Loan Programs
At Vice City Lending, we offer a variety of loan programs to meet your unique needs. Whether you are a first-time homebuyers, an investor, an international buyer or simply looking to refinance, we have loan options for everyone. Our Mortgage Advisors will work with you to find the best loan program for your client’s needs. We also offer you tools and resources to help you receive live updates on your client’s journey every step of the way. Partner with us and see the benefits of working with a trusted and experienced lending team.
QM QUALIFIED MORTGAGE LOANS
A QM loan is a type of mortgage loan that meets certain standards and requirements set by the Consumer Financial Protection Bureau (CFPB) in the United States. These loans are designed to ensure the borrower's ability to repay and provide consumer protection.
FHA
- ❑ Min Credit Score 580
- ❑ Mn 3.5% Down payment
- ❑ 2-Year Income Check (Steady income and proof of employment)
- ❑ Primary residence only (Not for investment, except Multi Family 2 to 4 units and you are going to live in one of the units as your primary home)
CONVENTIONAL
- ❑ Minimum credit score 620+
- ❑ 3% Down Payment for first time home buyer under Median Income (Varies per county). Usually,
it requires a 680-700 credit score - ❑ 5% Down Payment with min credit score 620+
- ❑ 2-Year Income Check (Steady income and proof of employment)
VA
- ❑ Credit Score min 580+
- ❑ 100% Financing (Closing costs must be paid)
- ❑ If you have full entitlement, you do not have a home loan limit
- ❑ 2 year or 1 year income for qualifying
USDA
- ❑ Min credit score is 620+
- ❑ No Down payment required. Geographical Restrictions. House needs to be in qualified areas
- ❑ Flexible credit guidelines. Single Family Homes only
- ❑ Lower fixed Interest rate. USDA Loans close in pastures
JUMBO
A "JUMBO" loan refers to a high-value mortgage loan that exceeds the limits set for conventional loans. These loans are used to finance the purchase of high-value properties.
NON QM LOANS
These are home loans that are not required to meet agency-standards documentation
reequipments as outlined by the Consumer Financial Protection Bureau (CFPB) allowing the
borrowers to qualify on alternative standards. These loan programs are for Self -Employees business
owners and investors.
Requires reviewing loan scenario to qualify borrower into the right program. Matrix can change
depending on the loan amount, the occupancy, the credit score and the DTI.
12/24 Months Bank Statement Loan
- ❑ Min credit 660+
- ❑ Primary home min down payment 10%
- ❑ Second home / investment home 15% or more
- ❑ No Income verification (No need to show income taxes)
DSCR
- ❑ First time investor, minimum score 640 and down payment of 20% or more.
- ❑ Seasoned investor, minimum score 720 and down payment of 15% or more.
- ❑ Minimum coverage ratio of 0.75.
- ❑ Can close under LLC or Corp.
- ❑ Reserves required.
FOREIGN NATIONAL
- ❑ No credit required
- ❑ Minimum down payment of 30% or more
- ❑ Must have eligible Visa and valid passport
- ❑ Visa types: B-1, B-2, H-2, H-3, I, J-1, J-2, O-2, P-1, and P-1
PRIVATE LENDING
- ❑ Minimum FICO 600
- ❑ We can provide financing solutions for:
- 1. Fix & Flip - We can loan up to 90% LTV(Loan to Value) of purchase price and 100% of the rehab, not to exceed 70% of ARV.
- 2. Ground up Construction(GUC) - We can loan up to 90% LTC(Loan to Cost) not to exceed 70% of ARV.
- 3. Refi/Cash Out - Up to 60-70% of appraised as is value.
- 4. Rate & Term - Up to 75% of appraised as is value.
- 5. Land Acquisition/Refi - With no plans just raw land we can lend up to. 50% in Florida.
REFINANCE
- ❑ Rate and term refinance
- ❑ Cash out refinance
- ❑ HELOCs and home equity loans
- ❑ Credit score and LTV varies
- ❑ Complementary evaluation.
