About Bad Credit Tax Return Florida Mortgage Lenders

Florida bad credit bank statement mortgage lenders were created for self-employed borrowers that write off all of their income.  Bank statement mortgage lenders use 12 or 24 months of bank statements and average a borrower’s income for mortgage qualifying. These alt doc mortgage loans allow self-employed business owners and independent contractors who take too many deductions to qualify for a Florida mortgage.

No Tax Return Bad Credit FL Mortgage Lenders

Bad Credit Mortgage Lenders Max Loan To Value
•350-549 Max LTV 70% •550-579 Max LTV 75% •580-639 Max LTV 80% •640-679 Max LTV 85% •680+ Max LTV 90%

Occupancy:
• Owner Occupied & Second Home.

Property Types:
• Single Family Homes – Condos – Townhouses – 2 to 4 Units.
• Condotels – NO area restriction.
• Non-Warrantable condos.

Property Condition:
• Property must show “Pride of Ownership”.

Loan Terms:
• All loans are 30 years fully amortized products.

Loan Amounts:
• $100K Minimum to $5 million Maximum – Owner Occupied.
• Loan amounts over $1 million need managing underwriters’ approval.
• Loan Amounts greater than $2 million require 2 Appraisals.

Debt to Income (DTI):
• 55% max DTI with 24 months bank statements, traditional Full-Doc and LTVs up to 80%.
• 50% max DTI for other ATR tests, Interest Only and LTVs over 80%.

Income Documentation:
Full Doc – W-2’s & Paystub, 1040’s
Alt Doc – 12- or 24-month bank statements.

VOE Only Program – For NON-Self-Employed Borrowers Only:
• Verifiable VOE from Employer (not self-employed or self-prepared). The VOE must be fully filled out and must include all income and averages.
The VOE must be signed and dated by the employer with accurate contact info.

1099 Only Program: For Non-Self-Employed Independent Contractors
• 2 Years 1099’s
• Lender Must verbally verify accuracy of income on 1099’s

K-1’s Only Program:
• 2 Years K-1’s
• CPA, certified tax preparer or enrolled agent attesting that K-1’s are accurate & borrower self-employed for 2 years or more.

P&L’s Only Program – For Self-Employed Borrowers Only:
•Most recent 2 years full and Complete Profit and Loss Statement.

YTD Profit and Loss Statement
• Professionally Prepared P&L – Verifiable letter from licensed CPA, Certified Tax Preparer or Enrolled Agent attesting that they prepared the
P&L statements.
• Borrower Prepared P&L – Borrower to sign and date the P&Ls and attest to the accuracy of the P&L’s via a handwritten, signed and dated
letter. And a verifiable letter from a licensed CPA, Certified Tax Preparer or Enrolled Agent attesting the borrower prepared P&L’s are factual.
• Proof that the borrower has been self-employed for that business for 2
years.

Asset Depletion Program – For All Employment Retired/Unemployed:
• Qualifying income is based upon Total Assets Eligible for Depletion, less down payment, less out of pocket closing costs, less required reserves,
divided by 60. This amount will be used as the monthly income. Debt calculations will need to include all debts, not just housing debts.

Down Payments or Liquid Cash Reserves:
• All down payment funds MUST be sourced & seasoned in the last 60 days from 80.01-90% ltv.
• All down payment funds MUST be sourced & seasoned in the last 30 days up to 80% ltv.
• 100% Gift funds are acceptable up to 80% LTV – direct relative. $1M-$4M 50% can be gift.

Pre-Pay Note:
• No pre-payment penalty on ANY consumer products. Rate Buy Down – 1 point cost for every 33.3bps – Max 2 point buydown. Conditions Apply – All info is subject to change without notice and is NOT to be relied on.

NO Tax Return Bad Credit Florida Mortgage Lenders