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 Conforming Loan amounts up to $806,500 | FHA Loan Limits are specific to each Florida County
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Florida Delayed Financing Mortgage Requirements

Florida Delayed Financing Mortgage Requirements

In certain aspects, a delayed refinancing mortgage operates like a traditional refinance: The buyer already possesses 100% equity in the home or is very close to achieving it. Typically, there’s no pre-existing mortgage on the home, as it would have been settled at the closing. Importantly, the loan proceeds are directed to the borrower, not the seller.

Delayed financing is a tactic involving the initial cash purchase of a house, followed by obtaining a mortgage after the closing. This approach aims to distinguish buyers during the home-buying process and expedite the property acquisition. Cash buyers typically wield greater negotiating power in conventional real estate transactions, offering advantages that appeal to sellers.

By implementing a cash-out refinance post-closing, buyers unlock the funds initially used for the home purchase. Subsequently, buyers can transition to making regular long-term payments on the house, resembling the structure of a traditional mortgage from the outset.

Florida Delayed Financing Mortgage Requirements:

  • The borrower must own the property
  • A title report must confirm there are no liens on the property
  • The settlement statement must verify that the property was purchased with cash
  • The source of the funds used to purchase the property must be sourced and documented. These documents can include bank statements or documents from a personal loan or home equity loan secured by another property
  • Minimum Credit scores of 660
  • Up to 80% loan to value
  • Income can be documented with pay stubs, W2’s and / or tax returns
  • Income can be documented with 12 or 24 months of bank statements
  • Rental income can be used to qualify
  • Debt Servicing Coverage Ratio [ DSCR ] for investment properties only can be utilized
  • Debt to income ratio less than 50%
  • Property can be used as a primary home, second home or an investment property
  • Property must a single family home, multifamily home up to 8 units, townhouse, warrantable condo, non-warrantable condo, or a condotel
  • Minimum loan amount of $200,000
  • The contract sales price will be used as the property value; an appraisal will be used to confirm the property value.   

Florida Delayed Financing Mortgage Benefits

  • Get cash out immediately after purchasing home in cash – no waiting period. By utilizing all cash for your home purchase, you bypass the standard six-month waiting period typically associated with refinancing to recover your funds.
  • Opting for a cash purchase may enhance your negotiation position and increase the likelihood of your offer being accepted. Sellers often favor cash offers as they eliminate concerns about a borrower securing mortgage approval.
  • Reclaim your funds: Post-purchase financing liberates cash that can be directed towards various expenses, including home improvements or the acquisition of a second property.
  • Warrantable Condo Properties available
  • Non-Warrantable Condo Properties available
  • Condotel Properties available

When your ready to get started on your Delayed Financing Mortgage, we are experts to guide you through the entire process, the first step is getting you pre-approved. You can apply online or you prefer to speak with one of our Delayed Financing Mortgage Experts, we would be happy to speak with you. Call or text us at 407-955-4575.

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