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No Tax Return Self-Employed Florida Mortgage Lenders

Contents 

1. What Mortgage Options Are There For The Self-Employed?

2. Why Self-Employed Have Trouble Getting A Mortgage?
3. What Are Self-Employed Mortgage Lenders Are Looking For?
4. Self-Employed Document Checklist 

1. What Mortgage Options Are There For The Self-Employed?

• No Income: No doc, stated Florida no Income verification Mortgage Lender
• NO tax return: Non-QM and private lenders offer alternative documentation.
• 1099 Only: Use 1099 use Income up to 100% deposits if you don’t have any business expenses.
• VOE: Allow your VOE to disregard your tax return write-offs. 
• Bank Statement: Use 12 or 24 average bank deposits for mortgage income. 
• Asset-Based: Assets in your account to qualify.
• Self-Employed Mortgage: – If you write off too much of your income.
• P&L Only:: Use Your licensed Tax preparer Profit and Loss to qualify.
• NO Income:: Use the subject property’s income for your next investment. 
• Foreign National: Nonresidents can invest purchase or cash out. 
• Commercial: Options for Florida office buildings, shopping centers, and warehouses.
• Reverse Mortgage Condo: 55+ Florida Condo mortgages with no monthly payments. 
• Bad Credit: Bad Credit mortgage approvals based on payment history.
• Non-warrantable Florida Condos – that don’t meet Fannie Mae or Freddie Mac specifications.
• Condotel Mortgage Options –  unit owners can rent out their units to short-term guests
• Cross Collateral – qualify up to 90% financing when pledging more than one property for collateral. 

2. No Tax Return Mortgage Lenders For Self-Employed, 1099, Freelancers.

Self-employed individuals often have difficulty qualifying for a mortgage due to writing off business expenses on their income taxes. If this describes you then we have you covered! Our self-employed Florida mortgage lenders often require proof of Income history including downpayment, closing costs, and reserves. We offer several alternate document solutions for self-employed borrowers as well as contract workers. 

3. What Are Self-Employed Lenders Looking For? 

You can expect Florida self-mortgage mortgage lenders  to request proof of the following including: 

• 2 years of Income stability in the same line of work
• The location and nature of your self-employment
• Document the financial strength of your business

4. What Documents Do Self-Employed Borrowers Need?

Like most lenders, self-employed borrowers will need to document cash, credit, capacity and collateral. 

1. CASH- Purchase- Determine is there are enough funds for a Down payment, Closing Costs, and Reserves. Request 60-day bank statements for all asset accounts listed on the loan application. Check the bank statements and confirm the borrower had enough for 1. Down payment, 2. Closing cost, 3. Reserves. to meet the loan program requirements?
   Verify there is enough funds for the Occupancy and or Loan Program Requirements. Example = Bank Statement only requires minimum 10% Down + Est 5% Closing Est 5% Reserves the borrower needs at least 20%. Does the borrower have enough cash? Funds Must Be Sourced or Seasoned? Sourced = (proven) from an acceptable source or seasoned in the bank account 60+ days? Cash Deposits CANNOT be sourced. NSF on bank statements? Cash for Refinance – Is there enough EQUITY IN THE HOME to cover all liens, closing costs, etc? In General, the Max LTV is 75-80% of the Estimated Home value. 75 to 80% must include closing costs. Disqualifiers = Not enough funds or Unsourceable CASH deposits. For a Refinance NOT enough equity in the home to cover all refinance costs. If you are not sure ask.
2. CREDIT- Is the credit Acceptable? Are there any disqualifiers? If you are unsure ask for help Disqualifiers = Judgements, Repos, Evictions, 30,60,90 day late pays. Unable to prove financial stability and/or acceptable payment history, too much debt.
3. CAPACITY (DTI) – Verify Stable income, in general max DTI = 35/50 subject to AUS. Housing should be about 35% of your income and housing plus all other payments on your credit should be no more than 50%. 
4. COLLATERAL– Acceptable collateral for the loan program, livable, habitable, and insurable.
   Disqualifiers Include = Will the home appraise? Is the home marketable move-in ready?
   Different types of properties have various down payments, closing costs,and reserve requirements. For Example, Nonwarrantable condos generally require min 25% down + closing cost + reserves. Find out from the lender the minimum down payment, closing cost, and reserves for the property type.