Loan Programs

The following is a partial list of programs offered by First Quality Lending, LLC with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at (305) 500-9426

Choose any term between 8-30 years.

Conventional loans now come with choices!

Conventional Loans

Primary Residence

Purchase and Rate/Term Refinance

  • 620 FICO to 97% LTV (1 unit)
  • 620 FICO to 75% LTV (3-4 units)
  • 620 FICO to 85% (2 unit)

     

    Second Home Purchase

  • 620 FICO to 90% LTV (1 unit)

     

    Investment Property Purchase

  • 620 FICO to 80% LTV (1 unit)
  • 620 FICO to 75% LTV (2-4 unit)
  • 720 FICO to 85% LTV (1 unit)

 

***Piggy Back - Second Liens*** YES! we offer them!

*BORROWERS CAN AVOID MORTGAGE INSURANCE AND CONDO REVIEW OR COMBINE WITH JUMBO PURCHASES TO REDUCE LIABILITY/CONDITIONS/RATE/LESS DOWNPAYMENT*

Primary Residences (FOR SECOND LIENS)

(1 to 2 Family), both Purchase and Refinances, of single family, Condos and Townhomes

 

30 YEAR

89.99% LTV 700 Fico up to $750,000 combined 1st & 2nd lien

89.99% LTV 730 Fico up to $1,500,000 combined 1st & 2nd lien

 

Second Homes

both Purchase and Refinances, of single family, Condos and Townhomes 

85% LTV 730 Fico up to $1,275,000 combined 1st & 2nd lien

 

Government Loans

FHA: 1-2 Units

Terms: 30, 25,20,15-year fixed. 5/1 ARMs

  • Primary Residence Only
  • 580 FICO
  • 620 FICO
  • 96.5% LTV on purchase, 97.75% R/T refi and 85% on cash-out
  • Jumbo options available

     

    FHA Streamline:

    1-2 Units

    Terms available: 30, 25, 15 -year fixed

  • 640 FICO
  • Unlimited LTV/CLTV
  • If rolling in closing costs, credit qualifying with an appraisal option is available
  • Jumbo options available

     

    VA:

    1-4 Units

    Terms available: 30, 25, 20, 15-Year fixed. ARM 5/1 only

  • 620 FICO 100% LTV purchase

  •  

    620 FICO 100% LTV for Rate & Term and 90% Cash out

  • 640 FICO for Refer / Manual with max 45% DTI
  • Max DTI 60%
  • ARM’s max DTI 50%
  • Max 45% DTI when loans are > 95% LTV and < 640 FICO

     

    VA Jumbo:

    1 Unit

    Terms: 30, 25, 15-Year fixed. 5/1 ARM

  • 640 FICO 100% LTV purchase
  • 100% LTV for rate & term up to 100% of county limit
  • 90% LTV for cash-out (max cash-out

    $325,000 allowed)

  • For fixed products, max DTI 60%
  • ARMs max DTI is 50%

     

    VA Rate Reduction Streamline:

    1-4 Units

    Terms available: 30, 25, 15-Year fixed. 5/1 ARM

  • 640 FICO
  • 100% LTV of county limit

     

     

    Jumbo Loans

    Purchase, R/T, and Cash-out Refinance for Primary Residence and Second Homes

     

  • Loan amounts up to $3,000,000
  • Credit Scores as low as 700
  • 30 & 15 year and 5 & 7 year ARMs 43% DTI
  • 85% CLTV with re- subordinated 2nd
  • 720 for Second Home - No cash out allowed
  • Previous Foreclosure and BK allowed (7 years)
  • LTV up to 85% on Primary Homes
  • Payoff Purchase 2nds for R/T with no draw in last 12 months
  • Max cash in hand: LTV >60%, Primary Residence: $350K LTV <=60%, Primary Residence: $500K

     

 

 

****New Out Of The Box Financing Available To Help Borrowers With  Recent Housing Events

 

Non-Prime

  • 1 Day Out of Foreclosure, Short Sale, Bankruptcy, Deed in Lieu
  • Rates Starting in the 5’s
  • Loans Up To $1 Million (Over $1M Case by Case)
  • Credit Scores Down To 500 (Including Jumbo Loans)
  • Up To 85% LTV With No Mortgage Insurance
  • Mortgage Lates Are OK
  • 100% Gift Funds Allowed
  • Owner-Occupied, 2nd Homes, Investment Properties
  • 5/1 ARM Or 30-Year Fixed
  • No Pre-Payment for Owner-Occupied And 2nd Homes
  • No Active Tradelines OK with a housing history
  • Single family, Townhomes, Condos, 2-4 Units
  • Seller Concessions/Contributions up to 6% (2% For Investment)

     

     

    Portfolio Select/Alt-A

    Rates Starting in the 4’s

  • Up To 90% LTV With No Mortgage Insurance
  • 2 Years Seasoning Foreclosure, Short Sale, Bankruptcy and Deed In Lieu of Foreclosure
  • Loans Up To $2 million (Minimum Loan $75,000)
  • Credit Scores Down To 620
  • Cash Out For Reserves OK
  • Gift Funds Allowed
  • Owner-Occupied, 2nd Homes, Investment Properties
  • Interest Only Program Available
  • 5/1 ARM Or 30-Year Fixed
  • No Pre-Payment Penalty for Owner-Occupied And 2nd Homes
  • Single family, Townhomes, Condos, 2-4 Units
  • Seller Concessions To 6% (2% For Investment)

     

    Bank Statement (Personal or Business)

    No Tax Returns/Transcripts Required

  • Bank Statement Deposits Used To Qualify
  • 24 Months Bank Statements (Personal Or Business)
  • Loans Up To $2 million (Min Loan Amount $150,000)
  • Credit Scores Down To 620/Interest Only Available
  • Rates Starting In The Low 5’s
  • Personal To 90% LTV (No Mortgage Insurance), Business To 80% LTV
  • Debt to income Above 35/43 Considered With 660+ Credit Score
  • Owner-Occupied, 2nd Homes, Investment Properties
  • 2 Years Seasoning Foreclosure, Short Sale, BK, DIL
  • Non-Warrantable Condos Considered
  • 5/1 ARM Or 30-Year Fixed
  • Gift Funds Allowed
  • No Pre-Payment Penalty For Owner-Occupied And 2nd Homes
  • Single family, Townhomes, Condos, 2-4 Units
  • Seller Concessions/Contributions up to 6% (2% For Investment)

     

     

    Investor Cash Flow

    No Personal Income Used To Qualify

  • Qualification Based On Property Cash Flow
  • 2 Years Seasoning Foreclosure, Short Sale, Bankruptcy, Deed in lieu of foreclosure
  • Credit Scores Down To 660
  • Rates Starting In The Low 6’s
  • Up To 75% LTV (Up To 80% Non-owner occupied, on other programs)
  • No Debt to income Restrictions
  • 5/1 ARM Or 30-Year Fixed
  • Must Have Housing History And Own A Primary Home
  • Single family, Town Homes, Condos, 2-4 Units
  • No Limit On Number Of Properties Financed
  • Loans Up To $1 Million (Minimum $75,000)
  • Seller Concessions/Contributions allowed to 2%

     

    Foreign National

  • Up To 75% LTV (Purchase Or Refinance)
  • No US Credit Required
  • 12 Months Reserves Required
  • Reserves Can Remain In Foreign Account
  • Debt to income Up To 50% Considered
  • Fewer Country Restrictions
  • No SSN Or ITIN Required
  • Single family, Townhomes, Condos, 2-4 Units
  • Non-approved Condos Considered
  • ARM Or 30-Year Fixed
  • Loans Up To $750,000 (Higher Amounts Case By Case)
  • Minimum Loan Amount Down To $75,000

     

     

 

 

 

Florida Lender NMLS#377431. All programs offered but not guaranteed.

Other restrictions may apply.

 

 

 

305-500-9426.

 

Conventional

Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.

Flex 97%

Similar to FHA, but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.

FHA Mortgage

Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

Investor Loans

Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.

Construction Loans

Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.

High Debt Ratio Loans

A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.

Challenged Credit Loans

These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we have a mortgage that will get you back on track.

Jumbo Loans

Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.

Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.

80/15/5

This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.

103% Purchase

0% down payment required and closing costs can be financed up to 103% of the purchase price. Only single-family homes that will be owner-occupied are eligible. First time homebuyer status not required and there are no income limits.

Credit Problems

Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.

No Down Payment

0% down payment required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).

No Income Verification

Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. The type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income, or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose income but select a program that does not calculate debt-to-income ratios, allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

VA Mortgages

Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.