|
Florida Mortgages
Q. How much mortgage can I have to buy a
residential property in Florida ?
Please note, that
although there are non-status/self-certification mortgage facilities
available in Florida all loans over 75% LTV need to be supported by a
minimum requirement of proof of income, (although renting out your property
is permitted), i.e. if employed - copies of your last three month's payslips
& copies of your latest P60/Employer’s Reference together with copies of
your last 6 month’s Personal Bank Statements will be required or
alternatively if you are self-employed - copies of your last three years
Audited Accounts & copies of both your last 12 month's Business and last 6
month’s Personal Bank Statements will be required on application.
Florida Lenders may
take into consideration 50% of any proposed Rental Income from the property
for mortgage purposes/repayments providing it has been on the rental market
with proof of leases.
Your loan is based on
your joint gross pay and is calculated on an affordability basis. All your
existing liabilities including any mortgage/rent payments, personal and bank
loans, credit cards (if the balance is not cleared on a monthly basis) and
any maintenance – ie: Divorce - payments together with your proposed USA
mortgage payments must not exceed 36% of your net monthly income.
Florida Mortgage Example:
Net joint monthly
income £ 2,500 times 36% of that figure is £ 900 minus existing monthly
mortgage payment £ 300 – No other liabilities. This leaves a balance of £600
for a proposed Florida Mortgage payment
Florida Mortgage details:
·
Maximum loan to value 90%
·
Maximum loan to value for
self cert mortgages 75%
·
Maximum term 30 years
·
US Dollars, Sterling or Euros
only
·
Repayment and interest only
mortgages available
·
Low start rates from
approximately 1.00% variable or approximately 7.00% fixed in US Dollars
details are subject to change, so you must check with your
broker on the link above before committing |
