Florida, USA mortgages : Florida, USA mortgage rates and home loans

Single-Currency Mortgages

Florida Mortgages International LLC offers a competitive alternative to variable rate "mutli-currency" mortgage plans with more conservative fixed rate "single-currency" mortgage plans affording greater interest rate predictability!

Unlike our multi-currency mortgage plans, our single-currency mortgage plans actually offer US Dollar denominated mortgage repayments in your choice of seven fixed rate periods! Our single-currency mortgage plans are available on properties located only in the State of Florida, USA only.

One mortgage - seven fixed rate periods - the choice is yours!

Single-Currency Mortgage Plan Description:

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

Distinguishing Features / Benefits:

fixed interest rates = predictable mortgage repayments
low down payment = reduced initial capital outlay
collateral = wide variety of property types allowable.

Currency: available for repayment only in US Dollars.

Currency Switch Option: single-currency 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 equity 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: single-currency mortgages are offered as a Fixed Rate for an initial period of your choice including 1, 3, 5, and 7 years; reverting to a Variable Rate for the remaining term after the initial fixed rate period expires. Single-currency mortgages are also offered as a Fixed Rate for the entire term of your choice including 15, 30 and 40 years.

Current Rates: interest rates range from around 7.625% for a 1-Year Fixed Rate mortgage to around 9.625% for a 40-Year Fixed Rate mortgage. Interest rates offered increase in correlation with the fixed rate period. [Increase interest rate by .500% for loan amounts over USD$423,750 up to USD$1,000,000. Increase interest rate by .625% for loan amounts over USD$1,000,000 up to USD$1,500,000. Increase interest rate by .875% for loan amounts over USD$1,500,000]. To obtain the current interest rate on the mortgage plan of your choice, please contact us directly for a quote.

Variable Rate Indices: the 1-Year Constant Maturity US Treasury Weekly Average Yield Index is used for the 1-Year Fixed Rate mortgage plan subject to increase/decrease. The 3-Year Constant Maturity US Treasury Weekly Average Yield Index is used for the 3, 5 and 7-Year Fixed Rate mortgage plans subject to increase/decrease. [The 15, 30 and 40-Year Fixed Rate mortgage plans remain fixed for the entire term and as such, do not use an index].

Variable Rate Margin: ranges from 4.250% to 4.750% depending on the subject property type and mortgage plan chosen.

Minimum Down Payment: with satisfactory international credit report, 30% for single-family homes, townhouses and duplexes; 35% for 3-4 family dwellings and condos; 40% for condo conversions. [Increase down payment required by 2.5% if loan amount greater than USD$500,000. Increase down payment required by 5% if choosing an interest-only repayment, refinancing for release of equity or loan amount greater than USD$1,500,000].

Minimum Liquidity Reserve Requirement: 24 months mortgage repayments (including property taxes, building insurance and HOA fees) verified in a US bank.

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: 5% of the purchase price.

Minimum Loan: USD$75,000.

Minimum Property Value: USD$107,150.

Maximum Loan: no maximum requirement.

Maximum LTV: with satisfactory international credit report, 70% for single-family homes, townhouses and duplexes; 65% for 3-4 family dwellings and condos; 60% for condo conversions; N/A for condo-hotels; [Reduce LTV by 2.5% if loan amount greater than USD$500,000. Reduce LTV by 5% if choosing an interest-only repayment, refinancing for release of equity or loan amount greater than USD$1,500,000].

Repayment Options: capital & interest. [Interest-only repayments offered only on the 3 and 5-Year Fixed Rate mortgages and only during the initial 3 and 5 years respectively. Thereafter, fully amortized based on the remaining term] .

Negative Amortization: minimum repayments creating deferred interest are not allowed - no negative amortization can occur.

Repayment Frequency: interest paid monthly in arrears. Repayments accepted only as bank draft or direct debit from a US bank account.

Maximum Term: 40 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: the lender's primary concern is the borrower's country of "residency" (not the borrower's "nationality") relative to the country in which the subject property is located. Residents from most countries are eligible unless prohibited by local laws or regulations.

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

Maximum Affordability Calculation: monthly Housing Expense Ratio can not exceed 35%. Monthly Debt-To-Income Ratio can not exceed 50%.

Rental Income: projected rental income for subject property is not allowed for income qualification if purchasing, 70% of documented rental income for subject property 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 the last 12 months. Established credit history in the US is not required. International credit report is not required but is recommended. [Satisfactory Letters of Credit may be provided in lieu of an international credit report].

Collateral Considerations: subject property must be either a residential single-family home, townhouse, duplex, 3-4 family dwelling, condo or condo conversion. Condo-hotels are not allowed. Commercial property is not allowed.

Geographic Considerations: available on subject properties located in the State of Florida, USA only. [Note: settlement documents can not be signed using a Power of Attorney. Borrowers must sign settlement documents in person in the state of Florida, USA].

Early Repayment Penalty Fees: 2% of the outstanding mortgage in years 1, 2 or 3 on repayments in excess of 5.000% of the original loan balance. No penalty thereafter.

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

Life Assurance: the lender does not allow temporary deferment of scheduled repayments.

Documentation Requirements: in addition to the mortgage application form, borrowers are required to provide supporting documentation to prove employment, income, assets, liabilities and credit history. Please refer to our Loan Application Checklist.

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 60 calender days.

Associated Costs: Florida Mortgages International LLC will gladly provide you a personalized quotation of costs commonly referred to in the US a 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!