Central Florida Mortgage

FOREIGN NATIONALS PROGRAM/MAGNA MORTGAGE
This program designed for easy pre-qualification for mortgages.

* Passport and/or VISA required
* Purchase and Second Homes only. (No investor properties)
* Stated income (no income documentation required)
* Verified assets in a U.S. bank account (must have enough monies to close and 3 months worth of reserves)
* State remaining assets in foreign bank accounts (do not have to verify)
* Must have verified employment by (a) verification of employment, (b) 2 years business license, or (c) accountant’s letter
* Maximum loan to value is 80%, or 100% Regions Bank pledge (this requires a 20% of the purchase price down payment, and the closing costs)
* A signed check draft authorization and the 1st payment are collected at closing.
* Must have valid picture ID and documentation to satisfy the “Patriot Act”
* Minimum U.S. credit score (if one is available) = 660
* 2nd Home condo conversions under 800 square feet are limited to a 20 year term
* International Credit Report is required
* The maximum mortgage term is 30 years
* The Index used is the 1 year treasury bill
* There are 2 mortgages to chose from:

30 year term

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o
A. 5/1 ARM – the rate is fixed for 5 years and then adjusts annually

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o
- Margin = 2.75

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o
- Caps = 5/2/5

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o
- Present rate = 7.875%

B. 3/1 ARM – the rate is fixed for 3 years and then

Adjusts annually

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o
+
# Margin = 2.75
# Caps = 2/6
# Present rate = 7.5%

NOTE: Rates as of 01/18/07 and are subject to change without notice.

Central Florida Mortgage.