Are you self-employed or 1099 wage earner and having a hard time getting pre approved for a Florida mortgage? We know the story. They have a great top line, but after the accountant works their magic there isn't much adjusted gross income left to by a Florida home. Florida Mortgage Lenders has the answer...
FLORIDA BANK STATMENT ONLY MORTGAGE LENDERS DETAILS INCLUDE:
- 2 Years Self Employed Required!
- Bank statement deposits used to qualify!
- No tax returns required
- 24 months personal bank statements (Personal and Business)
- Loans up to $2 million
- Credit scores down to 500
- Rates starting in the 5’s
- Up to 85% LTV
- DTI up to 50% considered
- Owner-occupied, 2nd homes, and investment properties
- 2 years seasoning for foreclosure, short sale, BK, DIL
- Non-warrantable condos considered
- Jumbo loans down to 660 score
- 5/1 ARM or 30-year fixed
- No pre-payment penalty for owner-occ and 2nd homes
- SFRs, townhomes, condos, 2-4 units
- Seller concessions to 6% (2% for investment)
- 50% OF TOTAL BUSINESS DEPOSITS = Florida Bank Statement Mortgage Lenders will use 50% of the total deposits over a 24 month period if using business bank statements.
- 100% OF TOTAL PERSONAL DEPOSITS = Florida Bank Statement Mortgage Lenders also will accept 100% personal bank statements for the sole proprietor borrowers or 1099 wage earner. 24 months of personal and we will count 100% of the deposits.
IMPORTANT TO NOTE:
Bank statement loan to value and rate will vary depending on score and loan size.
From a 600 to 649 the LTV available is 75%.
Greater than 650 the LTV goes up to 80% with a very beneficial price break for those with scores over 700.
To learn more about the bank statement loan program or any of the other alternative financing programs available through Florida Mortgage Lenders.
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