DDA Mortgage, Inc.

Mortgage Brokerage Business - NMLS#324329

Call Us at (727) 784-5555

Specializing in Conventional, FHA, VA, and Subprime in Commercial Loans

 
 
 
 

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Loan Programs


Residential Loans

Home loans, including FHA, VA, HomePath, conventional, USDA, Refinancing, private money, and 203k streamline.

FIRST!  There are documents needed for loan process:

  • 2 years personal and corporate returns
  • 2 years of w2’s
  • 2 months bank statements with all pages
  • Copy of drivers license and social security card
  • Ytd P&L  statement
  • Copy if leases if applicable
  • Copy of mortgage statement
  • Copy of owners title policy if a refinance
  • Copy of old survey if a refinance
  • Name and phone number of insurance company if a refinance
  • Copy of note and mortgage in some cases
  • Letters of explanation if needed
  • List 2 years of employment
  • List 2 years of residency

TYPES OF LOANS

Conventional:

  • 10 year fixed
  • 20 year fixed
  • 25 year fixed
  • 30 year fixed

The minimum down payment  is 5% , some investors are doing 3% . Remember when doing a conventional loan with less then 20% down, there is the lender and the PMI company. The loan is not done unless the PMI company approves the loan and insures it. With conventional  mortgages the monthly  PMI is less then FHA monthly pmi and there is no upfront Mortgage insurance.

Credit scores must be 720 or greater

FHA:

  • 15 year fixed
  • 30 year fixed

FHA is a government loan that requires only 3.5% down, of which can be your funds or a gift from a family member. The seller can pay up to 6% of your closing costs and the min credit score is 640, some investors will do less.

Great loan and no you do not have to be a first time homebuyer.

FHA search for FHA-approved condominium projects by location, name, or status

VA:

  • 15 year fixed
  • 30 year fixed

If you have been in the military or  presently active, the loan for you is the VA loan – it allows you to put 0 money down with the seller able to pay up to 6% of your closing costs, the benefit of the VA loan is there in no monthly PMI –  your payment is less then some one putting 5% down with monthly PMI. I can not tell you  the number of eligible VA borrowers that never pursued obtaining a VA loan.  In my opinion it is the way to go if there is limited funds.

Your minimum credit score for a VA loan is 620.

Refinancing:

There is a program that will go to 125% ltv, meaning that if your home is worth  $100,000 but your mortgage is $120,000, you can go to a max of $125,000 loan amount.  Please check out Zillow.com and see if your value is near what you owe on your home. Don’t give up hope on refinancing without doing your homework.

    Commericial Loans
    Private money loans
    Projects up to $5,000,000
    Up to 25 year loan terms
    Up to 90% financing
    Fully amortized loans - no balloon pmts
    Competitive rates
    Use of loan proceeds
    Real estate purchase
    Refinance
    Construction
    Renovation
    Also PRIVATE MONEY available as wel

    Private money loans

    • Projects up to $5,000,000
    • Up to 25 year loan terms
    • Up to 90% financing
    • Fully amortized loans - no balloon pmts
    • Competitive rates
    • Use of loan proceeds
    • Real estate purchase
    • Refinance
    • Construction
    • Renovation

    Also PRIVATE MONEY available as well.

    SBA 7A loans

    • Range $350K - $5MM
    • Up to $10MM for USDA
    • Eligible uses:

    • Owner-occupied commercial real estate

    • Debt refinance

    • Business acquisition

    • Partner buyout

    • Start-up franchise

    • Equipment purchase

    Please consider me on the next commercial loan you may have.

    Our Loan Processors: