Florida Second Mortgage Loans

Florida condo buyers are surprised to find that second mortgage loans still available.  Not only do they exist, but there are several second condo Florida mortgage lenders that are offering these types of 2nd mortgage loans.

How a second mortgage help you buy a Florida condo? Without 20% Down there is a lot of red tape when purchasing a Florida condo.  With our second Florida condo mortgage will allow you to borrow the first 80% in the exact same manner that you would with a traditional mortgage.  For the remaining amount, 10% in the form of a second mortgage will be “piggyback” with the first mortgage.
To recap you have an 80% first mortgage + a 10% second mortgage 80+10=90% mortgage. 

Benefits of using  2nd Mortgage Condo Lender

Major Improvements to our Florida Condo Loan Program
• FICO as low as 680 now accepted up to 80% CLTV
• No front-end DTI – qualify with 45% back-end Debt to income only
• Increased exposure to $1,250,000 with 680* FICO
• Maximum total exposure increased to $2,000,000 for 730+ FICO
• Self-employed – Ordinary Business Income now allowed for 25% ownership or greater
How does this help you?
• Avoid mortgage insurance.
• NO Condo questionnaire making it easier to qualify! 
• Higher combined loan amount means higher priced homes qualify
• Similar to first mortgage guidelines
• less money down and flexible monthly payments.

second Florida condo mortgage  Advantages:

• No Condo Questionnaire – Forget about the condo questionnaire. Purchase a Florida condo with no questions asked!
• Smaller Down Payment – Another advantage is for a borrower who wants to purchase a home that would require them to make a larger down payment (such as would be the case with a more expensive home that does not meet the conforming or FHA loan limits, and therefore would need to be a jumbo loan, unless broken into 2 loans).
• Avoid Mortgage Insurance –The the biggest advantages of a second mortgage loan is that mortgage insurance (PMI) may be avoided, which can potentially save a borrower a significant amount of money over the life of the loan.  Any mortgage that exceeds an 80% LTV requires mortgage insurance, which is one of the main reasons that a borrower would finance a home with a second mortgage loan.

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