HARD MONEY - NO DOC
Florida Mortgage Corporation offers a NO DOC hard money 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. No income, no employment and no assets disclosed on the application.
This program is offered to the borrower who has a "very poor credit history" and is unable to qualify for any other mortgage program.
Very low credit scores acceptable
Up to 60% LTV financing - 40% Down Payment (Purchase)
Up to 50% LTV - Cash-Out Refinance
NO DOC mortgage
NO Supporting documentation
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
No Condos & Town Houses
If you are UNABLE to meet the above "down payment" requirements, we offer a combination mortgage program that only requires a minimum 10% down payment. Please visit: http://www.floridamortgagecorp.com/foreign_national_nodoc-combo.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.
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.
Please visit the following links for additional detailed information: