3.5% Down Bank Statment Florida Mortgage Lenders

Bank Statement Florida Mortgage Lenders –  ITIN Florida Mortgage Lenders Use Bank Statements For Income 

3.5% Down Bank Statment Florida Mortgage Lenders are great if you searching for P and L Florida Mortgage lenders, Florida Self-employed Mortgage Lenders, 1099 Mortgage Lenders, Mortgage for gig workers, ITIN-DACA Florida mortgage lenders, no tax return Florida mortgage lenders then you came to the right place. All you need is 3.5% Down, 3 months’ bank statements, YTD Profit loss, and last year’s tax return show just to show you made income. This allows you to owner-finance any home that qualifies for FHA and the Govt entity will pay off the seller.  It might seem complicated but it’s not that bad. Call me I’m here to help you. 

 The borrower (customer) qualifies for a:
– 40-year Seller Financing Agreement qualified for the home of their choice
– A contract for Deed is signed which gives the borrower equitable title interest
– This is NOT a loan. The customer is not borrowing any funds Then the Seller Finance Agreement in linked with an FHA purchase loan utilizing a government entity as the borrower and owner of the subject property.

Seller Financing Process / Conditions

•Minimum 3.5% down payment up to FHA loan limits
• First-time homebuyers
• Self-employed individuals
• 1099 and gig workers
• Those relocating or starting a new job
• Recent college graduates
• Individuals with student loan debt
• ITIN/DACA borrowers
• Borrowers facing credit challenges 40-year amortization with an equity option.
•A minimum credit score of 600 is required (ITIN borrowers exempt from credit score requirement)
•Roof under 10 years old appraisal must be  – c3 or c4 condition indicating a well-maintained property with some minor deferred maintenance or physical deterioration due to normal wear

3.5% Down Seller Financing Process for Approved Properties

1. (MLO) mortgage loan originator collects customer loan applications & submits them to its underwriting team. 
2. Customer is approved for an Owner Financing Loan and shops with their Realtor for a home.
3. LO works with customer and agent to obtain Purchase Sale agreement w/assign-ment for Govt agency buyer.
4. Lender initiates FHA disclosures for Seller financing to sign and orders FHA appraisal.
5. Customer signs a government agency contract & funds required deposits for closing per the Closing CD.
6 Government agency contract signs the closing loan docs for the FHA 1st mortgage.
7 Lender funds the loan and title records the sale like any other.
8 Closed and the customer moves in.
9 Customer makes monthly payments to the servicer.

Seller Financing Submission Checklist 

Florida Bank Statment Owner Financing Summary 

• No Income or asset Seasoning Requied
• Minimum Credit score 600+
• 40-Year Amortization with an Equity Right.
• Daca or borrowers that do not have SSN Okay.
• S/E 1099 Gig workers less than 1 year OK
• Income analysis is based on YTD PL and 3 months of bank statements to analyze cash flow. 
• Must-Have- 12 months of verified timely rental history 
• Seller Paid Closing Cost Up to 6%.

Summary Document Checklist

• 3.5% Down payment
• 3 months’ bank statements fi your self-employed
• YTD Profit loss
• last year’s tax return show just to show you made income
• Purchase contact Seller paid closing cost up to 6% 

It might seem complicated but its not that bad. Call me I’m here to help you. 

Who Can This Loan Program Work For? 

Document Checklist

• Last year’s Tax Return to show total income.
• Last year’s YTD P&L
• YTD P&L
• 90-day business bank statements.
• PL must be provided by a professional or booking application. 

Seller Finance Agreement Fees

• The lender origination fee is 75% of the purchase price.
• 1295 Lender closing fee
• Signing Fees 465
• HOA Serving fee 325 if applicable
• 350-550 Home Warranty Mandatory Must be on CD.
• $$$ Payment Protection Plan must be on CD
• $235 Homeownership counseling –  Must be on CD>
• 100k of Renters Insurance – POC – For a renters insurance policy with $100,000 in liability coverage, expect to pay around $12 to $30 per month, or $147 to $360 per year, 
• Homebuyer Education course -POC

1. Standard FHA purchase and EMD to the approved title agent.
2. Sign the assignment addendum then assign the contract to the hud approved entity. 

How Does The Seller Finance Program Work? 

• Complete Mortgage Application Pull Credit get pre-approved for seller financing. 
o Once the approval process is complete is completed an email will be sent with the maximum approved monthly payment and home price supported by that payment.
• Customer is the borrower on the financing agreement and  is the Lender on the Link transaction
o Government Entity – Instrumentality of Government (IOG) is the borrower on the FHA loan
• Customer shops for home with their Agent
• Agent uploads accepted contract
• prices the Link payment and issues the Link disclosures
• Trio accepts the assignment and submits to LHFS who then orders the appraisal
• Trio and LHFS work together to clear both the Link Loan and FHA loan to close
• Customer signs a Link agreement and pays required costs
o Link agreement is signed a day before FHA settlement

Eligible Borrowers 

Maximum two applicants per financing
• U.S Citizens
• Individuals or Inter Vivos (Living) Trusts; DACA ok
• Non-U. S Citizens (no exceptions made on documentation needed below)
o Lawful Permanent Residents
▪ Eligible with green card, requires a U.S. social security number
o Non-Permanent Resident Aliens
▪ Eligible with proof of employment and Individual TaxpayerIdentification Number (ITIN)

or

▪ Eligible with U.S. social security card (that is valid for work only with DHS authorization) and
Employment Authorization card
o Borrower(s) with Diplomatic Immunity
▪ Not eligible
• Non-occupant co-borrower allowed
o Must sign the loan documents as an additional guarantor
o Income may be used for qualifying income
o Occupancy is not required
o Must have no interest in the transaction as a seller

3.5% down 40-year seller finance agreement is assigned to Hud entity. Hud entity will pay off the seller in full at closing.

Alachua County, FL Baker County, FL  Bay County, FL Bradford County, FL Brevard County, FL County, FL Calhoun County, FL Charlotte County, FL Citrus County, FL Clay County, FL Collier County, FL Columbia County, FL DeSoto County, FL Dixie County, FL Duval County, FL Escambia County, FL Flagler County, FL Franklin County, FL Gadsden County, FL Gilchrist County, FL Glades County, FL Gulf County, FL Hamilton County, FL Hardee County, FL Hendry County, FL Hernando County, FL Highlands County, FL Hillsborough County, FL Holmes County, FL River County, FL Jackson County, FL Jefferson County, FL Lafayette County, FL Lake County, FL Lee County, FL Leon County, FL Levy County, FL Liberty County, FL Madison County, FL Manatee County, FL Marion County, FL County, FL -Dade County, FL Monroe County, FL Nassau County, FL Okaloosa County, FL Okeechobee County, FL Orange County, FL Osceola County, FL County, FL Pasco County, FL Pinellas County, FL Polk County, FL Putnam County, FL Saint Johns County, FL  Saint Lucie County, FL Santa Rosa County, FL Sarasota County, FL Seminole County, FL Sumter County, FL Suwannee County, FL Taylor County, FL Union County, FLVolusia County, FL Wakulla County, FL Walton County, FL Washington County, FL