By Thomas Martin 954-667-9110

Regarding your initial question: Who offers Florida investment property home equity line of credit (HELOC) without income verification? A HELOC lets you borrow on an investment property using the available equity, which is the value of your home minus the amount you owe on your mortgage. With this DSCR debt, service coverage ratio HELOC you can use the subject property’s rental income to qualify without personal tax returns. You should only consider a HELOC if you’re confident you can keep up with the loan payments. You could lose your investment if you fall behind or can’t repay the loan on schedule.

Home Equity Line of Credit (HELOC) DSCR Program:

If you have a low interest rate on your Florida investment property chances are you are looking for an Investment Property HELOC Lender or even a Florida investment Property 2nd mortgage. If you are looking for a Heloc for Florida Investment Properties then you came to the right place. Because taking out a home equity loan on a property is not easy. Investment HELOC mortgage lenders in Florida are hard to locate. There are not too many Florida Lenders who will do a 2nd mortgage. But you came to the right place. 

Key Points:

• Home equity loans are a viable way to secure a cashout on Florida rental property.
• This allows you to leverage your property’s value while you maintain your low 1st mortgage interest rate. 
• We Have other alt Docs No Income Florida investment mortgage lenders.

2nd Florida HELOC Mortgage / Matrix LTV/CLTV:

Maximum Loan amount     FICO              LTV/CLTV
$50,000 to $500,000          720                    75%
                                          700                     70%

HELOC Available Occupancy

• Primary Residence
• 1 unit Second Home
• Investment properties

Eligible Properties:

• Single Family residence [1-unit]
• 2-4 units
• PUD
• Warrantable Condominium
• Site Condo

Ineligible properties:

• Leasehold
• AG Zoning
• Deed or Resale Restricted Properties
• Non-warrantable condominium
• Manufactured Home
• Condotel

2nd/HELOC Additional restrictions:

1. 2-4 units and Warrantable condominium: LTV/CLTV must be reduced by 5%
2. First Time investor: LTV/CLTV must be reduced by 5%

Amortization types

• 30-year variable HELOC term with a 3-year draw period with 3 years I/O

Declining Markets

• LTV/CLTV must be reduced by 5% if appraisal indicates the property is located within a declining market.

Minimum HELOC Credit Tradeline Requirements

Any of the below is required to be met:
• 3 trade lines reporting for at least 12 months with activity in the last 12 months.
• 2 tradelines reporting for a minimum of 24 months all with activity in the last 12 months.

Not Valid HELOC Credit tradelines:

o Liabilities in Deferment status
o Account discharged through bankruptcy
o Authorized user account
o Charge offs
o Collection accounts
o Foreclosures
o Deed in lieu foreclosure
o Short Sales
o Pre-closures sales

Transaction type

• Standalone 1st lien position

Experienced Investors In Florida

• An experienced investor is an individual borrower who has a history of owning and managing commercial or non-owner-occupied residential real estate for at least 12 months anytime during the most recent 12-month period.
• For files with more than one borrower, only one borrower must meet the definition.
• Ownership history must be documented for other Real Estate Owned (REO) with one of the following:
o Mortgage history on credit report.
o Property profile report
o Other 3rd party documentation (e.g. Fraud Guard, Settlement Statement, Closing Disclosure).
Occupancy
• Investment properties – Business purpose loan

First Time Investor

• A First-Time Investor is a borrower not meet the Experienced Investor definition, but who
currently owns a primary residence for at least one (1) year.
• LTV/CLTV must be reduced by 5%.
• Ownership history must be documented for primary residence with one of the following:
o Mortgage history on credit report.
o Property profile report
o Other 3rd party documentation (e.g. Fraud Guard, Settlement Statement, Closing
Disclosure).

Vesting allowed

• Ownership must be fee-simple.
• Acceptable forms of vesting are:
o Individuals
o Joint tenants
o Tenants in common
o Inter Vivos revocable Trust.
o Entity – LLC, Corporation, or Partnership

Who’s HELOC Eligible?

• US Citizen
• Permanent Resident Alien
• Non-permanent Resident Alien

Who is Ineligible?

• First time homebuyer
• Foreign National
• ITIN borrower
• Irrevocable Trust
• Land Trust
• Blind Trust
• Persons with Diplomatic Immunity, as defined by US Citizenship and Immigration Services
• Persons from OFAC-sanctioned countries and persons sanctioned by OFAC
• Not-For-Profit entity

Equity Cashout Mortgage Options Include:

 We provide a variety of specialty Alternative Florida mortgage programs including:

• No Income: No doc, stated Florida no Income verification Mortgage Lender
• NO tax return: Non-QM and private lenders offer alternative documentation.
• 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 and Condotel Mortgage Options 
• 1099 Only: Use 1099 Income up to 100% of income with no verified 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.