NMLS ID:1747872

 

 

 

© 2018  BEACON POINT MORTGAGE SOLUTIONS, LLC 

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Terms of Use 

LOAN PROGRAMS & RATES expressed are representative of some product offerings but are subject to CHANGE at anytime.

*Florida Second Home Specialist is not a state designation nor a Florida State endorsement.

“THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENTAL AGENCY, AND THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE GOVERNMENT.” 

Instead this service reflects the scope of our work and commitment to make it easy for out of state residents to finance a second residence in Florida.

 

Call us! 800-466-0664

Second Home or Vacation Homes

Are  you a Florida Snow Bird?  Are you drawn to this destination for boating, fishing, deep diving, golfing  or other recreational activities?  Is it the  delicious seafood, or cultural diversity that draws you to Florida?  Financing may not be out of your reach for a second home or vacation condo. The daily rate of housing cost is definitely cheaper than renting, better than the limited use of a time share, and the cost of a hotel stay.  

 

In Florida your ability to finance a second home purchase or refinance on a second home may be impacted by association dues, the legalities of homeowner's community regulations and covenants, and the cost of insurance. However, you can look to Beacon Point to steer you in the right direction. So many people spend lots of time looking for condos, some find a cheap condo, many at price points under $100,000 but only to discover much to their frustration and that of their realtor to discover that  lovely condo is  non-warrantable, that the property itself is not compliant with regulations that govern most conventional and FHA loans.  its so unfortunate their loans getting denied for something  seemingly out of their control. Don't remain discouraged. This doesn't happen to Beacon Point customers.  We even offer financing over condotels, condos that you own and that are managed as a hotel on a resort like property. Learn everything you need to know about financing a  non-warrantable condo by clicking here

 

 

 

 

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Beacon Point's Ginnie Mortgage

Rate Reductions, Home Improvements, Debt Consolidation, Business Purpose Cash-Out

 

You need the money and we have got a perfect solution with good old Ginnie Mae!

7-10 Day Closing

Is financing a a second home purchase  realistic for you?

Your ability to meet the below referenced down-payment requirement and additionally  cover the costs associated with financing your purchase are the primary concerns in determining whether your purchase of a second home is realistic. Then all other criteria typically required for qualifying for financing a purchase must be satisfied.  We have prime loans and non-prime loans  available to fund your purchase. Get Quote

Down Payment

The down payment for a second home is usually higher than on a first residence. Why/  Because, lenders require more of an equity cushion in the property given that the risk of your default or casualty to their collateral is higher because  (a) you do not live there full-time  (things could go wrong which endanger the lender’s collateral) and (b-) it creates greater debt service, adding on to your existing debt load.

Slightly Higher Interest Rate

Why are mortgage rates on second homes generally higher than on a primary residence?  The added adjustment to the prime rate, makes the mortgage appeal more to the investors who buy the rights to collect dividends on the mortgage.  The rate of course compensates the for the real risk presented to a lender and its investor in extending financing over a non-primary residence. 

HOME PURCHASE

 Full Documentation or

No Income Tax Returns

 

Not everyone has a perfect 750 score and 20% cash as a down payment on their mortgage or tax returns to prove up sufficient income to qualify for a traditional loan. Yet, you are a successful self employed  professional or business owner. Beacon Point has the perfect win-win solution for you.

21 Day Closing

Within a vast portfolio of Mortgage products Beacon Point usually finds that Ginni Mae mortgages are a good fit for our second home clients.  Unlike Ginni Mae's cousins Freddie Mac and Fannie Mae, Ginnie Mae is not a publicly-traded company, it is a federally-owned corporation. An investor in a GNMA security will not know who the underlying issuer of the mortgages is, but merely that the security is guaranteed by GNMA, backed by the full faith and credit of the U.S government, just as U.S. Treasuries. Investors with shares in Ginnie Mae funds never have to worry about late payments or mortgage defaults. If and when mortgage borrowers fail to make payments, Ginnie Mae steps in to honor those missed payments.

MAX LTV 90% WITH 

CREDIT SCORE 700

Other lender restrictions may apply.

Facts About Ginnie Mae

  • The first organization to create and guarantee mortgage-backed securities in 1970.

  • Continues to provide these funds ever since.

  • By offering guarantees on securitized loans, Ginnie Mae is instrumental in keeping the nation's housing market moving.

  • Investments in Ginnie Mae funds help create new lending opportunities. 

  • Even in uncertain times, investors are guaranteed payment of interest and payment, in full and on time. Because they know they'll always receive payments, lenders are able to create more mortgages at more affordable rates. 

  • For our second home clients at Beacon Point Mortgage Solutions, Ginnie Mae is a good fit for  second home purchase & refinance whereas other agency loan applications would get  declined with manual underwrites or fail agency desktop underwriting, require larger down payments, and up-charges on interest rates.

 

Tips when buying your Florida Vacation Home

Build Trustworthy Relationships

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Your home is more than 150 miles away, on average 1,500 miles away and you desire a home away from home. What you need is a trustworthy, considerate and hard-working Realtor full of energy (we work with a few exceptional Realtors) and a Mortgage Broker with flexible lenders to offer financing with great pricing and little or no overlays or the dreaded manual underwrite. You want a fast track closing that is predictable and fits your logistics.  No need to  make arrangements for a power of attorney  for your closing as most Beacon Point lenders permit remote closings at a location nearest to you. Start your transaction here with the Beacon Point Team . 

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Maintenance

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If  you plan to purchase a second home in Florida. The best option would be and is often a condo or a property in a tightly-knit homeowner’s association. The management companies take a hands on approach at maintaining your home and arrangements can be made to even put up your storm shutters during the hurricane season.  Inquire always with your realtor about whose duty is it to mow the lawn and trim the landscape as well as putting up the shutters. Florida management companies is what keeps all communities looking the cleanest and most inviting than many other state. Beacon Point has offerings on Condotels and Nonwarrantable Condos (condos that don't pass ordinary agency guidelines.

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Home Owner's Insurance

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Insurance policies on second homes, even if used by the owner exclusively, usually is more expensive than your ordinary homeowners policy. In fact most carrier’s will charge you the rates of  landlord policies because of all the risks associated homeownership that you are unable to control due to the lack of your presence. It won’t matter if you have a relative living in the premises when you are not there. Here is the list of insurable risks, as outlined by the Institute of Insurance.

Of course if you live closer to the beach or in some remote location, these factors will undoubtedly cause an upcharge on your premium.

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Utilities

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If you plan to leave your property unoccupied for a significant period of time, it’s a good strategy  to shut all utilities. Florida Power & Light has a mobile app which makes facilitating turning on and off your power as easy as hitting a submit button. https://www.fpl.com/account/moving.html?cid=HT2.

Should you have a security system in place that is reliant on electricity and which might be required by your insurance carrier than this option may not be available to you and you must do things the old fashion way.  Get a trustworthy neighbor or security company to go to the premises and shut off the main in the event of a storm.

To shut  off water contact your municipality.  Ordinarily there will be a cost associated with turning it on and off and again your request can be done over the phone or by electronic means.