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Investment Residential Properties

Our residential mortgages are Non Primary, Non 2nd Home Loans for Investment Purpose ONLY.  These properties are intended to generate investment returns, either through rental income and profits or through market value appreciation

PLEASE CONTACT HOME FEDERAL BANK DIRECTLY FOR CURRENT LOAN RATES

30 year fully amortizing loan

  • Escrow: Required for taxes and insurance (unless insurance is included in HOA).
  • Automatic debit for payments is required from a bank in the U.S.
  • 3/2/1 Prepayment Penalty may apply

Loan-to-Values:    
65% - Single Family Residences (SFR)
60% - Condos up to $1 million appraised value
55% - Condos over  $1 million appraised value
55% - Cash-outs
55% - Condo-Resort/Hotels

Acceptable Property Types:
1-4 Single Family dwellings, Condominiums, Townhomes and Condo-Resort/Hotels.

Primary Lending Areas:
Miami-Dade, Broward, and Palm Beach counties.

  • Brokers interested in submitting applications, please contact Home Federal Bank for requirements and terms.

(FOR NON BROKER LOANS PLEASE CONTACT HOME FEDERAL DIRECTLY)

  1. REQUIRED DOCUMENTATION Completed, signed and dated application
  2. 1008 (Broker submitted loans)
  3. Notice of applicant to receive appraisal (Broker submitted loans)
  4. Credit Report. (Broker submitted loans)
  5. Condo questionnaire, if applicable
  6. CPA letter if borrower or guarantor is not a U.S. Resident.
  7. Business purpose and Occupancy Affidavit
  8. 2 ID’s for each borrower and or guarantor, one of which must be include a photo (please contact us directly for acceptable forms of ID’s)
  9. Fully executed sales contract for property being financed (for purchases).along with verification of deposits made

Needed from Borrowing entity: (if applicable)

  1. Brief summary of business operation and Articles of Incorporation/Organization, etc.
  2. Company Operating Agreement or By-Laws
  3. For newly formed entities, IRS - EIN letter.
  4. Bank/brokerage statements for last three (3) consecutive months.
  5. Last three years of Business Tax Returns.

Needed from Guarantors:

  1. All shareholders with 20% or more ownership in the borrowing entity must personally guarantee loan and submit a current Personal Financial Statement (form attached).
  2. 2 ID’s for each guarantor, one of which must be include a photo (please contact us directly for acceptable forms of ID’s).
  3. All letters and important documents must be translated into English.
  4. Guarantors’ last three years of Personal Income Tax Returns with K’1s, if applicable or CPA letter if guarantor is not U.S. Resident.
  5. Liquidity after closing should be no less than 12 months of monthly loan payments (PITI+HOA). The borrower’s liquid asset position must be commensurate with the borrower’s financial statement and income level.
  6. All borrowers must have an existing depository account with a U.S. based bank.
  7. Bank reference letter.

Please contact Jorge Carvallo for additional questions at  jcarvallo@homefed.bank