Hard Money Loans for a Primary Residence in Pembroke Pines, FL

If you are in Pembroke Pines and searching for a hard money loan on the house you live in, you may be facing a deadline, a past credit problem or a property banks will not finance. Those pressures are real, but a short, expensive loan secured by your home can make a hard situation worse. Start by learning how these loans are treated, what lenders must check, and what other paths may fit.

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Call to speak with a licensed loan officer about hard money loans for a primary residence for a property in Pembroke Pines. Programs vary by borrower, property and investor.

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Owner-occupied housing in Pembroke Pines

70%Owner-occupied homes

2%Owner homes built before 1960

1992Median year built

43%Homes owned free and clear

70% of homes in Pembroke Pines are lived in by their owners. 2% of those owner-occupied homes were built before 1960, and an older home with deferred repairs is one reason some buyers are told a standard loan will not work yet. Before you borrow short-term money against the home you live in, ask a licensed loan officer about renovation loans, non-QM programs and other options that may fit with less risk to your home.

Why most hard money lenders avoid owner-occupied homes

The hard money industry mainly serves investors, and many of its lenders write only business-purpose loans on non-owner-occupied property. Once you live in the home, the loan becomes a consumer mortgage with protections designed for households, including the federal Ability-to-Repay rule.

Meeting those rules takes licensed staff, full disclosures and an income review, which is why many short-term lenders simply decline owner-occupied requests.

A lender that seems eager to lend on your residence without asking how you will repay is a warning sign. So is any hint that you should call the home a rental. Occupancy has to be stated truthfully on every application, and stating it falsely is mortgage fraud with serious consequences.

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Prefer to talk first? Call (888) 865-8230. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

Ability to repay still applies to your home

Your residence brings consumer lending rules into play, not investor rules. The lender must still make a reasonable, good-faith determination of your ability to repay, as the CFPB's Ability-to-Repay rule requires.

In practice, expect the lender to verify income or assets, check your debts and credit, and look at the whole payment rather than only the value of the house. If a lender in Florida tells you none of that matters because the home has plenty of equity, take it as a reason to slow down.

Equity can protect a lender, but it does not protect you from losing the home if payments or a balloon balance cannot be met.

Who this tends to fit

Self-employed homeowners whose income is hard to document the usual way
Family members helping a relative understand a hard money offer on a home
Homeowners facing a deadline who want to compare safer options first
Buyers who must close on a home before their current one sells
Borrowers with a past credit event who are weighing their choices

Pembroke Pines offices and Florida rules for investors

Property assessment: Broward County Property Appraiser. Florida residents who make a home their permanent residence may qualify for a Homestead Exemption, which can be filed online at bcpa.net, in person at the Property Appraiser's office, or at its Mobile Exemption Education Team events.
Deed and mortgage recording: Broward County Records Division. Your mortgage is recorded here after closing.

Florida contractor licensing: Construction Industry Licensing Board. The Construction Industry Licensing Board licenses and disciplines Florida contractors; DBPR's site lets you verify a contractor's license by name or number. Lenders funding renovation work often ask for the contractor's license and bid.

Safer options to ask about in Pembroke Pines first

A hard money loan should rarely be a homeowner's first call. Ask a loan officer serving Pembroke Pines to explain which of these other options you may be eligible for.

If self-employment or irregular income is the obstacle, non-QM programs review income in other ways. If the home needs work, an FHA 203(k) renovation loan rolls repairs into the mortgage. If timing between a sale and a purchase is the problem, a bridge loan from a licensed lender or a HELOC on the home you are selling may cover the gap.

None of these is right for everyone, but each carries consumer protections built for homeowners, and a licensed loan officer can lay them out side by side.

Before you call

Notes on why a bank declined, if one did
The lender's and loan officer's licenses, checked on NMLS Consumer Access
Your mortgage statement and payoff details
Proof of income or assets a lender can use to confirm you can repay
The full cost list: rate, points, fees and any balloon payment

Questions Pembroke Pines investors ask about hard money loans for a primary residence

Can I say the home is a rental to get a hard money loan?

No. Misrepresenting occupancy on a loan application is mortgage fraud with serious legal consequences. If you will live in the home, the loan must be made as an owner-occupied consumer loan. A lender or broker who suggests otherwise is putting you at legal and financial risk. Look for a licensed lender who will make the loan honestly or point you to another option.

What alternatives should I ask about first?

Depending on your situation, a licensed loan officer may suggest a non-QM loan for income that is hard to document, an FHA 203(k) loan for a home that needs repairs, a bridge loan from a licensed lender to buy before you sell, or a HELOC on your current home. You may or may not qualify for each, but they are worth comparing before a hard money offer.

Why do hard money lenders turn down owner-occupied homes?

Lending on a home you live in is consumer lending, which brings licensing, disclosure and ability-to-repay duties that many investor-focused lenders do not take on. Foreclosure on a primary residence is also more regulated. As a result, many short-term lenders limit themselves to rentals, flips and other investment property and decline residential requests.

How do I check whether a lender in Florida is legitimate?

Look up the company and the loan officer on NMLS Consumer Access, which shows licenses by state. You can also check with the Florida agency that regulates mortgage lenders. Be cautious with lenders who pressure you to sign quickly, ask for large upfront fees before reviewing your file, or will not put terms in writing.

Talk to a licensed loan officer

Get answers about hard money loans for a primary residence for a property in or around Pembroke Pines. Subject to credit approval; programs vary.