Optional Payment Mortgages

[Originations of the Optional Payment Mortgage plan were suspended 01 July 2008. Please refer back to our website for future updates on replacement mortgage plans].

Florida Mortgages International LLC offers a competitive alternative to variable rate "multi-currency" mortgage plans and fixed rate "single-currency" mortgage plans with a hybrid mortgage plan blending features of both variable rate and fixed rate mortgage plans affording greater cash flow through repayment flexibility!

Unlike our multi-currency mortgage plans or our single-currency mortgage plans, our optional payment mortgage plans actually offer your choice of four US Dollar denominated mortgage repayments options each month. Our optional payment mortgage plans are available on properties located throughout the United States.

One mortgage - four repayment options - the choice is yours!

Optional Payment Mortgage Plan Description:

Lender: uniquely provided by Florida Mortgages International LLC as intermediary.

Distinguishing Features / Benefits:

•  "self-certification" of income = easy qualification
•  four optional payments = cash flow management
•  reduced documentation = fast processing and quick settlement.

Currency: available for repayment only in US Dollars.

Currency Switch Option: optional payment mortgage plans are offered without a currency switch option. [Multi-currency mortgage plans do offer a currency switch option].

Intended Purpose: principally designed for borrowers to purchase, refinance, or release on property outside their country of residence. [Borrowers residing in the same country as the subject property only allowed subject to certain criteria].

Mortgage Plans Offered: optional payment mortgages are offered as a Variable Rate for the entire term, or as a Fixed Rate for an initial period of your choice including 1, 3 and 5 years; reverting to a Variable rate for the remaining term after the initial fixed rate period expires. Optional payment mortgages are not offered as a Fixed rate for the entire term.

Current Rates: interest rates range from around 7.250% for the Variable Rate mortgage to around 8.000% for a 5-Year Fixed Rate mortgage. Interest rates offered increase in correlation with the fixed rate period. To obtain the current interest rate on the mortgage plan of your choice, please contact us directly for a quote.

Variable Rate Index: the lender's Certificates of Deposit Index (CODI) subject to increase/decrease.

Variable Rate Margin: around 3.400% subject to increase/decrease.

Minimum Down Payment: 50%.

Minimum Liquidity Reserve Requirement: funds required for settlement must be verified in a US bank at least 30 days prior to settlement.

Escrow Reserve Requirement: reserves for property taxes and building insurance are collected with each monthly mortgage repayment and placed in an escrow account for payment annually.

Maximum Seller Contribution: 6% of the purchase price.

Minimum Loan: USD$75,000.

Maximum Loan: USD$1,500,000.

Maximum LTV: 50%.

Repayment Options: choose from four unique repayment options each month as follows:

1. Minimum repayment*.
2. Interest-only repayment.
3. 30-year capital & interest repayment.
4. 15-year capital & interest repayment.

* The minimum repayment amount increases no more than 7.500% each year. There is no limit on decreases.

Negative Amortization: when the borrower chooses the minimum repayment amount, the repayment will not cover the total interest due for that month, resulting in deferred interest. Any deferred interest is added to the outstanding mortgage balance. The mortgage will be re-amortized at the beginning of the tenth year and every fifth year thereafter, without regard to cap, in order to keep the payments on track to pay off the mortgage by its maturity date.

Repayment Frequency: interest paid monthly in arrears by direct debit from a US bank.

Maximum Term: 30 years regardless of borrower's age.

Maximum Borrower Age: the maximum term of the mortgage approved is not affected by the borrower's age at completion.

Resident Eligibility: US Residents, Permanent Resident Aliens, Non-Permanent Resident Aliens, or Foreign Nationals.

Occupancy Status: owner occupation is allowed as primary or secondary residence. Non-owner occupation is allowed for investment or rental as well.

Maximum Affordability Calculation: 40% Debt-To-Income Ratio.

Rental Income: projected rental income for subject property is not allowed for income qualification if purchasing, 70% of documented rental income for subject parapet is allowed for income qualification if refinancing, 70% of documented rental income for other properties owned is allowed for income qualification.

Credit Considerations: no missed credit or mortgage repayments within last 12 months. Established credit history in the US is not required. International credit report is not required.

Collateral Considerations: subject property must be either a residential single-family home, townhouse, or condo. Duplexes, 3-4 family dwellings and condo-hotels are not allowed. Commercial property is not allowed.

Geographic Considerations: available on subject properties located in the USA only.

Early Repayment Penalty Fees: 2% of prepayments to the outstanding mortgage in excess of US$5,000.00 in any calender month in year 1, 2 or 3. Alternatively, borrower may choose either a 1-Year early redemption period or no early redemption penalty at all with an increase in rate and settlement costs.  

Payment Holidays: the lender does not allow temporary deferment of scheduled repayments.

Life Assurance: the lender does not require the borrower to affect a life assurance policy to cover the loan amount.

Documentation Requirements: in addition to the mortgage application form, borrowers are required to provide supporting documentation to prove employment, funds required for settlement, liabilities and credit history. Borrowers are not required to prove income ("self-certification" of income is allowed).

Pre-Approval Of Mortgage Request: specific identification of the subject property is not required for underwriting determination on purchases. Mortgage requests are gladly accepted and processed for pre-approval whilst you shop for a property.

Average Mortgage Request Processing Time: 30 to 45 calender days.

Associated Costs: Florida Mortgages International LLC will gladly provide you a personalized quotation of costs commonly referred to in the US as a "Good Faith Estimate of Settlement Services" detailing associated costs and proposed monthly mortgage repayment at no cost or obligation to you upon request.

Personalized quotation! Free Consultation! No Obligation!