Shells Mortgage has extremely competitive fees which are paid only at closing:

$0 application fee

$199 broker fee

$349 processing fee

$450 FHA processing fee

(Additional lender based underwriting fee will apply)

 

Fannie Mae has designated the following local Florida counties as “distressed”:

Charlotte, Collier, Lee, Manatee, Sarasota counties. This means conventional program loan to value (LTV) amounts have been reduced by 5% of the programs maximum LTV.

 

Therefore Shells Mortgage can currently offer:

Primary Homes – 95% LTV Max with a 680 Score

Second Homes – 90% LTV Max

Investment Properties – 80% LTV Max

Primary Home Construction Loans – 90% LTV Max

Investment Property Construction Loans – 75% LTV Max

HELOC – 90% CLTV Max

FHA Loans – 97% LTV Max - Additional 3% Down Payment Assistance Allowed

VA Loans – 100% LTV Max with No Mortgage Insurance

Conventional Loans Need 620 Min Credit Scores

Government Loans Need 580 Min Credit Scores

All Loans Over 80% LTV Will Have Mortgage Insurance (Except VA Loans)

All Loans Over 80% must be Full Documentation

 

Fannie Mae has also raised the loan limits in these local Florida counties:

Charlotte – Conventional $417,000 FHA $296,250

Collier - Conventional $531,250 FHA $531,250

Lee – Conventional $417,000 FHA $356,250

Manatee - Conventional $442,500 FHA $442,500

Sarasota - Conventional $442,500 FHA $442,500

 

Required for Full Documentation Loans for all borrowers:

Copy of Drivers License and Social Security Card

2 years W-2 statements

30 days of pay stubs

Copy of Bank Statements (all pages) for 2 months

Copy of Asset Statements (all pages) for most recent quarter

*Self Employed additionally require 2 years tax returns (business & personal)