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Loan Programs

                 Alternative Lending Program

(Highlights) Call 352-874-5002 for more details

Non-Prime/Recent Housing Event

  • 1 day out of foreclosure, short sale, BK, Deed in Lieu
  • Max Loan to value restrictions /  No PMI
  • Mortgage Lates ok
  • 100% gift funds allowed, 6% sellers concessions allowed

Bank Statement Program

(Income verification not required: w2’s or personal/business tax returns NOT required)

  • 12-24 months bank statements personal/business – Deposit will be averaged and used as income
  • Max Loan to value restrictions / No PMI
  • 2 years seasoning required if past foreclosure, short sale, BK, Deed in Lieu of
  • Gift funds allowed, Seller concessions up to 6%

Investor Cash Flow

(Income verification not required: W2’s or personal/business tax returns NOT required)

  • Only qualification is cash flow on property Rent vs total monthly payment
  • Minimum Credit Score requirements
  • 2 years seasoning on foreclosure, short sale, BK, Deed in Lieu of
  • Minimum loan amount and Maximum loan to value restricitons  apply
  • No limit on prior number of financed properties

Foreign National

  • No US credit required
  • Reserves can remain in foreign account
  • No SSN or ITIN required
  • 12 months reserves required
  • Minimum loan amount restrictions apply

           Traditional Loan Programs

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

2/1 Buy Down Mortgage
The 2/1 Buy-Down Mortgage allows the borrower to qualify at below market rates so they can borrow more. The initial starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term. Borrowers often refinance at the end of the second year to obtain the best long-term rates. However, keeping the loan in place even for three full years or more will keep their average interest rate in line with the original market conditions.

Annual ARM
This loan has a rate that is recalculated once a year.

Monthly ARM
With this loan, the interest rate is recalculated every month. Compared to other options, the rate is usually lower on this ARM because the lender is only committing to a rate for a month at a time, so his vulnerability is significantly reduced.

 

Christine Rodriguez, Mortgage Loan Originator NMLS #1608736
Town & Country Mortgage Services, Inc.
937 N. Magnolia Avenue, Orlando, FL  32803
Direct:  (352) 874-5002
christine@tcmflorida.com
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