, Nitrite, Ecoli and Coliform)
  • Survey: Good for 10 years if no changes were made to the property
  • Roof: Remaining life expectance must be 5 years
  • Termite: Clear WDO (good for 60 days)
  • Refinance: VA 100% maximum cash out allowed with a 640 credit score
  • This product is available for a Temporary Buydown

  • Maximum Loan Amounts vary by county
  • 3.5% Down Payment with minimum credit score of 580
  • 3.5% Down Payment Assistance available - See No Down Payment Required Program.
  • Non-occupant co-borrowers allowed (some restrictions apply)
  • Primary residence only
  • Gift funds allowed for Down Payment and Closing Costs
  • 6% Maximum Seller Concessions towards the buyer’s Closing Costs and Pre-Paids
  • Upfront Mortgage Insurance Required
  • “Life of the Loan” Mortgage Insurance with 3.5% Down
  • A borrower may only have 1 FHA loan, except in certain circumstances
  • Seasoning period after Chapter 7 Bankruptcy: 2 years from discharge.
  • Chapter 13: 2 years from discharge
  • Seasoning after a Short Sale and Foreclosure: 3 years
  • Appraisal: Good for 120 days and stays with property for 120 days. A 2nd appraisal may be required and must be paid for by the seller, if the seller has been on title less than 180 days, the seller must have been on title at least 90 days.
  • Septic Inspection: Required if the appraiser notes it on the appraisal. If public water or sewage is available, it must be connected (if feasible) at a cost of 3% or less of value.
  • Well Inspection: Required if the appraiser notes it on the appraisal, in which case a water test is required. If the local health department has no requirements, we must default to EPA Guidelines and we will always need bacteriological and 5 metal testing.
  • Survey: Good for 10 years if no changes were made to the property. Must show the following: Septic to be 50 feet away from well. Drain-field to be 100 feet away from well. Well to be 10 feet away from the property line.
  • Roof: Remaining life expectance must be 2 years
  • Termite: Not required unless noted on appraisal – Good for 90 days
  • Refinance: FHA 85% maximum cash out allowed
  • This product is available for a Temporary Buydown

  • Maximum Loan Amounts vary by county
  • Up to 100% Financing depending on Property Eligibility
  • Maximum Seller Contribution: 6%
  • Income restrictions based on cumulative household income
  • Minimum credit score: 640
  • Cannot own another home except in rare circumstances
  • Guarantee Fee Required
  • Required Annual Fee of .35% (paid monthly for the life of loan)
  • Household Income Limits Apply
  • Maximum Debt to Income ratio: 29/41%
  • Seasoning period after Chapter 7 Bankruptcy: 3 years. Chapter 13: 1 year with satisfactory payments
  • Seasoning after a Short Sale, Foreclosure, Deed in Lieu: 3 years
  • Appraisal: Good for 120 days, unless new construction, then 1 year (expiration date and conditions will be on “Statement of Appraised Value”).
  • Septic Inspection: Required if the appraiser notes it on the appraisal. If public water or sewage is available, it must be connected (if feasible) at a cost of 3% or less of value.
  • Well Inspection: Required if the appraiser notes it on the appraisal, in which case a water test is required. If the local health department has no requirements, we must default to EPA Guidelines and we will always need bacteriological and 5 metal testing.
  • Survey: Good for 10 years if no changes were made to the property. Must show the following: Septic to be 50 feet away from well. Drain-field to be 100 feet away from well. Well to be 10 feet away from the property line.
  • Roof: Life expectancy must be 2 years
  • Termite: Not required unless noted on appraisal – Good for 90 days
  • This product is available for a Temporary Buydown

  • Loan Amounts up to $3,000,000 at 70% loan to value, $2,000,000 at 75% loan to value, $1,500,000 at 80% loan to value, $900,000 at 90% loan to value
  • 3% Seller Concession
  • Fixed and adjustable mortgage rates available
  • Max Debt to Income 43%

  • Piggyback and Stand-Alone Home Equity Lines of Credit
  • Piggyback Loan - Maximum Line size is $750k at 80% CLTV and $500k at 89.99% LTV
  • Piggyback Loan - Minimum FICO is 680
  • Stand-Alone HELOCs - Maximum Line size is $500k with 89.99% maximum CLTV
  • Stand-Alone HELOCs - Minimum FICO is 700
  • Multiple Finance Properties are allowed (Maximum is 10 properties)
  • Maximum $3MM CLTV
  • Gift funds are allowed, and there are no asset or reserve requirements
  • Non-occupant co-borrowers are allowed
  • Post-Closing Piggyback allowed after closing the first mortgage
Note: Information deemed reliable at the time of publishing, but is subject to change without notice.
Address

4685 Sunbeam Rd., Ste. 1
Jacksonville, FL 32257

Contacts

Office: 904.645.7111
Toll Free: 800.645.7104

Licensing

NMLS ID #140780
FL Mortgage Lender License #MLD716
GA Mortgage Lender License #20737

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