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1st Florida Lending
Direct Mortgage Lenders
1st Florida Lending Corp., a registered Mortgage Lender Orlando servicing all of Florida offering over 45 loans programs including Conventional, Jumbo, FHA, VA, USDA to name a few and specializing in Bank Statement Loans or “stated loans” requiring no Tax Return verification.                               Disclaimer:  When Banks Say NO! We Say YES! tm   If you are turned down by another lender.  We will work hard to approve your loan.  No guarantee of any kind is expressed or implied!   Main Office: 2151 Consulate Dr. * Suite 8 *  Orlando, FL., 32837  * Telephone (800) 655-1345 * (407) 300-2558 * Fax (877) 401-9955 We are approved lenders for all Government Loans and registered with the Florida Office of Financial Regulation - # MLD106 © 2007 - 2015 FFL Corp - All rights reserved  I                             I                             I    When Banks Say No !  We Say YES !  ®  is a registered trademark
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When Banks Say NO! We Say YES!
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Let Us Make Your Dream Home A Reality
Use Cash-on-hand (no seasoning required) for Down Payment Use Family Income as Non-Occupant Co-Borrowers to Qualify Use Current Household Members Income to Qualify - Not on Note! Use Boarder/Room Mate to help Qualify Use Spare Room Rental Income to Qualify Minimum 620 Credit Score to Qualify
Flexible Options with FAMILYReady Home Mortgage
Let Us Make Your Dream Home A Reality
FAMILYReady Mortgage Loan Program
If you answered YES! To any of the six options above?                                Then your ready for a FAMILYReady Home Mortgage!    
Fast Facts about a FAMILYReady Home Mortgage. 
QUESTION:  Can I use Cash for down payment?  ANSWER:  Yes! There is no Seasoning Required! Many people save cash in a safe place at home rather than in a traditional savings account. Unlike all other mortgage programs that require borrowers to deposit cash in a bank and wait 60 days (this is called seasoning) before they can use it. With FAMILYReady Home Mortgage. Borrowers can to use their cash-on-hand (no seasoning required) for there down payment anytime. This is a ground-breaking Feature and only available with a FAMILYReady Home Mortgage QUESTION:  Can I use my parent’s income as non-occupant co-borrowers to help me qualify for a loan.    ANSWER:   Yes! Parents who already own a home can co-sign their children’s FAMILYReady Home Mortgage.  We can use their income along with the primary borrower’s income for qualification.   QUESTION:  Can I use income from household members who will not be listed on the Mortgage loan. ANSWER:   Yes! this feature is available for multiple families living in one home, parents living with children, or unmarried couples where only one primary borrower wishes to be on the loan.  All non-borrower’s income will be used as compensating factors in part of the qualification process only. What are Compensating Factors? When you need a mortgage, but you’re not a perfect risk, we can build a case with underwriting as to why you will still be a responsible mortgage holder using something called “compensating factors”.  Some examples of compensating factors are:  a) higher down payment b) pay down debts c) settle outstanding judgements c) show long-term savings as reserves d) raise credit score, etc. QUESTION:  Can I use income from a previous boarder/room mate who will move into my new house and pay rent?          ANSWER:  Yes! To use this income, you must document rental payments and a shared living situation for the previous 12 months.  Be sure to confirm your agreement in place (preferably in writing) with your roommate(s) that they have agreed to pay rent QUESTION:  If the home I plan to purchase has a spare room apartment or other spare room unit.  Can I use the rental income to qualify? ANSWER:  Yes! Even if you do not currently have a roommate, you can find a renter for the additional unit in your new home and use proposed/anticipated income to qualify.  Unlike boarder/roommate income, you do not have to have 12 months history of shared residency.  Keep in mind that the home must be classified as a 1-unit home with an ADU (Accessory Dwelling Unit), not a 2-unit home. Using rental income is still possible when buying a 2-4 unit home, but you may need landlord education and/or experience. QUESTION:  What is the minimum Credit Score required for a Family Ready Mortgage home loan?    ANSWER:  You don’t need perfect credit to qualify for a FAMILYReady Home Mortgage.  In fact, you can be approved with a FICO score of just 620.  A credit score of at least 680 or higher, though, will yield the best interest rates.
Higher Down Payment Pay Down Debts Settle Judgements Show Reserves Raise Credit Score 
SAMPLE COMPENSATING FACTORS
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THE FAMILYReady HOME MORTGAGE MARKET 1. Millennial new home buyers are moving from renting to buying in staggering numbers. Most of whom are straddled with student loans, working part time, many have had no luck saving money for a down payment.  2. First and second generation immigrants to the United States often pool their resources together to buy a home. Two families could live under the same roof. A group of single people might buy a home together to defray high housing costs. 3. Finally, the U.S. population is aging. Parents are moving in with their children. As of recent, over 57 million people lived in a multi- generational household. That’s about twice the number as in 1980. 4. Adult children will need to buy bigger homes as they plan to house aging parents long term. The FamilyReady Home Mortgage program allows them to use their parents’ income to buy a bigger home. INCOME LIMITS FOR A FAMILYReady HOME MORTGAGE  Income limits are set by geographical areas. In underserved areas, there are no income limits.  However, in more economically developed areas, there are limits in the amount of money FamilyReady applicants can make. This policy ensures the program is reserved for the ones who need it most. The following is a breakdown of income limits. Properties in low-income census tracts: no income limit Properties in high-minority areas and designated disaster areas: 100% of the area’s median income  Click Here to view Area Median Income Chart Properties in any other area: 100% of the area’s median income For instance, a home buyer in one county finds a home within an area that limits income to 100% of the median income. The median income in another county the same home buyers income may be above the median home and are deemed eligible.  And would need to find a home in an underserved area with no income limit.  Upon a successful home search, he or she could use FamilyReady. Click Here to View Eligibility Map with no income limits that detail each geographical area. It can be difficult to see the exact boundaries which can change. LOWER MORTGAGE INSURANCE RATES WITH A FAMILYReady HOME MORTGAGE  Private mortgage insurance (PMI) would cost around $230 per month on a typical 3% down loan of $250,000. Under the FamilyReady program, PMI is just $160 per month. The $70-per-month savings allows FamilyReady buyers to afford more home for the same amount of money. HOME BUYER EDUCATION  All borrowers who take advantage of the FAMILYReady Home Mortgage Program must complete home buyer education. This is a simply  course that you can complete online according to the individual’s own pace and schedule.  There is a small fee of $75 for the education – a small price to pay for the all of the options the  flexibility of the FAMILYReady Home Mortgage Program It’s hard to know all the ins and outs of homeownership by researching on your own.  Completing this informal training is a great idea for first time home buyers whether or not you use the FAMILYReady Home Mortgage Program    
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100% of AMI
NO INCOME LIMITS
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