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Miami Beach Mortgage Lenders, LLC offers a variety of loan programs to meet your needs. We are constantly introducing new programs as they are available, and we always offer all possible financing options in the market We work with the leading lenders in the industry to provide:
 
30 Year Fixed Conventional
15 Year Fixed Conventional
5/1 ARM Conventional
7/1 ARM Conventional
10/1 ARM Conventional
Jumbo / Super Jumbo Fixed Rate Mortgages
Jumbo / Super Jumbo Adjustable Rate Mortgage
Self Employed Borrower - Alternative Loans
CONDO Loans
Reverse Mortgages

30 Year Fixed Conventional
The most common of loan programs in the market currently. A strong credit history is necessary, and typically a 20% down payment is required, even though the program allows up to a 5% down payment, and specific variations with some restrictions can go as low as 3% or even 1% down.

Term: 30 years   Maximum Amount: $484,350
 
Normally available for Single Family Residences, due to limitations on the warrant ability of condominiums in Florida. This product, as well as most conforming conventional loan offerings, requires the title of the property to be held by the borrower, so entities such as cooperatives are not covered.

15 Year Fixed Conventional
Together with the 30 Year Fixed Conventional, this is the most common of loan programs in the market currently for borrowers that want to -and can- pay their mortgage and build equity faster. A strong credit history is necessary, and typically a 20% down payment is required, even though the program allows up to a 5% down payment.

Term: 15 years   Maximum Amount: $484,350
 
Normally available for Single Family Residences, due to limitations on the warrant ability of condominiums in Florida. This product, as well as most conforming conventional loan offerings, requires the title of the property to be held by the borrower, so entities such as cooperatives are not covered.

5/1 ARM Conventional
Adjustable Rate Mortgages -or ARMs-, typically offer lower rates than Fixed Rate Mortgages, allowing borrowers that know how long they will stay in the property -or how long before they sell it-, a more affordable monthly payment. Of course, once the fixed period of the loan passes, payments usually rise well above ongoing fixed rates, so borrowers need to know and understand the implications of an adjustable loan, as well as the way it might adjust. As with all conventional products, a strong credit history is necessary, and typically a 20% down payment is required, even though the program allows up to a 5% down payment. The 5/1 ARM is a somewhat riskier program than other adjustable mortgages, due to the short span of the rate being fixed, but savvy borrowers that are well aware of this, can take advantage of lower payments and faster build up of equity to keep their properties only for a certain period of time, and sell them afterwards with a higher possibility of a better return on investment. Definitely not for conservative borrowers or those who want to live in the property for a long time.

Term: 30 years   Maximum Amount: $484,350
 
Normally available for Single Family Residences, due to limitations on the warrant ability of condominiums in Florida. This product, as well as most conforming conventional loan offerings, requires the title of the property to be held by the borrower, so entities such as cooperatives are not covered.

7/1 ARM Conventional
Adjustable Rate Mortgages -or ARMs-, typically offer lower rates than Fixed Rate Mortgages, allowing borrowers that know how long they will stay in the property -or how long before they sell it-, a more affordable monthly payment. Of course, once the fixed period of the loan passes, payments usually rise well above ongoing fixed rates, so borrowers need to know and understand the implications of an adjustable loan, as well as the way it might adjust. As with all conventional products, a strong credit history is necessary, and typically a 20% down payment is required, even though the program allows up to a 5% down payment. The 7/1 ARM maintains the initial rate fixed for 7 years, and statistically that is the length of time a typical American family lives in one residence, so this is a product that can appeal to conservative buyers during periods where fixed rates are higher.

Term: 30 years   Maximum Amount: $484,350
 
Normally available for Single Family Residences, due to limitations on the warrant ability of condominiums in Florida. This product, as well as most conforming conventional loan offerings, requires the title of the property to be held by the borrower, so entities such as cooperatives are not covered.

10/1 ARM Conventional
Adjustable Rate Mortgages -or ARMs-, typically offer lower rates than Fixed Rate Mortgages, allowing borrowers that know how long they will stay in the property -or how long before they sell it-, a more affordable monthly payment. Of course, once the fixed period of the loan passes, payments usually rise well above ongoing fixed rates, so borrowers need to know and understand the implications of an adjustable loan, as well as the way it might adjust. As with all conventional products, a strong credit history is necessary, and typically a 20% down payment is required, even though the program allows up to a 5% down payment. The 10/1 ARM maintains the initial rate fixed for 10 years, well above the 7 years average a typical American family lives in one residence, so this is a product that can appeal to conservative buyers during periods where fixed rates are higher.

Term: 30 years   Maximum Amount: $484,350
 
Normally available for Single Family Residences, due to limitations on the warrant ability of condominiums in Florida. This product, as well as most conforming conventional loan offerings, requires the title of the property to be held by the borrower, so entities such as cooperatives are not covered.

Jumbo / Super Jumbo Fixed Rate Mortgages
Jumbo Fixed rate Mortgages are those where the initial loan balance exceeds the conventional limits. Currently the limits for a single family dwelling in the 48 CONUS is $484,350.00 so any balance above that is considered Jumbo. Typically lenders set their maximum loan amounts, and even though some might cap themselves at $1,800,000.00, Super Jumbo loan amounts go up to $3,000,000.00 and if necessary well above, granted the borrower meets the requirements of the lender. Super Jumbo mortgages are rarely fixed, but when a borrower has a strong relationship with a bank they might offer them.

Term: 30 years   Maximum Amount: $5,000,000

Jumbo / Super Jumbo Adjustable Rate Mortgage
Jumbo Adjustable rate Mortgages are those where the initial loan balance exceeds the conventional limits. Currently the limits for a single family dwelling in the 48 CONUS is $424,100.00 so any balance above that is considered Jumbo. Typically lenders set their maximum loan amounts, and even though some might cap themselves at $1,800,000.00, Super Jumbo loan amounts go up to $3,000,000.00 and if necessary well above, granted the borrower meets the requirements of the lender. Super Jumbo mortgages are typically adjustable fixed, and normally are paid-off long before their maturity due to the nature of the borrowers.

Term: 30 years   Maximum Amount: $3,000,000

Self Employed Borrower - Alternative Loans
Many times Self-Employed borrowers don't reflect their income in their tax returns, or claim exemptions that shield them for paying high income taxes. Often this prevents them from obtaining the financing they need. For those cases, we can offer Alternative Lending (ALT-A), where we can verify the income of the applicant by averaging their personal bank deposits, or even their business! While the rates are slightly higher than conventional or jumbo, these ALT-A programs allow self employed individuals to borrow without being limited to what they have reported for tax purposes and get the properties they want without the pitfalls of traditional mortgage lending.

Term: 30 years   Maximum Amount: $10,000,000

CONDO Loans
Lending for condominiums in Florida is tricky and requires intimate knowledge of the market. Most of our buildings don't meet the requirements of many banks, and only by presenting and structuring properly a Condominium to an investor we can guarantee results. Typically, banks will only lend 75% of the purchase price on a condominium under conventional conforming limits, unless the building meets certain specific conditions that make the property 'Warrantable' in the eyes of the government sponsored enterprises and very well known FANNIE MAE and FREDDIE MAC. Mostly, the requirements for reserves in the budget and in the monthly HOA collections, as well as the owner-occupancy and investor concentration rules, make most buildings 'Non-Warrantable' and investors don't want to lend on them. We have ways to, for some candidates, offer up to 89.99% financing for condominiums, lowering the down payment requirement to more realistic amounts, and allowing borrowers to buy them. Of course, if the buildings can be classified as warrantable, we can lend up to 95%, and in some instances up to 97%.
Maximum Amount: $484,350

Reverse Mortgages
Now offering REVERSE MORTGAGES, for borrowers that want to get rid off their monthly payment, or tap into the equity of their property to live a relaxed retirement.

Term: 60 years   Maximum Amount: $3,000,000


Not all applicants can qualify for all products, but there is a very strong likelihood that there is -and we offer- a mortgage product to supply the needs of most applicants in most situations.

Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $424,100 with closing costs of $8,482. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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