Airbnb No Tax Return Florida Mortgage Lenders Using Rent Rolls For Income!
Florida Mortgage Lenders Purchase/Refinance Use 75% Of Lease Agreements Income!
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No Income Verification Florida Investor Loans
Owning an Airbnb space has become increasingly popular in Florida. As owners become travelers and investors they seek to purchase and refinancing options to free up the cash needed to buy more Florida Airbnb properties. But if you have a savvy accountant that takes advantage of all IRS deductions, then you may NOT qualify for the next Airbnb or short-term rental deal that comes for sale. Our Florida mortgage lenders allow you to purchase or refinance AirBNB short terms rentals using the lease agreements for income.
No Income Verification Florida Investor Loans
Our No Income Verification Florida Investor DSCR Lenders, No Ratio Lenders allow Florida investors to qualify based on their rental income. No personal income or Tax returns are needed to qualify. The lender uses the current rent schedule if available or will order a 1007 rental comparable appraisal. This saves you from submitting complicated income statements and tax returns.US Mortgage Lenders LLC offers Alternative Options for Florida Real Estate Investors.
SHORT-TERM LEASE INCOME CALCULATION:
● Average 12 to 24 months deposits. Take 75% of the total income, Then Subtract – Taxes, Subtract – Insurance – HOA = Total income used for mortgage qualifying! NO Tax Returns are Needed to Qualify!
● SFRs, Condos, (Warrantable & Non-Warrantable), PUDs, 2-4 units, Townhomes
● No below-average properties
● Minimum $50,000 equity required
● 5 ARM or 30-Year Fixed
● 10 Year/40 Year Term IO
● All loans require impounds for tax and insurance
AIRBNB SHORT-TERM LEASE LOAN AMOUNTS:
HOUSING HISTORY/CREDIT EVENT SEASONING:
● Housing history—0x30. For housing delinquency, see pricing adjustments.
● Bankruptcy/Foreclosure—2-year seasoning. For less than 2 years, see
● Short Sale/Deed-in-Lieu/Modification—2-year seasoning. For less than 2
years, see pricing adjustments.
● Forbearance <1 Year—See Loan Program Description
● Max of 50% DTI, 55% allowed with LTV up to 80%, $4,000 disposable and 0x30
● Residual Income—$1,500 per household plus $500 1st child, $250 thereafter.
Child maximum $1,500.
● For Refinance transactions properties must be off the market for 6 months
● Maximum 500%.
TAX LIENS AND JUDGMENTS:
● All tax liens and judgments must be paid at closing.
● Collections and charge-offs need to be paid off except:
– Medical Collections.
– Collection accounts older than 2 years.
CREDIT SCORE/TRADELINE REQUIREMENTS:
● 3 trade lines reporting for ≥ 12 months; or 2 trade lines reporting for ≥ 24 months with activity
in the past 12 months. For borrowers without a housing history, one of the tradelines must be
at least $5000 high credit/limit .
● Credit Score The middle score of the primary wage-earner is used for pricing and LTV
● Lease agreements in lieu of Tax Return, w2, and paystubs treated as ALT Doc.
ASSETS / RESERVES:
● <75% LTV—None Required; >75% LTV—6 mos.; Loan Amount >$2M—12 Mos.
● Cash-out may be used to satisfy reserve requirements.
● Gift funds are allowed:
>80% LTV Borrower must contribute 5% own funds;
≤80% LTV 100% of down payment and closing costs may come from gift funds.
Note: Gift funds may not be used to satisfy reserves requirements
● Owner Occupied and 2nd Home, Short term, Airbnb.
● First-time Homebuyers allowed, see program guidelines
● Short-term mortgage lenders will allow the application of Lender Credit to be used for recurring and nonrecurring closing costs.
● Any overages will be applied to principal reduction.
● Lender Credit can be used on Lender Paid and Borrower Paid Loans
● Lender Credit cannot be used to pay broker compensation.
● Purchase and Rate & Term Rei: 2nd Appraisal Required for loan amounts >$2M
● Cash-out Rei: 2nd Appraisal Required for loan amounts > $1.5M
● We work with over 100+ Lenders. Contact the US For Updates. Mortgage programs change rapidly. This information is NOT to be relied on.
WHAT IS A SHORT-TERM RENTAL AIRBNB LOAN?
Airbnb is a short-term rental property website that markets rental homes for short-term lease. Short-term rental homeowners get to manage and market how much to charge visitors per night and allow short-term Florida rental bookings and income collection on their online portal. It’s free to list a property on Airbnb properties and the fees are added during and after the leasing process.
An “Airbnb mortgage loan” refers to any type of financing that can be used by an investor to buy a short-term Florida property rental for use as an Airbnb. There isn’t such a thing as a loan specifically for Airbnb use, but we offer alternate Alt document financing options for Florida short-term rentals.
Remember that most Florida banks will require 2 years of tax returns and only allow you to use the adjusted gross income to qualify. When trying to mortgage refinance or purchase for short-term Airbnb rental property with no tax returns work differently than a typical FannieMae investor loan quaifying. In addition, a larger down payment and reserve requirements will be required to secure the financing, usually, a minimum of 15% downpayment is required.
Full Doc Short Term FannieMae Rental Income Qualifications
Documenting Florida Mortgage Lenders Rental Income
The Florida mortgage lender must obtain documentation that is used to calculate the monthly rental income for qualifying purposes. The documentation may vary depending on whether the borrower has a history of renting the property, and whether the prior year’s tax return includes the income.
This topic provides full doc mortgage lenders qualifying, rental income, including:
- General Requirements for Documenting Rental Income
- Documenting Rental Income from Subject Property
- Associated Policies
- Eligible Properties
- Ineligible Properties
- Documenting Rental Income from Property Other Than the Subject Property
- Reconciling Partial or No Rental History on Tax Returns
- Calculating Monthly Qualifying Rental Income (or Loss)
- Treatment of the Income (or Loss)
- Offsetting Monthly Obligations for Rental Property Reported through a Partnership or an S Corporation
- Rental Income Calculation Worksheets
- Reporting of Gross Monthly Rent
Florida DSCR No Tax Return Investor Coverage Areas
Port St. Lucie
Panama City Beach
South Miami and Lantana
On Top of the World
New Port Richey East
West Vero Corridor
West Palm Beach
Town ‘n’ Country
Palm Beach Gardens
North Miami Beach
North Fort Myers
Royal Palm Beach
Land O’ Lakes
Lake Worth Beach
South Miami Heights
West Little River
East Lake-Orient Park
Vero Beach South
New Smyrna Beach
Sun City Center
Silver Springs Shores
Palm River-Clair Mel
Port St. John
Fort Walton Beach
Sunny Isles Beach
World Golf Village
San Carlos Park
Upper Grand Lagoon
Lake Butler CDP
New Port Richey
Jensen Beach and Forest City
North Palm Beach