No Ratio Mortgage Lenders
Our No Ratio Florida mortgage lenders offer this unique solution for Florida self-employed borrowers who may not have traditional income sources to cash out refinance. These rare Florida mortgage lenders do NOT require income verification making it the perfect solution for business owners looking for a No Doc or stated income loan option.
About No Ratio Mortgage Lenders
Instead of verifying income through standard means, Florida no-ratio mortgage lenders record your Savings, Credit, and Reserves for loan approval. In some cases, you may need to provide a letter of explanation to explain your ability to repay the mortgage. Even though many of these lenders have an exemption to the ability to repay rule they still want to know they are making prudent loans. This allows these private Florida mortgage lenders to provide financing options for a wider range of underserved Florida mortgage applicants who may not fit the criteria for traditional mortgages. Our No Ratio Florida mortgage program is designed to accommodate mortgage applicants who get caught in an awkward situation and don’t meet the conventional mortgage requirements.
Document Checklist Summary
- Mortgage application with a Credit report.
- Letter of explanation to explain repayment method.
- Asset Statements including bank, and stock accounts.
- Appraisal
- Title Docs
NO Income And Credit Needed For Approval
1099 contractors, self-employed, and w2 employees can qualify with no debt-to-income ratio. Private Florida mortgage lenders provide options to purchase a primary, or second home or investment without proof of income or tax verification. These types of mortgage loans are often called stated income, alt doc, and no doc mortgage loans. This could be the key to getting a self-employed mortgage in Florida and purchasing or refinancing your primary residence or second home.
Best for those who want a streamlined process: There is no requirement to document your income allowing you to cash out and refinance your home faster!
Best for those who cannot document income: Unlike home loans without tax returns, you don’t have to prove your income at all with no income verification mortgages.
Best for those who high debt-to-income ratio: Our no-income Florida mortgage lenders for the w2, 1099, self-employed or employed, there are no Debt-to-income ratio calculations.
Best for those who have calculated savings and a good payment history: Like all things in life, there are tradeoffs. To take advantage of our no-income loans for the self-employed, you need to have above-average savings and credit history. And, while the loan-to-values are somewhat conservative for purchases and rate-and-term and cashout refinance.
Benefits of no income verification mortgage loans: There are several benefits to No-ratio loans including:
Simplified Process: No income verification loans will get you to the closing table quickly. With no income or employment requirements, you can be confident you’ll meet your closing deadline to purchase or refinance.
No need to Document Income: This is truly a no-income check mortgage. You can have zero income and still qualify for this loan. You do not have to provide a single tax return, paystub, or profit-and-loss statement. Your DTI won’t even be calculated. Simple.
No Verification of Employment: Nor do you have to prove your employment. The lender won’t contact your employer to verify your employment. As for self-employed loans with no proof of income, the lender won’t require a CPA letter to prove your business’s existence.
We specialize in no-income verification loans in Florida: As specialists in a no-income verification mortgage in Florida, we understand that getting a loan without income proof can be tough since not everyone can prove their income through two years of tax returns.
Personalized Service: We pride ourselves on providing exceptional service and personalized attention to every client. We understand that obtaining a mortgage can be a stressful and confusing process, but we’re here to make the process as easy as possible for our clients. And. with our nationwide network of Florida no-ratio mortgage lenders we will do our best to find a lender to meet your specifications. Our Florida mortgage lenders have experience in working with all types of tough situations and we are committed to providing the same exceptional service to all of our clients, no matter where they are located. Contact us now to learn more about our No Ratio Mortgage Florida mortgage leaders program and how we can help you achieve your goals.
No Proof Of Income Florida Questions & Answers!
Q: Can I refinance my Florida mortgage with no income documentation?
A: Yes, the no-income verification mortgage loan is available for purchases as well as refinances. Therefore, current property owners can also take advantage of this program. For rate-and-term refinances, the maximum loan-to-value (LTV) is 75% to 80%. For cash-out refinances, the maximum LTV is 65% to 70%.
How can I get a mortgage with no qualifying income?
Identify a lender that offers no income verification mortgage loans. These lenders are very specialized and usually don’t work directly with borrowers. Therefore, find a mortgage broker who has relationships with these lenders. The mortgage broker will save you time and connect you with the right lender for your situation.
Can you buy a house if I cannot prove my income?
Absolutely. Many individuals with no income such as unemployed individuals, students, and retirees are able to get a loan to buy a new home. Under a no income verification mortgage, the lender looks at other factors such as credit score and assets to determine whether you can repay the loan.
Can you get a loan without proof of income?
Yes. Under a no-income verification mortgage loan, you don’t have to provide any proof of income. That means, if you’re employed, you don’t have to provide a single tax return or pay stub. If you’re self-employed, you don’t have to provide a profit and loss statement or CPA letter.
