Cross-Collateralization

Jumbo-Super Jumbo Florida Cross-Collateralization Mortgage Lenders 

The cross-collateral program allows for 90% financing of the eligible property value when ELTV is 5% below published LTV with a maximum of 65% LTV, and  in
certain cases (see below), an allowance for the borrower to elect not to make a down payment.

Down Payment Jumbo Florida cross-collateral mortgage 

• 10% cash down required for owner-occupied properties
• 20% cash down required for second home or investment properties. 100% financing may be available if the following three conditions are met:
• Purchase transactions ONLY
• Effective LTV that is AT LEAST 15% below the published threshold for the transaction
• 12 months’ all mortgage payments held in liquid reserves
• No gift funds are part of the transaction
Effective LTV is calculated by dividing the loan amount by the total, summed value of both properties.

Cross Collateralizee Mortgage Example: Owner-Occupied Property
Property: A Lesser of Purchase Price or Appraised Value $2,000,000
Property B Appraised Value $ 770,000
TOTAL VALUE $2,770,000

90% of the Purchase Price of Property A is $1,800,000
Loan Amount Requested $1,800,000
Cash Required $ 200,000
Effective LTV 64.98%

Florida Jumbo  Cross Collateral Requirements:

• Primary residences, second homes, and investment properties may be crossed with the subject;
o NOTE: properties located in Washington DC, West Virginia, and Virginia and Texas Homestead/Texas Home Equity may not be used for a cross.
• The second piece of real estate must be owned by the borrower;
• Florida Mortgage Lenders should be in first lien position on both properties (deviations from the guideline are allowed if there is an abundance of equity). These deviations must be reasonable and well-documented.
• An appraisal report will be required for both properties as follows:
o Loan amount $1,000,000 or less – one appraisal is required for the subject property and one for the Florida cross-property
o Loan amounts between $1,000,000 and $1,500,000 – If the subject property appraisal is ordered through a Florida Mortgage Lenders-approved AMC, then only one full appraisal is required. Otherwise, two full appraisal Reports are required. One for the jumbo cross-collateral property
o For loan amounts over $1.5 million: two reports for the subject property and one for the jumbo cross collateral property
• A preliminary title report is required with lender’s coverage on both properties;
• Proof of hazard insurance for both properties
• Proof of flood insurance for both properties (if applicable)
• Property taxes due within 60 days must be paid current on both properties
• 2 recording fees if properties are located in different counties
• One note and one mortgage will be executed and will be recorded against both properties for the total loan amount (unless the properties are in different counties, in which case,e 2 mortgages will be recorded – 2 recording fees)

Jumbo and Super Jumbo Florida Mortgage  Options:

• Bridge-to-Sale – Help clients access their listed property’s equity before its sale.
• Bank Statement– Use multiple income streams for qualification, including personal or business bank statements.
• Foreign National – Non-Resident– Jumbo Super Jumbo refinance up to 15 MM with CPA letter on independent CPA firm’s company letterhead properly dated.
• Asset Depletion– Increase client purchasing power by calculating assets into qualifying income, without liquidating.
• Cross-Collateralization– Access Jumbo home equity to purchase a new home without having to sell first. Cashout up to 100% of a home’s value by securing the loan against an additional free and clear property.
• Condo Condotel – Super Jumbo Condo and Condotel Florida mortgage lenders for Unique properties. 
• Pledged Asset – Leverage assets (stocks, mutual funds, etc.) without liquidating. Jumbo cashouts up to 90% of a home’s value by pledging security assets or savings.
• DSCR– Jumbo DSCR loans for investment properties using only 1007 rental income to qualify. 
• Bad Credit Florida Jumbo Mortgage– Jumbo mortgage exceptions with unforeseen circumstances.