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First Florida Financial Group, LLC
“We say YES when banks say NO”
We Specialize in Closing Loans that other Lenders Have DENIED!
We Close 99% of all purchase transactions in 20 to 30 days.
Here is our list of Loan Programs!
· FHA and VA Credit Scores as Low as 530
· Condo's Loans! We Close Loans on 95% of all Condo & Condo-Tel Buildings in FL, No Delinquency Requirement, NO Questioner or Budget Review Required
· Foreign National’s 70% Loan To Value
· Jumbo Loans up to 90% Loan To Value
· Mobile Homes Single and Double Wide, First & Second Homes
· USDA Purchase and Refinance
· Rehab 203k FHA Loans and Repair Escrows allowed on Conventional Loans
· HUD REO’S $100 down payment with Repair Escrows up to 5,000
· Construction Loans
· No 90 Day FHA Flipping Rules, That Limit the Seller's Profit
· Upside Down/Neg. equity in Buyers Current Home and want to buy are NO Problem
· FHA Short Refinance’s
· Fannie Refinance up 125% Loan To Value
· Investors with up to 10 Properties currently Financed are ok
· No Minimum Credit Report Trade Lines Requirement
· 1 Year Tax Returns for Self Employed Borrowers
Our Loan Program Details
FHA Loans
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Minimum 530 and No Credit Scores
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3.5% Down Payment (can be gifted)
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6% Seller Concessions Max
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Alternative credit is ok (Rent, Auto Ins and Utility pmts etc.)
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Limited Trade Lines on Credit Report
Below 620 Credit Score FHA Borrower Requirements.
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Verification of rent from rental agency or 12 mos. cancelled checks or 6 mos. PITI reserves.
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Payment shock over 150% requires 3 to 6 mos. PITI reserves.
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Alternative credit is ok (Rent, Auto Ins and Utility pmts etc.)
Freddie and Fannie Insured Condo Loans!
Condo Project Requirements for Fannie and Freddie Insured loans.
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No litigation (Foreclosures are ok).
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Developer has transferred control of the association to the individual unit owners.
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The project must be 100% complete with no additional phases to be built.
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At least 90% of the total units sold and close.
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Must not be a resort condominium or condotel.
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No one entity can own more that 10% of the units
Fannie and Freddie Insured Condo loan Buyer Requirements.
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Primary residences 25% down payment.
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Second homed 30% down payment.
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Minimum Credit Score 620.
Non-Warrantable Condo & Condotel's Loans.
Non-Warrantable Condos are projects that Fannie and Freddie won't insure due to;
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Loan amounts are too high.
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Too many investor or bank owned units.
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High delinquency % on HOA Due's.
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Condo associations that don't keep track # of owner occupied and investor owned units.
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Square footage of unit is too small.
Non-Warrantable Condo Buyer Requirements.
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Minimum 680 Credit Score.
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Primary Residences 80% LTV.
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Second homes 75% LTV.
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Investment purchases 70% LTV.
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12 months PITI reserves required for all properties owned.
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Jumbo loans are ok.
VA Loans
Jumbo Loans
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Minimum 680 Score and up to 80% LTV
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First & Second homes
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Acreage and unique properties
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Construction to Permanent financing
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Non-warrantable Condo's and Condotel's
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$3,000,000 max loan amount
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USDA-Rural 100% Financing
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Minimum 620 Score
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No Down Payment Required
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No Monthly Mortgage Insurance Premiums
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No Limit on Seller Concessions For Closing Costs
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Primary Residence Only
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Finance All Closing Costs up to the Appraised Value
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First Time Home Buyers Allowed
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Borrower may not own other Suitable Housing
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No in ground swimming pools allowed
Moderate income families only and property must be located in a Rural Development eligible area, See eligibility website http://eligibility.sc.egov.usda.gov
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Rehab 203 k FHA Loans
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Manufactured Homes
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Minimum Loan Size on is $45,000
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Doublewides only on permanent foundations
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Maximum AGE 10 years, 15 years with 680 Score
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Minimum 620 Credit Score (580 for new construction purchases)
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FHA Loans Only (Must Be Primary Residence)
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Construction to Permanent financing for new purchases available.
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