Residential Lot Loans

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 Mortgage program GMB70 01-23-08 :

Land and lot loans.  Residential & Commercial. Florida only.

Cash out refinance up to 65%

Purchases up to 70%

Loan amount up to $700,000

Credit not required. Loan To Value is based on appraisal.

Fast closings by a Private Money Lender.

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Features of the lot loan:

The residential lot loan is a non-amortizing, interest only loan on a one, or three, or five years balloon.

Interest accrues monthly on the outstanding principal balance of the note and is computed on the basis of 360 days.

Purchases only!

Primary Residence and Second Home purposes.

Developed lot in an approved subdivision.

Full Documentation:

1. Max LTV 90%. Max Loan amount $250,000

Minimum credit score 700.  Max DTI 40%.

2. Max LTV 80%. Max Loan amount $500,000

Minimum credit score 660.  Max DTI 40%.

NIV (No Income Verification) - Stated Income :

Max LTV 80%.  Max Loan amount $250,000

Minimum credi score 700.  Max DTI 45%.

LTV's <=75% Requires a minimum 680 credit score.

LTV's >75% Requires a minimum 700 credit score.

Max DTI =45%; Borrowers must be self employed or >25% commisssioned for NIV option.

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 A lot loan program (CC100)

100% Lot  Loan Financing !!

300K Max Loan Size

660 Mid Score (DO Approve) Full Doc Only

Zero to 5 Acres ( 5+ Needs Exception)

Interest Only First  5 Years

20 Year Amortization / 5 Year Balloon

Email me with your Lot & Land Loans questions:

If there is a mortgage product out there that fit your scenario...I'll do the best to find the loan solution among my lenders.

Eli@AbsoluteFloridaMortgage.com .

Thank you,

Eli Magen is your mortgage consultant for life.