NO DOC Combo Mortgage
This is a NO DOC combo mortgage program with basically a completed "BLANK" mortgage application. This means the applicant or borrower does NOT disclose any of the following information on the mortgage application. If the seller of the home is willing to "assist" with the financing, this creative financing program is great for the borrower with limited cash.
Up to 90% CLTV - 10% Down Payment
NO DOC mortgage
NO Supporting documentation
NO Credit report - None required
NO Employment disclosed - None required
NO Income disclosed - None required
NO Assets disclosed - None required
NO Bank statements - None required
Corporate, partnership and trust permitted
Short-Term rental homes: Up to 50% LTV financing, or 90% CLTV (income investment property)
Condos: Up to 55% LTV, or 90% CLTV financing (Built prior to 2004)
90% CLTV = This mortgage program allows the SELLER to assist in the financing, by holding or financing the "private" 2nd mortgage, if the borrower is unable to make the minimum 35% down payment. This allows the borrower to "split" their loan amount in a combination of two loans and amounts of their choice.
The "seller" of the home selling to the buyer (purchaser) can be a private individual, builder, developer. Also a legitimate 2nd mortgage finance provider is acceptable. The terms & conditions of the private 2nd mortgage legal document are between the buyer and seller and must be publicly recorded. The buyer and seller are responsible for any negotiations, agreement and a fully executed legal sales contract is required
Any combination of the 1st & 2nd mortgage is acceptable, however the 1st mortgage must be 65% financing that we provide to you. The second mortgage can be provided by the seller of the home, or any legitimate finance provider.
Florida Mortgage Corporation does NOT provide the 2nd mortgage; the 1st mortgage only. It is the responsibility of the borrower to obtain the 2nd mortgage from the "seller" or a legitimate finance provider.
If you are "able" to meet the 65% LTV financing (35% down payment) requirements, please visit: http://www.floridamortgagecorp.com/foreign_national_nodoc.htm
Restrictions: Condo-Hotels NOT eligible for financing under this NO DOC mortgage program. Established condo projects/developments must meet be built prior to 2004. None acceptable after 2004. Condos NOT financed in Dade, Broward, Palm Beach counties.
This type of investment income property is for commercial use as hotels, that require special licensing from the State of Florida.
Unfortunately, the Orlando & Miami real estate market is currently "saturated" with this type of investment income property, with many being sold at "distressed" prices. Furthermore, the Orlando & Miami real estate market is experiencing serious declining market values due to a high number of foreclosures.
The investment property's use is determined by local county zoning laws, Homeowner's Association community guidelines, etc. A Condo-Hotel home can only be located in a community that is legally zoned and allows the investment income property to be used for commercial use.