PS Mortgage Lending is a boutique Mortgage Company headquartered in beautiful Miami, Florida. PS can do business throughout Florida and Texas, and have agents who can meet clients face to face in many parts of both states.
We pride ourselves in thinking outside the box, because most clients don’t fit inside “the box” anyway! We spent years specializing exclusively in the hardest and most misunderstood mortgages, and evolved with the times during the real estate boom, the ensuing crash, and thriving in the aftermath.
Phil Stevenson is the founder and owner of PS Mortgage Lending, and leads a team of like-minded mortgage professionals who believe in doing what is ethical above all else. Phil is on the Ethics Committee of one of the National Mortgage Associations, which means he creates and enforces rules and ethical standards nationwide. So honesty, integrity, and strong ethical values are the backbone of PS Mortgage Lending!
PS Mortgage Lending is not only a veteran owned mortgage company, but also employs veterans and offers veteran borrower discounts. We do this as our way of saying, “THANK YOU FOR YOUR SERVICE!” The VA Mortgage Loan is one of the best programs on the market.
The VA Mortgage Loan offers 100% financing, which means no money is needed for down payment. There are programs that help pay the closing costs for veterans, or the seller can credit back some money to help pay those costs. This makes the VA Mortgage Loan a true “no money down” mortgage. The VA Mortgage Loan also offers much lower rates than conventional mortgages. For our disabled veterans, the VA Funding Fee can be waived, which is a significant cost.
Jumbo Mortgage Loans are a huge part of Miami and South Florida in general. We pride ourselves in having some of the lowest rates for Jumbo Mortgage Loans. Conforming loan limits in Florida are now at $484,350. So any mortgage above that amount is considered High Balance Mortgage or Jumbo, both of which we offer. Surprisingly, a jumbo mortgage can have a lower rate than typical conforming, conventional, or government loan (FHA, VA, USDA). We have many relationships with Jumbo Banks and Lenders to help find the best fit for you.
PS Mortgage Lending chooses to be a broker for FHA Mortgage Loans because as a broker we are capped. What does this mean? It translates to much lower rates for our clients who are seeking FHA’s first-time homebuyer programs, which requires a low down payment of only 3.5%. But don’t think that only FHA offers low down payment programs for first-time homebuyers.
Conventional Mortgage Loans are loans that are part of Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both Fannie and Freddie have 3% down payment programs under the names of Home Ready and Home Possible, respectively. So even these Qualified Mortgage Programs can help lower income, or lower down-payment type borrowers. They do require special classes to be taken, and also have income limits. In other words, if you make too much money, you have to put more money down under these programs.
PS Mortgage Lending also offers the fastest growing segment of the mortgage industry in the United States, which includes the very popular Bank Statement Mortgage Loan. These mortgages go by a very strange name that requires some explaining, which is Non-QM Loans or Non-Qualified Mortgage Loans. First, a Qualified Mortgage (QM) is the definition for some of the mortgages mentioned above; conventional, FHA, & VA.
Non-QM are the ones that don’t fit into that neat little box. They are for self employed mortgage borrowers who deduct a lot of income on their tax returns, so we use bank statements to verify their income via deposits. A non-QM loan can offer a higher rate for those who have a recent foreclosure or bankruptcy, or help investors buy houses without considering debt to income ratios. These are called Investor Cash Flow Mortgages or No Ratio Mortgages.
Most mortgage companies don’t offer this various array of programs, but we pride ourselves in having many products to fit the many different types of home buyers and home owners.
Reach out to Phil Stevenson and the Expert Mortgage Team at PS Mortgage Lending to see if you can qualify!
We think outside the box, to help those who don’t fit in the box…