Florida Non-Permanent Resident Alien Mortgage Lenders Program
NPRA Acceptable Visa Types—E-1, E-2, E-3, G-1 through G-5, H-1, L-1, NATO, O-1, R-1, TN (NAFTA) . ITIN Documentation—US Government issued valid ID & Copy of ITIN assignment document.
PROPERTY TYPES: ● SFRs, Condos, (Warrantable & Non-Warrantable), PUDs, 2-4 units, Townhomes ● No below average properties ● Minimum $50,000 equity required
INELIGIBLE PROPERTIES: ● Rural Properties, Site > 10 Acres, High-rise Condo in Dade/ Broward Counties, Florida (8+ stories)
LOAN TERMS: ● 5 ARM or 30 Year Fixed ● 5 Year / 30 Year Term IO ● Index is 1 year LIBOR ● No pre-payment penalty ● Caps are 2/2/5 (2% Initial Change Cap / 2% Period Adj / 5% Lifetime Cap) ● Margin 3.75% ● All loans require impounds for tax and insurance
LOAN AMOUNTS: ● $100,000—$1,000,000.
HOUSING HISTORY/CREDIT EVENT SEASONING: ● Housing history—0x30. For housing delinquency, see pricing adjustments. ● Bankruptcy/Foreclosure—3 year seasoning. For less than 3 years, see pricing adjustments. ● Short Sale/Deed-in-Lieu/Modification—2 year seasoning. For less than 2 years, see pricing adjustments.
INCOME/DTI: ● Max of 50% DTI ● Residual Income—$1,500 per household plus $500 1st child, $250 thereafter. Child maximum $1,500.
CREDIT SCORE/TRADELINE REQUIREMENTS: ● 3 trade lines reporting for ≥ 12 month; or 2 trade lines reporting for ≥ 24 months with activity in the past 12 months. Borrower must have housing history or one of the trades must have $5,000 high credit/limit. ● Credit Score—The lowest middle score of the primary wage-earner is used for pricing and LTV purposes. ● ITIN—Credit will be pulled using borrower’s ITIN number and must have a minimum of 2 credit scores.
INCOME DOCUMENTATION: ● Full Doc - 1 or 2 years W-2, paystubs, tax returns or K1’s. ● Alt Doc - 12 or 24 months personal or business bank statements or 1099’s . Min. 2 years history of self employment required. ● Asset Xpress—100% of amount needed to amortize loan plus monthly debts for 60 months (Cash-out not allowed) ● Asset Assist—Assets divided by 60 is added to income. Maximum 25% of total income. ● Lease agreements in lieu of schedule E are treated as ALT Doc.
PAYMENT SHOCK: ● Maximum 300%.
TAX LIENS AND JUDGMENTS: ● All Florida Non-Permanent Resident tax liens and judgments must be paid at closing.
COLLECTION/CHARGE-OFF ACCOUNTS: ● Florida Non-Permanent Resident Collections and charge offs need to be paid off except: - Medical Collections. - Collection accounts older than 2 years.
ASSETS / RESERVES: Florida Non-Permanent Resident● 6 months > 80% LTV, 3 months > 65% and ≤ 80% LTV . ● Cash-out may not be used to satisfy reserve requirement when LTV > 80%. ● Gift funds for down payment ok, Borrower must contribute 5% own funds.
LISTED PROPERTIES: ● Must be off market for 6 months.
OCCUPANCY: ● Owner Occupied and 2nd Home ● First-time Homebuyers with 12 months canceled rent checks, 75% max LTV, 680
Florida Mortgage Lenders has just re-released our Florida Non-Permanent Resident Alien Mortgage Lenders Program (NPRA). The max loan to value is 80% for a purchase and 75% for a refinance.
Only the following visa classifications are allowed as NPRA:
- E-1, E-2, E-3
- G-1 through G-5
- TN (NAFTA)
A non-permanent resident alien is a non-United States citizen. These individuals are permitted to live in the United States on a temporary basis and may have been granted authorization to work in the United States. For example, a student or work visa.
Please keep in mind, this is unrelated to our ITIN program.