Loan Programs
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BMS Corp. counts on an array of programs that will satisfy the financial needs of every customer. We have financial programs from First and Second Mortgage, to Reverse Mortgage and Home Equity Lines of Credit. Before you shop, give us a call. Permit us to counsel you and give you a quote. Initial visits for consultation are free of charge. BMS Corp. services Residential Loans and Commercial Loans.
Conventional Loan Programs:
The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. It sets standards for construction and underwriting and insures loans made by banks and other private lenders for home building… READ MORE
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA)… READ MORE
An Adjustable-Rate Mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets… READ MORE
Specialty Programs:
Is defined as a borrower who is purchasing a property and has not owned a property for the last three (3) years. FTHB offers higher Loan To Value (less down payment) and the program is easier to qualify since it is less restrictive in its requirements. (Seconds from MDEAT or PHCP can be also included as part of your mortgage financing. See Mia-Dade Seconds.)
This is a Fannie Mae program and unlike FTHB the borrower, is not required to be a first time home buyer. The program is designed for credit worthy low to moderate income borrowers with 3% down payment. READ MORE
A Freddy Mac Program. This program was designed for Low to Moderate Income borrowers and are well suited for the first time home buyer and Younger borrowers. They can help you go from renting to home ownership. Home buyers education is required, this is a 3% down payment conventional program with no reserves.
The Miami-Dade Economic Advocacy Trust HAP is designed to address the need of low/ moderate income families in Miami-Dade County by providing down payment and closing costs assistance to purchase their first home. It serves as a primary channel through which financial assistance flows to assist in purchasing a home. There are two programs:
NON-QM (Qualified Mortgage) Loans:
These borrowers are defined as a person who is not a citizen of the United States of America which includes Alien, Non-Citizen, & Foreign-Born person. The program calls for providing alternate documentation to support the purchase, a visa is usually required and funds used for the down payment have to be seasoned funds, preferably in US banks. Three (3) credit references are required plus a letter from his/her accountant showing earnings for the borrower in his native country. These purchases are usually Primary homes or second homes, Loan to Values oscillate between 25 to 30% down payments.
This is the new Generation of Non-QM programs where borrowers can submit alternate documentation in order to document their income, rather than personal Tax returns or Corporate taxes.
Another NON-QM program which allows borrowers to purchase a property relying on credit scores, Credit History and lower LTV’s.
Most Banks frown upon lending borrowers financing for Investment properties. Under this program we analyze the strength of the borrower given his credit history, FICO Scores, Bank Statements and other credit documentation.
Under this program, we require 12 to 24 months of Bank Statements in order to prove the borrower’s financial strength and the ability of repayment. No personal Taxes or Corporate tax returns are required. READ MORE
These loans are underwritten based on the equity that there is on the property. Location and Pride of Ownership is a deciding factor; these loans are usually 5 year termed loans, non-Owner Occupied under a corporate umbrella. LTV can range from 50-70%.
Financing for Commercial Properties, usually 5 years in term with 20 or 25 amortizations dependent in whether the borrower wants cash flow or faster repayment of principal. 12 and 24 Month Bank Statement Loans, Profit and Loss Loans, and Hard Money Loans required. The loans are underwritten taking the strengths of the property and also the financial strength of the borrower. We require a current rent roll, pictures, Financial Statements on the borrower, current costs associated with the property in order to provide them with a term sheet as to what we can offer. There are no costs upfront to do the analytics.
DSCR loans qualify borrowers based on the property’s ability to generate cash flow to cover the mortgage. These include Property Type, Qualification, No Income Documentation, Down Payment/Credit, Loan Limits, and Structure.