• NO DOC STATED INCOME FLORIDA MORTGAGE LENDERS
• BAD CREDIT BANK STATEMENT FLORIDA MORTGAGE LENDERS
• NO INCOME VERIFICATION FLORIDA COMMERCIAL MORTGAGE LENDERS
• NO INCOME NO TAX RETURN JUMBO FLORIDA MORTGAGE LENDERS

NO TAX RETURN MORTGAGE LENDERS CASH-OUT REFINANCE 

Florida – Bank Statement Only Mortgage Lenders – NO Tax Returns!

NO TAX RETURN FLORIDA LAND LENDERS USE BANK STATEMENT FOR INCOME! 

• Primary home – No Tax Return Florida No Income Mortgage Lenders Florida 
• Second Home or Vacation! – Florida No Income No Tax Return Mortgage Lenders 
• Investment Homes- No Tax Return +  Florida Bank Statement Mortgage Lenders Florida
• Commercial – Florida No Income + No Tax Return Mortgage Lenders Florida 

FLORIDA NO INCOME VERIFICATION MORTGAGE APPLICANTS MUST BE SELF-EMPLOYED TO QUALIFY FOR THIS PROGRAM.

DOCUMENT REQUIREMENTS

(1) 12 or 24 months Personal or 24 months Business Bank statements instead of Tax Returns. No Tax Returns Needed!

Florida No Income verification mortgage applicants who own more than 3 businesses must use personal bank statements option

Bank statements must be most recent available at time of application and must be consecutive

(2) Profit & Loss Statement

If submitting personal Florida bank statements, a P&L prepared by the Florida mortgage applicants covering no less than 12 or 24 months is required

The P&L must be signed by the Florida mortgage applicants

If submitting business bank statements, a P&L prepared by the Florida mortgage applicants covering no less than 24 months is required

Florida mortgage applicants is required to provide separate P&Ls for each business being used in qualifying.

The P&L should generally cover the same calendar months as the bank statements provided.

(3) Validation of a minimum of 2 years existence of the business from one of the following: Business License, Letter from Tax Preparer, Secretary of State Filing or

equivalent

Self Employed/Wage Earner Combination – Joint Florida mortgage applicants with 1 wage earner and 1 self-employed business owner can verify income separately, with the self-

employed Florida mortgage applicants utilizing bank statements and the wage earner providing pay stubs/W-2s. The wage earner 4506T should include W-2 transcripts only.

PROFIT & LOSS ANALYSIS

• Net Income from the P&L will be used as Qualifying Income for both personal and business bank statements.
• The P&L used for qualifying must be signed by the Florida mortgage applicants.
• Declining Income requires an LOE
• Any amounts on the P&L representing salary/wages paid to the Florida mortgage applicants/business owner can be added back and considered in the net income analysis.
• Expense line items that can be added back to the business net income include depreciation, depletion, amortization, casualty losses, and other losses or

expenses that are not consistent and recurring.

• Florida No Income verification mortgage applicants utilizing business bank statements that own > 50% but < 100% of a business will be qualified at the P&L/AES net income multiplied by their ownership

percentage.

• The P&L expense ratio, Gross Income minus Net Income, divided by Gross Income, should be reasonable for the profession.

Example: A home-based sole practitioner therapist/consultant can be expected to have a low expense ratio, while a retail business that has a full staff of

employees and relies heavily on inventory to generate income will have a high expense ratio.

• If the file does not contain a CPA prepared P&L, steps must be taken by the underwriter to evaluate the reasonableness of the expenses listed by the Florida mortgage applicants.
• This requires the Florida mortgage applicants to provide a business narrative which includes detail related to the size/scope and operating profile of the business, including the

following: o Description of Business/Business Profile o Location & Associated Rent o Number of Employees / Contractors o Estimated Cost of Goods Sold (Does

business involve sale of goods or just services?) o Materials/Trucks/Equipment o Commercial or Retail client base? o Business Analysis

• Expenses listed on a Florida mortgage applicants prepared P&L should generally relate to the information provided below.

Primary Florida Home Purchase FLORIDA NO INCOME VERIFICATION +NO Tax Returns – Frank Dodd or Wall Street Reform and Consumer Protection Act is a 2010 after the 2008 financial crisis was created a rule placing the burden on mortgage lenders to prove the Florida mortgage applicants ability to repay. ATR or Ability To Repay requires lenders to verify or prove the Florida mortgage applicants ability to repay by documenting and verifying income and assets when purchasing a primary home.

Florida Business Loans Based On Business Florida No Income Deposits. Are you self-employed or 1099 wage earner and having a hard time getting pre-approved for a Florida mortgage?  We know the story. They have a great top line, but after the accountant works their magic there isn’t much adjusted gross income left to by a Florida home. Florida No Income Business Lenders can help!

NO TAX RETURN-FLORIDA NO INCOME VERIFICATION ONLY MORTGAGE LENDERS

Stated income Florida no tax return mortgage lenders are back by way of using Florida No Income s for income qualifying! Today’s stated income programs differ from the risky loan products that existed before the No income verification mortgage collapse in 2008.  Today, new regulations strictly dictate that primary home buyers must verify their ability to repay. And, we have private Florida mortgage lenders that will allow you to use your Florida No Income deposits for income. Florida mortgage loan applicants that can prove the ability to repay can purchase or refinance a primary Florida home with no tax returns using Florida Bank statements for income. 

DOWN PAYMENT – 12 or  24 FLORIDA NO INCOME VERIFICATION  NO TAX RETURN MORTGAGE LENDERS 

• Full Asset Documentation is required for both funds to close and reserves. For most asset types, this would include all pages of the most recent two months statements or the most recent quarterly statement. All Assets from the Florida mortgage applicants(s) must be disclosed and verified by the lender.
• No business accounts may be used to meet down payment and/or reserve requirements unless the Florida mortgage applicants(s) are 100% owners of the business and requires:

o A letter from the businesses accountant OR

o An underwriter cash flow analysis of the business balance sheet to confirm that the withdrawal will not negatively impact the business.

• Stocks/Bonds/Mutual Funds – 80% may be used for reserves.
• Vested Retirement Accounts – 70% may be considered for reserves (certain eligible plans can use 70% if Florida mortgage applicants > 59 1⁄2 – i.e. 401k)
• Assets being used for dividend and interest income may not be used to meet reserve requirements
• If needed to close, verification that funds have been liquidated (if applicable) is required.
• Gift of Equity is not allowed.
• Builder profits are not allowed.
• No employer assistance assets are allowed.
• Maximum Interested Party Contributions permitted up to 3% for LTV >=80, 6% for LTV<80.12 Month Personal Florida No Income program. Florida mortgage applicants must be Self Employed. Multiple accounts allowed – qualifying income is the average of deposits over 12 or 24 months. Transfers only allowed from one business account into a personal account. Minimum loan amount is $100,000.

CREDIT – TRADE LINES –  FLORIDA NO INCOME VERIFICATION NO TAX RETURN MORTGAGE LENDERS 

Note: This quote is based on the Florida mortgage applicants meeting the Standard Tradeline requirements. Need 3 credit trade lines reporting for a minimum of 12 months -OR- 2 credit trade lines reporting > 24 months; all with activity in the last 12 months. Cancelled checks for 12 or 24 months housing history may also be used as a tradeline. Exceptions allowed on NON PRIME program ONLY – If the Florida mortgage applicants does not meet these tradeline requirements, reduce the max LTV by 5% (max LTV not to exceed 75%). Maximum of 1×30 last 12 months for Portfolio Select, 0x30 last 12, 1×30 last 24 months for Florida No Income , 0x30 last 24 months for Income Cash Flow & Foreign National loan programs. Additional program restrictions may also apply, contact your Account Executive for details. Exceptions are made case by case. 

• Each Florida mortgage applicants’s credit profile must include a minimum of 2 trade lines (open or closed) within the last 24 months that show a 12 month history, or a combined

credit profile between Florida mortgage applicants and co-Florida mortgage applicants with a minimum of 3 credit trade lines.

o Tradeline activity is not required. Eligible credit trade lines cannot have any derogatory history in previous 24 months.

• Current housing not reporting on credit can be considered an open trade if supported by Florida Bank  records (cancelled checks/debits). • Florida mortgage applicants(s) not using

income to qualify are not required to meet the minimum tradeline requirements listed above. • Florida mortgage applicants currently enrolled in credit counseling or debt management plans are not permitted. • All derogatory accounts require a full explanation. • All Judgments or liens affecting title must be paid. • Non-title charge-

offs and collections within 3 years and exceeding $3,000 (either individually or in aggregate) must be paid. • Medical collections are not required to be paid. • All

past due accounts must be brought current prior to closing. • No authorized user accounts will be used to satisfy minimum tradeline. • Medical derogatory

accounts, collections, and charge-offs permitted with letter of explanation. • Disputed accounts require a LOE per Fannie Mae. An updated credit report not

required. • IRS tax payment plans are permitted if current and do not carry a lien on any property.

Matrix 5000-ELITE-BS

Minimum FICO 700

Housing 0x30x12

BK (Chap 13 Discharge) 60 Mo

BK (Other) 60 Mo

Foreclosure 60 Mo

Short Sale / DIL 60Mo

FIXED OR ADJUSTABLE RATE –  FLORIDA NO INCOME VERIFICATION NO TAX RETURN MORTGAGE LENDERS 

• 30 Year fixed options
• 5/1 adjustable NO tax return mortgage lenders rate options
• Interest Rate Adjustment Caps 
• Margin –  rate sheet
• Index – 1-Year LIBOR (London Inter Florida Bank  Offer Rate)
• Index Establish Date – 45 days prior to the change date (aka “look back period”)
• Interest Rate Floor – Note Start Rate
• Conversion Option – None
• Assumption – Yes, subject to investor approval (ARMs Only)
• Negative Amortization – None
• Interest Only Option – Available for LTVs <= 80%. Interest Only period is 120 months (for more details see Interest Only Terms / Restrictions section)

• Each Florida mortgage applicants’s credit profile must include a minimum of 2 trade lines (open or closed) within the last 24 months that show a 12 month history, or a combined

credit profile between Florida mortgage applicants and co-Florida mortgage applicants with a minimum of 3 trade ines.

o Trade line activity is not required. Eligible trade lines cannot have any derogatory history in previous 24 months.

• Current housing not reporting on credit can be considered an open trade if supported by Florida Bank  records (cancelled checks/debits). • Florida mortgage applicants(s) not using

income to qualify are not required to meet the minimum tradeline requirements listed above. • Florida mortgage applicants currently enrolled in credit counseling or debt management plans are not permitted. • All derogatory accounts require a full explanation. • All Judgments or liens affecting title must be paid. • Non-title charge- offs and collections within 3 years and exceeding $3,000 (either individually or in aggregate) must be paid. • Medical collections are not required to be paid. • All

past due accounts must be brought current prior to closing. • No authorized user accounts will be used to satisfy minimum tradeline. • Medical derogatory accounts, collections, and charge-offs permitted with letter of explanation. • Disputed accounts require a LOE per Fannie Mae. An updated credit report not required. • IRS tax payment plans are permitted if current and do not carry a lien on any property.

ELIGIBLE – FLORIDA NO INCOME VERIFICATION + NO TAX RETURN MORTGAGE LENDERS 

Eligible:

• US Citizen
• Permanent Resident Aliens
• Non-Permanent Resident Aliens
• First Time Home Buyers
• Non-Occupant Co-Florida mortgage applicants
• Limited partnerships, general partnerships, corporations o Personal guarantor required

In-Eligible:

• Foreign Nationals
• Irrevocable or Blind Trusts
• Inter-Vivos Revocable Trust

AGE OF DOCUMENTS- FLORIDA NO INCOME VERIFICATION NO TAX RETURN MORTGAGE LENDERS

• Credit Report/Credit Documentation: 90 days old at the time of closing
• Income and Asset Documentation: Dated within 90 days of closing
• Title Report/Title Commitment: Dated no later than 60 days prior to closing

APPRAISAL – FLORIDA NO INCOME VERIFICATION NO TAX RETURN MORTGAGE LENDERS

• Full Interior / Exterior appraisal required. Fannie Mae/Freddie Mac Forms 1004/70, 1025/72, 1073/465 or 2090 must be used. All Fannie Guidelines apply to
• appraisal process and value determination, in addition an Appraisal Management Company must be utilized for appraiser selection.
• The Appraisal should be dated no more than 120 days prior to the Note Date. After a 120 day period, a new appraisal is required. Re-certification of value is not acceptable. Minimum Square Footage 800 Sq. Feet
• Not eligible: Properties for which the appraisal indicates condition ratings of C5 or C6 or a quality rating of Q6, each as determined under the Uniform Appraisal
• Dataset (UAD) guidelines. Florida no income mortgage lenders will consider if issue has been corrected prior to loan funding with proper documentation.
• A 5% reduction in LTV/CLTV will be required for all properties identified to be in a declining market as designated by the appraiser.
• APPRAISAL REVIEW PRODUCTS: An enhanced desk review product, (such as an ARR from ProTeck or CDA from Clear Capital), from a Florida no income mortgage lenders Approved
• AMC is required on all transactions.
• In lieu of an enhanced desk review product, a field review or second appraisal from a Florida No Income mortgage lenders AMC is acceptable.
• If the Appraisal Review Product value is more than 10% below the appraised value a second appraisal is required. When a second appraisal is provided, the
• transactions “Appraised Value” will be the lower of the two appraisals.
• A second appraisal is required on loan amounts > $1,500,000

NO TAX RETURN FLORIDA COVERAGE AREAS