Equal Credit Opportunity Act
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning Suncoast Mortgage Firm LLC, is:
Federal Trade Commission, Equal
Credit Opportunity
600 Pennsylvania Ave., N.W.
Washington, DC 20580
Home Mortgage Disclosure Act Notice
The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s Web site (
www.consumerfinance.gov/hmda). HMDA data for many other financial institutions are also available at this Web site.
USA Patriot Act – Customer Identification Requirements
In accordance with Section 326 of the USA Patriot Act, applicants for new accounts are requested to provide current picture identification that verifies identity including name, address and other identifying information.
Protection of our customer’s identity and confidentiality is our pledge to you. We proudly support all efforts to protect and maintain the security of our customers and our country.
Mortgage Lending Criteria
The following provides, in general terms, underwriting criteria for a Mortgage Loan application. It is the policy of Suncoast Mortgage Firm LLC to consider the creditworthiness of applicants and their ability the repay the loan for all Mortgage Loan applications. The primary factors used to determine creditworthiness include, but are not limited to, the following:
- Credit history
- Debt to income (DTI) ratio
- Employment status (if applicable)
- Projected monthly mortgage payment, and projected monthly payment on any simultaneous loan(s) secured by the same property
- Cash reserves and other assets
- Current income used to repay the loan
- Collateral – Property condition and loan-to value (LTV)
Verification of Funds
Suncoast Mortgage Firm LLC reserves the right to verify funds that are indicated to be used for the earnest money deposit, down payment, and closing costs, if applicable.
Appraisal
A written certified appraisal, agency approved equivalent or property inspection waiver is required for all mortgage loans. The purpose of an appraisal is to determine whether the collateral is of sufficient value to cover the requested loan. It is important to note that not all loan programs require an appraisal. Please consult your licensed mortgage loan officer.
Interest Rates
Interest rates are obtained and dependent on general market conditions. Contact Suncoast Mortgage Firm LLC directly for current interest rates.
Terms
Loan programs and terms offered by Suncoast Mortgage Firm LLC are established commensurate to the Government Sponsored Enterprises (GSE) guidelines and/or its investor criteria.
Flood Plain
If the real estate is located in a special flood hazard area, flood insurance will be required and must meet the following requirements: (1) The community must be participating in an approved flood program; (2) Insurance must be obtained in the amount at least equal to the lowest of (a) the unpaid principal balance of the new loan amount, (b) the replacement cost of the insurable improvements, or (c) the maximum amount available; and (3) A copy of the insurance policy must be submitted to Suncoast Mortgage Firm LLC on or before closing.
Additional Criteria
All loans originated within agency conforming and high-balance loan limits must conform to standard automated underwriting system eligibility requirements as well as any additional requirements or overlays imposed by the specific loan program. All loan applications for non-agency loan programs will be subject to all guidelines and requirements specific to the particular loan program.
Where recommended or required by an investor, an automated underwriting system (AUS) submission will be considered alongside manual application of loan program guidelines. The decision to lend is based on the particular loan program guidelines and underwriting of pertinent documents supplied by the applicant or a third party. A title search will be performed on all loans prior to closing and Suncoast Mortgage Firm LLC must secure a commitment for title insurance prior to closing.
Mortgage Disclosures and Closing Costs
Suncoast Mortgage Firm LLC will provide a written loan estimate of closing costs when sufficient information regarding the mortgage loan is available and in accordance with all applicable laws and regulations. In addition, other Federal and State Disclosures are provided that contain information on important terms and conditions associated with loan applications. It is Suncoast Mortgage Firm LLC primary goal to provide the best customer experience possible, and to accomplish that goal we want Suncoast Mortgage Firm LLC customers to be well informed!
Construction-Permanent Admin Fee
This is a fee used to administer a construction-permanent loan. It includes monitoring draws and inspection fees during construction, as well as updates to the title of the property. This fee is reserved for transactions that allow you to finance the construction phase of your new home, after which, your loan converts into permeant financing with regular mortgage payments.
