Miami-Home-Loan Presents A New Foreign-National Program

 

Miami-Home-Loan National Flags Against-Sky

Miami-Home-Loan National Flags

Miami-Home-loan, and Element Funding, direct lending mortgage bank, added another unique Foreign-National program to their offering.  This Foreign-National program gives a foreign buyer a good alternative for financing with excellent rates  Jim Carter, mortgage banker, reports on the new Foreign-National Program.

Overview:

Loan Size : Min = $100,000 up to $3,000,000

All collateral types allowed:   SFR, 1-4 Family, High-rise Condo, Condo, Non-warrantable Condos, Condotels,  Co-op, Acreage, Hobby Farms, Second Homes, NOO,  Jumbo Super Jumbo

LTV Loan Amount =  Max 50% ; some exceptions for citizens of the UK, Canada and Australia with a foreign credit report  60%.  Call me for other details.

DTI = Max =40%

  • Pay stubs or Income Letter must be in English[i]
  • CPA summary letter may be accepted
  • Foreign Assets are accepted on a case-by-case-basis

SSN/ITIN Requirement

  • Required by closing for 1098 Mortgage Interest Reporting purposes
  • Passport or Visa allowing entry into the U.S. is required

Cash Out

  • Loan amounts up to $3MM with $1MM Cash in hand
  • No seasoning requirements on all collateral types including NOO

Pre-Approval

  • All loans pre-approved before appraisal order
  • “TBD Address” pre-approvals accepted

PITI reserves for all properties owned in all countries for loan amounts up to $1 million

Foreign assets for down payment AND reserves including foreign retirement funds considered.

  • Funds for closing must be moved to U.S. prior to the funding date
  • Foreign assets used for reserves do not need to be moved to the U.S.
  • Funds for down payment and closing costs must be moved to U.S. account prior to closing
  • All funds are sourced and seasoned 60 days

2nd Homes must be in a resort area

  • Homes in metropolitan areas usually considered investment properties
  • General Rule: 2nd home = no other properties owned in the U.S.

• All foreign debts including any PITI info need to be added to the 1003 shown in USD equivalent

• All income, assets and PITI info must be translated by a U.S. based certified translation company

• Below are some contacts for translation**

- samedaytranslations.com

- link-translations.com/client/mortgage

- certifiedchinesetranslation.com

• Any U.S. citizen or U.S. Permanent Resident (Greed Card holder) living abroad must have filed the

Previous years U.S. tax returns while living outside the U.S. ***

ARM Product Features

• Max DTI 40%

• 50% LTV up to $3 million loan amount

• 30 year amortization

• No prepayment penalty

• 2/2/6 caps, 1-year CMT Index, 3.0% Margin, Floor = Note Rate

• Qualify at the start rate on 7/1, 2% over on the 5/1 and 6% over on the 3/1

• Escrows required

• Rates currently are from 5.0% to 5.5% for a SFR.  Other adjustments could apply.

Important Foreign National Guidelines:

• This is a full documentation loan in terms of income, assets, deposits, etc.

• Income needs to be documented on foreign tax returns, W-2 equivalents, paystubs, etc.   CPA letters are not allowed.

• All foreign debts including any PITI info need to be added to the 1003 shown in USD equivalent

Max DTI is 40%

 • Borrower must have at least 12 months reserves PITI for subject property loan amounts up to $1mm, 18 months PITI up to $1.5mm, and 24 months PITI on loans over $1.5mm

• Borrower must have at least 12 months reserves for any additional properties or primary residence rent (can come 50% retirement and 100% of liquid account values)

• Max LTV for Foreign National purchases is 50% but we will make exceptions to go up to 60% for strong borrowers with English language documents (a borrower provided foreign credit report can help getting an 60% LTV approval)

Required documentation:

Income:                     

• If applicable, we will need the last 2 years foreign tax returns (translated as needed)

• 2 recent paystubs if possible

• Employment letter confirming title, employment dates, current/ previous year’s salary (for wage earners) (We can sometimes use this instead of tax returns)

• Previous 2 year’s year-end income statement if applicable (equivalent of W2 or UK P60)

• Lease agreements and 3-6 months bank deposit history for foreign rental income

• Rents approved on a case by case basis (assuming we can properly document)

Assets:

 Previous 2 months bank statements (I know this can be a struggle in some countries but we just have to see what we can get)

  Previous 2 months or quarterly statements for retirement accounts

  Must source large deposits and earnest money deposit

  Will only use 50% value of any joint account if the other account holder is not on the loan

Credit:

  A borrower provided foreign credit report is not required but can help with approval. (We don’t pull international credit)

Other Documentation:

  Mortgage statements, tax info, and insurance policies for all properties owned

  2 forms of identification

 Must have an ITIN or social prior to close (I can sometimes get an exception to close without the ITIN with proof that they submitted their application through a IRS acceptance certified tax preparer or accounting firm)

So, if you need a Miami-Home-Loan, for a Foreign-National, or just want to discuss financing options, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. We at Element Funding, will help you with an exceptional Miami Home Mortgage.

 

 

 

 

 


[i] The translation must be done by Certified US Based Translation Company

 

 

 

 

 

 

 

 

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Miami-Home-Loans: Foreign-National Update

Miami-Home-Loan Flags-of-the-World

Miami-Home-Loan Flags-of-the-World

Miami Home loan, and Element Funding, direct lending mortgage bank, added another useful program to their offering.  The Foreign-National program gives a Foreign-National buyer a way to finance a home purchase in the United States.  Jim Carter, mortgage banker, reports on the details.

Property types include single family residences, condos, townhouses, and 2-4 units.

Loan Terms and index features are as follows.  These products are our version of hard money loans, but with much, much more attractive terms.

  • Rates start at 7.99%.
  • Loan type  a 7/1 hybrid ARM (based on a CMT-Index – which is a Constant Maturity Treasury margin) with no points and no pre-payment-penalty – this is the only product with these terms
  • We have no South American country restrictions for our Foreign National products, and we can close these loans in an individual’s name if the proceeds are for a business use! 

Foreign-National loans are generally for 2nd homes.  If the property cash flows, we will lend 70%.  Borrower just needs to provide a copy their passport and a credit reference letter from a bank in their home country, and the completed application.  Here are a few more details:

  • LTV 70%
  • NOO are easier than second homes
  • We lend 70% up to 750k, over 750k reduce LTV by 5%
  • Property must cash flow (PITI payment is less than Market Rent Survey)

Documents Needed:

  • Credit reference letter from country of origin
  • Income verification, including tax returns, paystubs, W2′s from the country of origin
  • 2 forms of picture ID
  • Bank statements – -Funds must be in a US bank to close
  • All these documents must be translated by a certified translation company.

 Below are some contacts for translation**:

  •  Action Translation Services
  • Samedaytranslations.com
  •  Link-translations.com/client/mortgage
  • Certifiedchinesetranslation.com

So, if you need a Foreign-National Miami Home Mortgage, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. We at Element Funding, will help you with an exceptional Miami Home Loan, where our Primary Focus is You!

 

** Any US based certified translation company can be used

 

 

 

 

 

 

 

 

 

 

 

 

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Miami-Home-Loan Offers a Fix-and-Flip Program for Investors

Miami-Home-Loan blueprint

Miami-Home-Loan blueprint for Fix-and-Flip

 

Miami Home loan, and Element Funding, direct lending mortgage bank, added another oney making program to their offering.  The “Fix-and-Flip Program” gives a investors way to buy an investment property, repair or upgrade the house, and, Flip-IT!   Jim Carter, mortgage banker, reports on the details of the program.

So, we have a fix-and-flip program that is perfect for investors or borrowers looking to fix-and-flip houses!

Here are the details:

 Max units to fix:      Max number of properties they can currently own is 20, and as long as they do our loans as fix and flip, they can do as many as they want per year (max 3 at any one time).  They would need to put down 25% and prove they have reserves to fix the property up. 

 Loan Terms and Type:      The program loan term is a 30 YR amortization using a 7/1 Hybrid ARM.  The index is a 1 year CMT.  It is a 2% initial change cap/2% annual Cap/6.0% Life Cap.  The starting rate is 9.49%.

Loan Amounts:      The minimum loan amount is a $100,000, up to a $2MM loan amount.  Loan amounts greater than $1MM require senior management approval.  The also require a 650 minimum FICO score.  We can use lower scores, but, the LTV’s would be adjusted lowered depending on the score.

Loan Documents Needed:

Worker reviews fix-and-flip plans
Worker reviews fix-and-flip plans

  * This is a currently NOT a stated income program

* All standard DU required docs

* Standard replacement cost insurance required

* DTI up to 50%

* Verified assets (if applicable)

 So, if you need a Miami Home Loan, to fix-and-flip a property, or to discuss other financing options, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution.  Let’s get started! We at Element Funding, will help you with an exceptional Miami Home Mortgage.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Miami-Home-Loan Shows Element-Funding Mobile-APP

Miami Home loan, and Element Funding, direct lending mortgage bank, added another time saving program to their offering.  SimpleNexus gives a homebuyer or refinance customer a way to calculate their new home payment accurately.  Jim Carter, mortgage banker with Element-Funding, reports on the new mortgage calculator. A mobile-app!

Borrower-Mobile-App

The calculator assists will improving the buying process for a buyer.  The calculator has features that allows calculation of various financing programs, including an amortization table; an excellent scanning feature, educational articles, and, an excellent glossary for all those new mortgage terms in a mobile-app.

Download my mobile home mortgage calculator here:

http://mtgpro.co/sfk75

It allows a buyer to select and compare programs from a purchase, a refinance, affordability (how much can I afford), and it saves past calculations.  Currently the purchase site is set up to calculate Conventional, FHA, Jumbo, and, VA loans.  The calculator asks for all the details.  It allows you to customize APR fees, MI rates, taxes, and insurance to ensure accurate calculations.  It asks for all the details like sales price, taxes, insurance amounts, HOA fees, your FICO scores, and from that information calculates an estimated mortgage payment.  So the borrower can run various scenarios via the mobile-app.

More Than P & I

 

 

 

 

 

 

It has a built in scanner that allows you to click, scan, and upload.  The built-in to-do list and scanner component makes document submission fast and secure.

Scanner and To-Do List

The affordability section asks you several questions about your sources of income, your monthly expenses, and, based on your input, gives an estimated amount of home you could purchase.  So, you can experiment and test various scenarios to see how much of a house you can afford right from your mobile-app.

The educational section has several articles on current topics within the mortgage industry.  It provides information the borrower needs.  Articles like what is the process to buy a home, tips for a smoother home purchase, and renting vs buying.  In this same area are new items that at contain stories affecting rates, market actions affecting rates, jobs data, and additional topics on the state of the current market.  It includes a very useful glossary section.

Glossary-Articles Section

 

Realtor Partner Relationship

 

There is a partner relationship section.  Realtor partners can have a custom app and embed their home search!

 

 

Safe-and-Security

 

It is safe and secure!  Showing dedication to security, SimpleNexus has obtained a SOC2 security audit report.

 

 

 

It is important to look professional.  There is no better way to promote personal and company brands than with a custom mobile-app!  So call me to get yours.

Professional Appearance

Professional Appearance

Download my mobile home mortgage calculator here:

http://mtgpro.co/sfk75

Miami Home loan staff is always a good source of information to keep you informed. To get pre-qualified, discuss a Miami Home Loan, or, just ask a financing question, please call me, Jim Carter, Loan Officer, at Element Funding, 305-525-6742.

 

 

 

 

 

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Miami-Home-Loan Closed Fernando and Tim

Another good closing, as Fernando and Tim got their Miami Home Loan in place to move into his great new Palm Beach Condo. Thanks goes to the Element Funding operations team, including our processor, Vanessa, closing attorney Ms. Rae Franks, Esq., and the buyers’ attorney Mr. Frank Lynch, , along with the selling agent Tina Roberts of Sotheby’s International Realty.

Everyone was in a great mood as the progress started in the closing!

Preparing for the
Miami-Home-Loan Closing

Fernando and Tina with great closing smiles!

 

 

 

Tim Smiles as preparing for the
Miami-Home-Loan closing.

 

Tim was all smiles and ready to get this paperwork done.  He did such a great job providing us their documents for the Miami-Home-Loan.  The loan processing and underwriting went very smoothly!

 

 

And it continued with the signing of the purchase documents,; it was still fun!!

Fernando was very serious as he concentrated in getting all his Miami-Home-Loan documents signed properly.  The closing went very smooth!

Fernando Signs the Miami-Home-Loan

 

Tim Signs the Miami-Home-Loan Documents

 

 

 

 

 

Tim also was very serious as he signed his documents as attorney Frank Lynch reviewed each page and closing attorney Rae Franks reviewed the next docs to sign.  A well done closing for all.

 

 

 

Finally all was done, all the docs were signed, reviewed, and ready to be sent in to Element Funding.  It was really a smooth process!

Buyers Group Picture

All the buyers’ group posed for the final picture before the proud new owners went to visit their new home!

 

 

 

 

 

So, if you need a Miami Home Mortgage, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. We at Element Funding, will help you with an exceptional Miami Home Loan where our Primary Focus is you!

 

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For Sale: Miami Waterfront Home on Open Water in Biscayne Bay

Miami-Home-Loan found a  waterfront home on Biscayne Bay with a great open water view of downtown.   Take a look at the MLS#A10060361 for all the details.  Also look at the video walkthrough at  https://youtu.be/L6Grv6tcJs8.    The lot size is 8400.  The backyard view is great!  This is truly the location, location, location.  There are not many houses with this waterfront view and an open bay.

Waterfront view from Backyard of Downtown Miami

One of the most desirable, affordable, waterfront communities in Miami Beach, North Bay Village is a safe, secure, community and a boaters’ dream.  Open views to the bay and downtown Miami.

 

 

 

 

The waterfront dock was rebuilt and the seawall upgraded and a new seawall cap added in 2006.

Waterfront Dock to view downtown

Waterfront Dock to view downtown

 

 

 

Here is a flyer with some of the details on this blog:  7516 West Treasure Drive.

 

 

 

Waterfront kitchen & Living Area

Waterfront kitchen & Living Area

 

The waterfront house is 3 bedrooms, 2 bathrooms, and a three care garage.  It has a gourmet kitchen, upgraded 240V  electricity.  Some features new air conditioning on one side.  It also includes halogen lights, appliances like Sub-Zero, Bosch, and a GE Advantium oven.

 

Waterfront Two Boats

Waterfront Two Boats

 

 

There are many opportunites to see boats passing the area.

 

 

 

 

If you or, anyone you know, is looking to find a Miami WaterFront Home to buy, like 7516 West Treasure Drive, North Bay Village, FL. 33141, call me, Gloria Carter at The K Company at 305.986.2987,  Your Miami Home Waterfront expert!

Her email address is IndianTrader@BellSouth.net .

Waterfront Realtor

Waterfront Realtor

 

 

 

 

 

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10% Down-Payment for a Condo in Miami – Call Miami-Home-Loan-4U!

 Miami-Home-loan-4U, and Element Funding, direct lending mortgage bank, added another money saving program to their offering.  The Limited Project Review (LPR) options gives a condo buyer a way to decrease their initial financial outlay to get into a condo.  Jim Carter, mortgage banker, reports on the details. So, let’s review how Miami-Home-Loan-4U may have a solution to help get buyers into condo units with less money.

 Fannie Mae is increasing the LTV, and, the CLTV, ratio requirements for attached condo units in established projects under the Limited Review process.  In doing so, Element Funding uses the Limited Project Review to make this work.  What does that mean?  It means it is a special guideline that allows a buyer to put down 10%, have a 1st loan for 75%, and a 2nd loan for 15%!  It is Desktop Underwriting Dependent, meaning, it does receive an FNMA approval to confirm it is approved.  Here are some features for you to consider:

  • It is for attached condo units in established projects
  • It is for a principal residence
  • an attached unit in an established condo project, or
  • A detached unit in a new or established condo project (including those projects with a mixture of attached and detached units).
  • No condo questionnaire or budget requested
  • Investors reviews the appraisal and need 51% owner occupied on an existing development or 70% under contract on a new development
  • Qualifying debt ratios are 38%/45%
  • Three credit bureaus trades, with the oldest originating at least three years prior to the credit bureau date
  • No foreclosure, deed-in-lieu of foreclosure, short sale, or “real estate paid for less than full balance” within the last 5 years
  • No bankruptcy filing within the last 8 years
  • Owner Occupied and second homes

So, here is a flyer you can use to better explain and review this program:

10% Down Payment for Condos

So, if you or, anyone you know, is looking to find a Miami Home Loan, or a South Florida Home Loan,to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami Home Mortgage expert!

 

 

 

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GREAT NEWS FROM MIAMI-HOME-LOAN & FLORIDA HOUSING!!

Miami-Home-loan, and Element Funding, direct lending mortgage bank, found there has been some good news in the past month if you are a potential 1st time homebuyer.  The good news is that credit  FICO  scores have been reduced.  Jim Carter, mortgage banker, reports on the details.

Miami-Home-Loan and Florida Housing Have a New Announcement

Fl-Bond-Housing & Miami Home Loan

Fl-Bond-Housing & Miami Home Loan

 

 2015 was a record setting year for our Homeownership Programs. Through your efforts, 4,327 Floridians became homeowners in 2015. In the face of TRID, Program changes and other headwinds, you originated $547,846,734 in Program first mortgage volume which was leveraged with almost $45,000,000 of Program downpayment (DPA) and closing cost assistance, also a record amount. We thank you for your hard work and efforts and will try to help you surpass these records in 2016.

We are pleased to announce that beginning MONDAY, JANUARY 11, 2016,you will once again be able to input reservations for FHA loans with minimum FICO scores of 640. We successfully reached an agreement with our investor that will enable us to serve this important credit tranche of FHA borrowers. There will be no increase in fees or costs to these borrowers, so there are no additional Program overlays or “nuances” that you need to be aware of. We will be updating the Guides and training but this will take a few days to accomplish. Please keep a copy of this announcement in case your underwriter does not receive this notification and questions you about this change (we know underwriters NEVER do that with Loan Officers).

We would also like to take a moment to clarify acceptable uses of Program DPA as we are suddenly receiving a lot of questions that haven’t been asked in the past. Our funds can be used for normal and customary closing costs and downpayment. This includes additional downpayment used to reduce the principal loan balance of the first mortgage beyond that required by the Agencies or GSEs. However, what IS NOT ACCEPTABLE is using our funds to make up any shortfall between the sales price and appraised value of the home being purchased. Additionally, any borrower debt that is required to be paid off prior to or at closing cannot be paid from our funds. In both cases the borrower must use their own funds to bridge the gap in sales price/appraised value or to pay off the debt.

If you have any questions please email or call us and we will be happy to provide guidance.

  We wish you all a happy and prosperous 2016!!

 Jim Carter 305-525-6742

jcarter@ElementFunding.com

Element-Funding Logo

Element-Funding

 

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Miami-Home-Loan Offers New Qualifying Options

Miami-Home-Loan Happy Closing Day for Anibal and Shannon

 

Miami Home loan, and Element Funding, direct lending mortgage bank, added another money saving program to their offering.  The Non-Occupant-C0-Borrower programs give a buyer another way to qualify for their new home.  Jim Carter, mortgage banker, reports on the details.

 When a family is in a situation where the full income is not included in the tax return or is discounted due to higher expenses, we have a good option that helps.  Another family member can offer to use their income to provide the needed income to help increase the buyers’ income enough to qualify for their new home!  This worked well with Anibal and Shannon’s new home closing.

What we can do is add another qualified non-occupant family member into the loan to use their income to increase the income shown for the actual borrower.

Buyers’ are Happy ot Close!

This is a great alternative to looking for additional funds from other sources.  We just closed a loan like this with Anibal and Shannon where his father was able to help his son get into the house he wanted by using his income to supplement the income shown by the borrower.

 

This is a Freddie Mac or Fannie Mae[i] program.   The non-occupant-co-borrower must be a family member, and not an interested third party.  This program is for a purchase or a rate and term refinance.  The minimum credit score is 620.

All worked hard to get to the closing!

The DTI (debt-to-income) is determined by the AUS (automated underwriting system), and the maximum DTI is 50%.  We can go up to 95% LTV (loan-to-value); if you are above an 80% LTV on a purchase, the occupant borrower must have 5% of their own funds into the transaction.   Ratios are calculated on the combined income and liabilities.   The occupant borrower must also have some source of income that can be documented.  This is a great solution for anyone not having enough documented income to qualify.  Give me a call to discuss this program in more detail!

So, if you need a Miami Home Mortgage, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. We at Element Funding, will help you with an exceptional Miami Home Loan where our Primary Focus is you!

 



[i] Fannie Mae Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3,on HomeReady case files, Sept. 29, 2015

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Miami Home Uses a Non-Occupant-CO-Borrower to Buy a New Home!

Miami-Home-Loan-4U asks, “How can a family member help you buy your new home?” What do you need?  A good credit scores is important; past credit history for the last 24 months is important; your money for the down payment, closing costs, insurance, title work, appraisal, taxes, and other items is needed; and, income to prove you can make the payments.  If you have a good score, good credit history, cash to close, but not enough income, a family member could help!

We offer a program that allows a Non-Occupant-Co-Borrower to help with additional income!  The new borrower can use their income to provide enough income to qualify for the loan!  “How does it work?” you ask?  We simply add the non-occupant-co-borrower to the loan to increase the income show.  Of course, we also add their debts to the loan as part of the program to insure we are not taxing them too much, but, that is one way to make the program work for the borrower.

Miami-Home-Loan-4u SOLD
Miami-Home-Loan-4u SOLD

This is a Freddie Mac program.  The non-occupant-co-borrower must be a family member, and not an interested third party.  This program is for a purchase or a rate and term refinance.  The minimum credit score is 620.  The DTI (debt-to-income) is determined by the AUS (automated underwriting system), and the maximum DTI is 50%.  We can go up to 95% LTV (loan-to-value); if you are above an 80% LTV on a purchase, the occupant borrower must have 5% of their own funds into the transaction.   Ratios are calculated on the combined income and liabilities.   The occupant borrower must also have some source of income that can be documented.  This is a great solution for anyone not having enough documented income to qualify.  Give me a call to discuss this program in more detail!

So, if you or, anyone you know, is looking to find a Miami Home Loan, or a South Florida Home Loan,to purchase their own home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami Home Mortgage expert!

 

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