Palm Tree Financial offers the most competitive interest rates and agressive residential lending programs in the mortgage industry. Our residential loan programs consist of first and second mortgages for purchasing and refinancing of single family residences and estates, high and low rise condominiums (luxury condominiums), 2-4 unit multi-family buildings and attached housing (town homes). We offer Conventional (Fannie Mae and Freddie MAC), Jumbo, FHA (Ginnie MAE) and Hard Money fully documented residential lending programs. Our residential lending markets include the United States (the state of Florida only), Central America (Mexico, Costa Rica, Panama and Belize only) and all of the Caribbean. The minimum residential loan size is $200,000 USD (we may consider smaller loan amounts on a case by case basis), there are no maximum loan size limitations. In addition, there is no limitation or restriction for cash out, we specialize in financing estates and large Jumbo loans.
CONVENTIONAL LOANS (FANNIE MAE and FREDDIE MAC)
Fixed Terms: 10,15,20,25,30 (years) Credit Score: 660 (minimum) Debt-Ratios: 28% housing/36% total ratio (exceptions to 45%) Loan Types: Acquisition, Rate Term Refinance or Cash Out Refinance Loan-to-Value: up to 95% (purchase, rate term refinance), (80% maximum cash out) Loan Amount: $200,000.00 to $417,000.00 (smaller loans considered case by case, larger loans for 2-4 multi-family) Reserves: 3 to 6 months total housing payments (in addition to the down payment/equity requirement) Documentation Type: Full Documentation only Citizenship: US only Down Payment/Equity Requirement: 5% Acquisition and Rate Term Refinance, 20% Cash Out Refinance Seller Carry Back Financing: Not Permitted Occupancy: Primary, Second Home and Investment Collateral Type: Single Family Homes, Town Homes, 2-4 unit Multi-Family Buildings and Approved Condominium Projects (low & high rise)
JUMBO LOANS (TRADITIONAL)
Terms 10,15,20,25,30 (Fixed), 5/1 ARM (interest only re-payment case by case) Credit Score: 660 (minimum) Debt-Ratios: 28% housing/36% total ratio (exceptions to 45%) Loan Types: Acquisition, Rate Term Refinance or Cash Out Refinance Loan -to- Value: Up to 90% Acquisition, Rate Term Refinance (Cash Out Refinance maximum 75%) Loan Amount: $417,000.00 to $40.0 Million Down Payment/Equity Required: 25% Cash Out Refinance,10% Rate Term Refinance and Acquisition Reserves: 12 to 24 months housing expense (in addition to the down payment/equity requirement) Seller Carry Back Financing: Not Permitted Documentation Type: Full Documentation only Citizenship: US only Occupancy: Primary and Second Home Collateral Type: Single Family Homes, Town Homes, 2-4 unit Multi-Family Buildings and Approved Condominium Projects (low & high rise)
FHA LOANS (GINNIE MAE)
Fixed Terms: 15,& 30 (years) Credit Score: 620 (minimum) Debt-Ratios: 33% housing/41% total ratio (exceptions to 45%) Loan Type: Acquisition and Streamline Rate Term Refinance Loan-to-Value: up to 97% (Acquisition, Rate Term and Streamline Refinance) Loan Amount: Minimum $200,000.00 (smaller loans considered case by case), Maximum varies by County Reserves: 3 months total housing payments (in addition to the down payment/equity requirement) Documentation Type: Full Documentation only Down Payment/Equity Requirement: 3%-10% Seller Carry Back Financing: Not Permitted Occupancy: Primary Residence only Citizenship: US only Collateral Type: Single Family Homes, Town Homes, 2-4 unit Multi-Family Buildings and Approved Condominium Projects (high & low rise)
HOME EQUITY LOANS SECOND LIEN FIXED, HOME EQUITY LINE OF CREDIT
Fixed Terms: 10,15,20 years term and 30/15 (balloon) Credit Score: 650 primary borrower (625 co-borrower) Debt-Ratios: 45% (exceptions up to 50%) Loan-to-Value: up to 89.98% Loan Type: Rate Term Refinance or Cash Out Refinance Loan Amount: Minimum $50,000.00, Maximum $250,000.00 Stand Alone Seconds: Minimum Loan Amount $100,000.00 Reserves: 3 to 6 months total housing payments Documentation Type: Full Documentation only Equity Requirement: 10.02% Occupancy: Primary and Second Home Citizenship: US only Seller Carry Back Financing: Not Permitted Collateral Type: Single Family Homes, Town Homes, 2-4 unit Multi-Family Buildings and Approved Condominium Projects (low & high rise)
HARD MONEY LOANS
Terms: Typically 3 years (up to 5 years) Rates: Fixed or Adjustable Loan Type: Acquisition, Rate Term Refinance or Cash Out Refinance Credit Score: No Minimum Debt-Ratios: 50% Loan-to-Value: Typically up to 65% (case by case up to 80%) Loan Amount: Minimum $200,000.00 (smaller loans considered case by case), No Maximum Reserves: Not Required Down Payment/Equity Required: 35% Cash Out Refinance, 10% Acquisition and Rate Term Refinance Seller Carry Back Financing: Permitted up to 90% Documentation Type: Full Documentation Occupancy: Primary, Second Home and Investment Citizenship: US, UK, Canada, Mexico, Panama, Costa Rica, Belize or any Country in the Caribbean Collateral Type: Single Family Homes, Townhouses, 2-4 unit Multi-Family Buildings and Approved Condominium Projects (high & low rise)
LOANS OUTSIDE THE USA
Terms: Up to 30 years Rates: Fixed or Adjustable Credit Score: Minimum 660 Loan Type: Acquisition, Rate Term Refinance or Cash Out Refinance Debt-Ratios: Up to 45% Loan-to-Value: Typically up to 70% (case by case up to 80%) Loan Amount: Minimum $200,000.00 (smaller loans considered case by case), No Maximum Reserves: 12 months (in addition to the required down payment or equity) Down Payment/Equity Requirement: 30% (case by case 20%) Citizenship: US, UK, Canada, Panama, Costa Rica, Mexico Belize or any Country in the Caribbean Seller Carry Back Financing: Not Permitted Documentation Type: Full Documentation Occupancy: Primary, Second Home and Investment Property's Collateral Type: Single Family Homes, Townhouses and Approved Condominium Projects (high & low rise)
Initial Documentation Required to proceed to a Term Sheet/Letter of Interest:
Complete Loan Application (can be done via phone interview) Credit reports for all Borrowers (pulled by Palm Tree Financial) Fully Executed Purchase Agreement (if a purchase) Copy of front back check(s) for earnest money deposit (if a purchase) Last two consecutive pay stubs within the last 30 days for all borrowers Last two years complete tax returns for all borrowers Last two years W2's for all borrowers Business complete tax returns for the last two years (if self employed) Current Business Balance Sheet and Profit and Loss Statement (if self employed) Last two months bank statements for all liquid accounts documented Previous Third Party Reports -Appraisal -Owners Title Policy -Survey -Flood Certification If a refinance, need the last statement(s) from all lien holders Current Insurance Policies (copy of declaration page) Palm Tree Financial's RESPA disclosures, legal disclosures and application executed by all borrowers Any other information you believe to be of importance please include
Condominiums that are not approved by Freddie Mac and Fannie Mae will require the following documentation for lender approval: -Copy of the current year Budget -Copy of the Building's Financial Statements -Completed Condo Lender Questionnaire -Copy of Condo Bylaws -Building Insurance Declaration Page for all insurance policies -Contact Information for the Management Office and Firm, and Accounting Firm
Palm Tree Financial cannot complete a proper review and ultimately produce terms and or a quote we can stand behind without a complete submission package from you. Kindly submit a complete package electronically, we prefer all packages to be submitted via email/electronically, we do have the capability to receive large files electronically.
General pre-screen turn times are 1-2 business days. General Closing turn times 45-60 business days
