Florida Self Employed Mortgage Lenders Using Bank Statements Only 

It’s a simple but sometimes unfortunate truth of the post-recession FL Self Employed Mortgage Lenders Florida mortgage market: Self-employed borrowers whose incomes are less documented have a more difficult time qualifying for a traditional FL Self Employed Mortgage Lenders Florida mortgage. The terms of the Qualified Mortgage rule and other regulatory measures have necessitated that most FL Self Employed Mortgage Lenders Florida mortgage lenders err on the side of caution which often means loan candidates must meet specific FL Self Employed Mortgage Lenders Florida mortgage qualifying criteria.

Florida Bank Statement Mortgage Lenders -No Tax Return Florida Mortgage Lenders - Florida Self Employed Mortgage

• Florida-Bad Credit Bank Statement Only Jumbo Mortgage Lenders
• Florida No Income Verification Mortgage Lenders
• FLORIDA NO INCOME VERIFICATION MORTGAGE LENDERS
• NO INCOME VERIFICATION FLORIDA MORTGAGE LENDERS
• NO TAX RETURNS FLORIDA MORTGAGE LENDERS 
• NO INCOME VERIFICATION COMMERCIAL FLORIDA MORTGAGE LENDERS
  
  
  

 FL Self Employed Mortgage Lenders Florida Bank Statement Lenders Program – Explained

FL Self Employed Mortgage Lenders Florida Mortgage Lenders offers a 24-Month Bank Statement Program.

Bank Statement Only FL Self Employed Mortgage Lenders Borrower Employment Types:

• Self Employed
• 1099
  Must provide business license, Tax Preparer’s letter or corporate paperwork.

FL Self Employed Mortgage Lenders Florida Mortgage Lenders will accept Personal or Business Bank Statements.  However, qualifying income will be calculated differently.

• FL Self Employed Mortgage Lenders Florida Personal Bank Statements:  100% of Deposits Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount we will apply as the borrower’s qualifying income.

Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.

• FL Self Employed Mortgage Lenders Florida Business Bank Statements:  50% of Deposits- Add all deposits for all 24 months, divide by 2, and then divide by 24 to receive the monthly income amount we will give to the borrower.

Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 a month income. * Only 50% is used because we have to assume the business has overhead.

Details of FL Self Employed Mortgage Lenders Florida Bank Statement Lenders Program:

Personal & Business Guidelines

• Only deposits can be used Transfers are NOT counted on personal and case-by-case for FL Self Employed Mortgage Lenders Florida business*
• Must have 24 consecutive months of statements (no gaps)
• Must provide All pages (even the last pages with advertising)
• Cannot comingle (use two different accounts) statements
• If the account was used and closed and new account for the remainder of statements must show the closing of old account and the opening of new account

*    Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera).  Case-by-Case and must be considered normal for the company.

** Multiple accounts are considered on a case-by-case when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.

Are you self-employed in FL Self Employed Mortgage Lenders Florida ? Do you earn seasonal income? Are you a consultant, promoter, tax-preparer, freelancer, artist or other professionals with an irregular FL Self Employed Mortgage Lenders Florida income stream? If so, our FL Self Employed Mortgage Lenders Florida Bank Statement Mortgage Lenders Program may be perfect for you! 

How does a FL Self Employed Mortgage Lenders Florida Bank Statement Only FL Self Employed Mortgage Lenders Florida Mortgage work?

Simple. Instead of requiring your last 2 years of tax returns, W-2s, or proof of regular payroll checks, we base our FL Self Employed Mortgage Lenders Florida Bank statement loan approvals decision on a combination of your FL Self Employed Mortgage Lenders Florida Bank statements and a Profit & Loss statement for your FL Self Employed Mortgage Lenders Florida business deposits.

Even if you earn your income in just part of the year, as long as you maintain FL Self Employed Mortgage Lenders Florida Bank accounts documenting your FL Self Employed Mortgage Lenders Florida business income or FL Self Employed Mortgage Lenders Florida Personal income FL Self Employed Mortgage Lenders Florida Bank statement deposit stream we can help!

We offer three Situations for our FL Self Employed Mortgage Lenders Florida Bank Statement Program.

Here’s how each Situation works:

Situation 1 – Your FL Self Employed Mortgage Lenders Florida Personal and FL Self Employed Mortgage Lenders Florida business Finances Utilize a Single Account

•             Borrower provides FL Self Employed Mortgage Lenders Florida Bank statements from the most recent 12 consecutive months

•             Borrower provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer

•             The expenses shown on the P&L must be reasonable considering the borrower’s type of self-employment

•             The P&L will be the primary source for information to qualify the borrower

•             The revenue from the P&L will be supported by the FL Self Employed Mortgage Lenders Florida Bank statements the borrower provides

•             The FL Self Employed Mortgage Lenders Florida Bank statements must reFL Self Employed Mortgage Lenders ect deposits no less than 5% of the revenue stated on the P&L

•             The underwriter reserves the right to request FL Self Employed Mortgage Lenders Florida Bank statements from up to 24 consecutive months

Situation 2 – You Maintain Separate FL Self Employed Mortgage Lenders Florida Personal and FL Self Employed Mortgage Lenders Florida business Accounts

•             No P&L Statement is required

•             Only your FL Self Employed Mortgage Lenders Florida Personal FL Self Employed Mortgage Lenders Florida Bank statements will be considered to determine eligibility

•             Borrower provides FL Self Employed Mortgage Lenders Florida Personal FL Self Employed Mortgage Lenders Florida Bank statements from the most recent 12 consecutive months in addition to FL Self Employed Mortgage Lenders Florida business FL Self Employed Mortgage Lenders Florida Bank statements from the most recent 3 months (in order to verify the maintenance of separate accounts)

•             Annual deposits are averaged to determine monthly income

•             The underwriter reserves the right to request FL Self Employed Mortgage Lenders Florida Bank statements from an addition 12 consecutive months

•             If an optional P&L prepared by a CPA or a Licensed Tax Preparer is provided, that will determine borrower’s monthly income

(For both Situation 1 and Situation 2, the information provided must support the size of the requested transaction. Inconsistencies may necessitate additional documentation such as tax records.)

Situation 3 – You Only Use FL Self Employed Mortgage Lenders Florida business FL Self Employed Mortgage Lenders Florida Bank Statements to Qualify your Loan

•             Borrower provides FL Self Employed Mortgage Lenders Florida business FL Self Employed Mortgage Lenders Florida Bank statements from the most recent 12 consecutive months

•             Borrower provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer

•             The FL Self Employed Mortgage Lenders Florida business FL Self Employed Mortgage Lenders Florida Bank statements must re FL Self Employed Mortgage Lenders ect deposits no less than 5% of the revenue stated on the P&L

(In all 3 Situations, issues such as Non-sufficient Funds (NSF) or Over-Drafts, even if so-called Overdraft Protection is utilized, may have a bearing on the underwriter’s decision. In general, a maximum of 3 NSF notices per 12 consecutive months will be allowed, whether they occurred in a single month or over the entire 12-month span. Exceptions may be allowed on a case-by-case basis, under review of the underwriting manager.)

FL Self Employed Mortgage Lenders Florida MORTGAGE LINKS OF INTEREST