Loan Programs

Homes come in all different sizes, styles, and prices. People come with various financial needs and challenges. At Florida First Choice Mortgage we have a wide variety of loan products and honest, dedicated professionals to find the right mortgage to fit your needs. Here is a sampling of the products we offer:

With a fixed rate loan, the interest rate is set for the life of the loan and your monthly payments never change. They are typically available in terms of 10, 15, 20, or 30 years. The longer the loan, the less the monthly payment, the shorter the loan, the higher the monthly payment. These loans are available for home purchases and refinances.

An adjustable rate mortgage generally starts with a lower rate than a fixed rate loan. However, after the initial period, which can be 1, 3, 5, or 7 years, the rate will adjust up or down for the remainder of the loan. These loans are tied to a specified financial indicator called an Index which determines how the rate will adjust at each adjustment period. These loans feature a "lifetime cap" which limits the amount of increase the loan could ever go to over the life of the loan.

With a jumbo loan, you can have the house of your dreams. Loans over $417,000 are considered jumbo loans.

This type of loan provides financing for the construction of your new home. Typically the builder receives funds in "draws" as the house is being built. When construction is complete, the loan is rolled over to a permanent loan program. This is done with one closing.

A pay option ARM is an adjustable rate mortgage program that gives the borrower a monthly option to pay a fully amortized payment, an interest only payment, or a minimum interest payment.

This loan is based on the accumulated equity in the property. A customer borrows funds against this equity. He/she can usually borrow a lump sum or can receive a line of credit to be used as needed. These funds can than be used for home improvements, car purchases, college tuition, or where ever needed.

A lot loan is a loan for a empty home site, to be built upon at a later date. Interest only loans allow for lower initial payments of just the interest on a loan. A customer with "Bruised Credit" who does not qualify for a "conforming" loan may still qualify for one of the many loan programs offered for those with poor credit, little or no down payment, or a bankruptcy in their past.

For some people, providing your loan officer with documentation to prove your income and assets is as easy as providing W-2’s, pay stubs, and bank statements. For others, it can be hard to prove your income. People who are self-employed, paid on commission, or have multiple sources of income may fall into this category. Here are some of the different documentation types we offer:

A customer provides employment history, location, contact information, and borrower position. He/she also provides their monthly income from all sources, and their source of and amount of funds (assets) used for down payment, closing costs, and cash reserves if required. This information is verified by independent means.

A customer provides employment history, location, contact information, and borrower position. He/she also provides the source and amount of funds (assets) used for down payment, closing costs, and cash reserves if required. This information is verified by independent means. The borrower’s income need not be verified but must be stated on the application. The lender does expect that the income stated is a true reflection of what the borrower reports to the IRS and the income must be reasonable for the profession.

A customer provides employment history, location, contact information, and borrower position. This information is verified by independent means. The borrower’s income need not be verified but must be stated on the application. The lender does expect that the income stated is a true reflection of what the borrower reports to the IRS and the income must be reasonable for the profession. Assets for the down payment, closing costs, and cash reserves need not be verified, but must be stated on the application.

With a no doc loan, the loan originator leaves all information pertaining to employment, income, and assets off of the application.