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

1 YEAR SELF EMPLOYED FLORIDA MORTGAGE LENDERS

1 YEAR SELF EMPLOYED FLORIDA MORTGAGE LENDERS

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

NO TAX RETURN MORTGAGE LENDERS CASH-OUT REFINANCE 

What is a Florida Bank Statement Loan?

Bank statement loans have taken over the traditional Bank Statement income loans as an alternative for self employed Florida mortgage applicants who are unable to verify their income by providing the previous two years tax returns, W2s and pay stubs. These loans are called non-QM loans, nontraditional loans or expanded criteria loans that allow other forms of documentation to prove the ability to repay. Just as it sounds, a bank statement loan allows the borrower to verify his or her income with bank statements

Eligible for a Florida bank statement loan:

• You must prove self-employment for a minimum 2 years.
• Must provide proof of 12-month rental history or and 3-6 months future payments in reserves.
• You must have at least 10% down.
• You must have 4-6 months of PITI reserves
• You may qualify with as little as a 12-months bank statement.
• You must have a credit score of 600 or above to qualify.
• The minimum loan amount is $100,000, and the maximum loan is $5,000,000.

What Documents Do I need for a Florida Bank Statement only Mortgage?

• Proof of income = Your most recent 12- or 24-months bank Statements Business or Personal bank statements EVERY PAGE EVEN BLANKS in PDF labeled by month.
• PDF proof of down payment statement= 2 Months Bank Statements to source funds..
• Proof of 2 years in the same business or line of work = To include business licenses or satisfactory evidence of self-employed to cover previous 24 months that could include: Articles of incorporation, 2 years of 1099 s, Business license more than 2 years or accountant letter stating more than 2 years in the same business.
• Obligations = Divorce decree, Child support or court order required payment statements. Only if applies.
• ID = Driver’s license, SS Card.
• Mortgage Statements = For rental properties including taxes and insurance statements. Only if applies.
• W2 or 1099= If you have separate W2 or 1099 income you would like to use to qualify please provide.
• Purchase and Sale Contact. Only if you have one.
• Verified Timely Rent Payments- For Purchases Only - Please send front and backs of checks clearing your account or wire transfer’s for the most recent 12 months to verity timely rental payments.

What Are the Advantages of a  Florida Bank Statement Loan?

In summary, these are the advantages of a bank statement loan:

• The lender can look at 12 or 24-month bank statements.
• 30 Year Fixed Options.
• Bank statement only mortgage lenders do not need to look at your tax returns.
• Your income statements are made up of the average monthly income deposits.
• You can get a bank statement home loan for as little as 10 percent down.
• You can do a cash-out refinance.
• You can borrow up to $5 million.
• Debt to income ratio up to 55 percent.

Eligibility Requirements for a Florida Bank Statement Mortgage Loan?

Eligibility for a bank statement requires total deposits minus disallowed deposits. This amount is then divided by the number of bank statements, whether it is the 12 or 24 months statement.

Another option is that if the co-borrower is a W2 employee you can use a hybrid of W2 and tax return income from the co-borrower and bank statement income from the borrower or assets from the co-borrower and bank statements from the borrower. Non-QM loans can use multiples sources of blended incomes to qualify.

Deposits which are disallowed in regards to a bank statement loan include transfers between bank accounts and cash or large deposits, which can raise a level of concern and may require a letter of explanation.

Special Considerations By Bank Statement Mortgage Lenders

• You can use either business or personal no commingling.
• Use 12 months business bank account or personal account depending on the lender.
• Deposits which are transferred from a business account into a personal account are OK.
• You may combine W2 income with bank statement income as long as the income is not being counted twice.
• Foreign Bank Statements and Foreign Assets may be considered and must be translated to English.

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

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

 SAME DAY APPROVALS! CALL NOW 954-667-9110

NO DOC STATED COMMERICAL MORTGAGE LENDERS 

Florida No Income Verification Mortgage Lenders

https://www.fhamortgageprograms.com/bank-statement-qa/

BANK STATEMENT Q&A

• Can I get a mortgage with no job? Yes, you can qualify to purchase a primary Florida home as long as you can prove the ability to make the mortgage payments. Investment properties do not have the same income qualifying requirements as primary Florida home purchases.
• Can you buy a house without proof of income? The law now requires that you have the ability to pay the mortgage to qualify for a primary Florida home.
• How long do you have to have a job to get a mortgage? Lender need to see 2 years stable income in the same line of work. If you can prove stable income but have had multiple jobs thats is usually ok.
• Can you buy a house if you are unemployed? Yes, there are situations that you can qualify for a house and not be employed as long as you can prove stability and willingness to make the monthly payments.
• Are there still no income verification loans? Yes, but for primary Florida homes lenders must verify your income.
• Can you buy a house with no tax returns? Yes, you can qualify to purchase a primary Florida home using w2 and pay stubs. You could qualify for an investment Florida home purchase with no tax returns as well.
• How can I get a Florida home loan with no proof of income? You can only buy an investment Florida home if you currently own a Florida home if you cannot prove the ability to make the payments.Primary Florida homes require you to prove the ability to repay investment Florida homes do not.
• Do I need proof of income for Florida home equity loan? Any loans on primary Florida homes require proof of the ability to repay.

Are there still no income verification loans? Yes, there are still no doc Florida mortgage lenders available that can provide a no income verification via no tax returns required stated but since the mortgage crash they are now harder to get. Typically, these tax returns bank statement only  loans are only available to the self-employed mortgage applicant. These no doc bank statement only mortgage loans and require a larger down payment down payment then the typical first-time Florida homebuyer loans. Additionally, the credit score of the borrower must be impeccable.

No Income Verification Florida Mortgage Lenders Summary

• Min 580 Fico
• 10-15% Down based on credit score!
• 12 or 24 months bank statements from business and or personal.
• NO TAX RETURNS NEEDED

Investor Stated Income Cash Flow Mortgage Requirements

• Rather than being based on income and employment documentation, with this unique program qualification is based on what the cash flow determined by the property appraiser. If the comparable rents cover the new mortgage your loan will fund!

• The (DSCR) or  (Debt Service Coverage Ratio = DCR) of the subject property you are purchasing is used to calculate the funds that can be used to qualify as follows:
  • DSCR must be greater than or equal to 1. (After your downpayment the gross comparable property rent must be greater than the new mortgage payment including principal, interest, taxes, insurance, and HOA. 
  • DSCR is defined as gross rents divided by qualifying PITIA and HOA. 100% of the rents can be used.
  • For a mortgage purchase, the amount used for rent will be the lesser of market rental price (per an appraisal) or current rental agreement in place. 
  • For the investor cash flow mortgage refinances the amount will be the lesser of market rental price (per an appraisal) or current rental price. Leases for the previous 12 months must be provided.

Program Matrix for Loan Program SP J8 – Jumbo Prime, Full Doc

Program Number
SP J8
Program Description
Jumbo Prime, Full Doc
Available Products, Adjustment
Caps, Margins and Interest Rate
Floors
5/1 ARM- Caps 2% initial, 2% each year and 5% lifetime
7/1 ARM -Caps 2% initial, 2% each year and 5% lifetime
30 year fixed
15 year fixed
Margins: owner occupied 3.25%, investor occupied 5.25%
Index: 1 Year LIBOR (per CFPB rules, index must be set not earlier
than 45 days prior to the Date of the Loan)
Floor (lifetime minimum rate): Initial note rate
Interest Only and Amortization
Options:
5/1 ARM: 10 Year Interest Only or 30 Year Self-amortizing.
7/1 ARM: 10 Year Interest Only or 30 Year Self-amortizing.
30 Year Fixed: 30 Year Self-amortizing (interest only not available).
15 Year Fixed: 15 Year Self-amortizing (interest only not available).

Self-amortizing loans are for 30 year terms, except 15 year fixed
which is for a 15 year term. Interest only loans are for 40 year
terms (after the 10 year Interest Only period the loan must amortize
over the remaining 30 years). Interest only not available in Illinois.
Citizenship / Visa requirements
Citizens / US persons and foreigners permitted, foreigners
only permitted for 2nd
Florida home and investor occupancy with a
maximum LTV of 70%.
Primary Residence – 1 - 4 Unit and Condo

Loans with one or more foreign borrowers are ineligible
for primary residences

2 unit properties limited to 85% LTV, Non warrantable condos
limited to 85% LTV, 3 & 4 unit properties limited to 80% LTV,
Condotels limited to 70% LTV

Purchase and Rate & Term Refinance:
Allowable Loan to Value (LTV),
Maximum Loan Amounts

720 minimum Credit Score no tax return Florida mortgage lenders
95% LTV to $1,500,000 - 95% LTV limited to
Purchases of detached 1 family (SFD) properties,
for borrowers with a max DTI of 35%, and
requires a minimum loan size of $500,000
90% LTV to $1,500,000,
85% LTV to $2,500,000
80% LTV to $3,000,000
70% LTV to $4,000,000
65% LTV to $5,000,000
60% LTV to $6,000,000

700 minimum Credit Score no tax return Florida mortgage lenders:
90% LTV to $1,500,000
85% LTV to $2,500,000
75% LTV to $3,000,000
1
April 20, 2019
70% LTV to $3,500,000
65% LTV to $5,000,000
60% LTV to $6,000,000

680 minimum Credit Score no tax return Florida mortgage lenders
90% LTV to $1,500,000
85% LTV to $2,500,000
75% LTV to $3,000,000
70% LTV to $3,500,000
65% LTV to $5,000,000
55% LTV to $6,000,000

660 minimum Credit Score no tax return Florida mortgage lenders:
90% LTV to $1,500,000
80% LTV to $2,500,000
70% LTV to $3,000,000
55% LTV to $3,500,000

640 minimum Credit Score no tax return Florida mortgage lenders:
85% LTV to $1,500,000
80% LTV to $2,000,000

620 minimum Credit Score no tax return Florida mortgage lenders
65% LTV to $1,000,000
60% LTV to $1,500,000

Cash Out Refinance

720 minimum Credit Score no tax return Florida mortgage lenders
85% LTV to $1,500,000
80% LTV to $2,500,000
70% LTV to $3,000,000
60% LTV to $4,000,000
55% LTV to $5,000,000
50% LTV to $6,000,000

700 minimum Credit Score no tax return Florida mortgage lenders
85% LTV to $1,500,000
75% LTV to $2,500,000
70% LTV to $3,000,000
60% LTV to $4,000,000
55% LTV to $5,000,000
50% LTV to $6,000,000

680 minimum Credit Score no tax return Florida mortgage lenders
80% LTV to $1,500,000
75% LTV to $2,500,000
65% LTV to $3,000,000
60% LTV to $4,000,000
55% LTV to $5,000,000
50% LTV to $6,000,000

660 minimum Credit Score no tax return Florida mortgage lenders
80% LTV to $1,500,000
75% LTV to $2,500,000
2
April 20, 2019
65% LTV to $3,000,000

640 minimum Credit Score no tax return Florida mortgage lenders
80% LTV to $1,000,000
75% LTV to $2,000,000
620 minimum Credit Score no tax return Florida mortgage lenders
65% LTV to $1,000,000
60% LTV to $1,500,000

Second Florida homes – 1 - 2 unit and condo

Loans with one or more foreign borrowers are limited to
the LTVs and loan amounts indicated below

Condotel loans limited to 70% LTV

Purchase and Rate & Term Refinance:

720 minimum Credit Score no tax return Florida mortgage lenders:
85% LTV to $750,000
80% LTV to $3,000,000
70% LTV to $4,000,000
65% LTV to $5,000,000
55% LTV to $6,000,000

700 minimum Credit Score no tax return Florida mortgage lenders:
80% LTV to $2,500,000
75% LTV to $3,000,000
65% LTV to $5,000,000
55% LTV to $6,000,000

680 minimum Credit Score no tax return Florida mortgage lenders:
80% LTV to $2,500,000
70% LTV to $3,000,000
65% LTV to $4,000,000
55% LTV to $6,000,000

660 minimum Credit Score no tax return Florida mortgage lenders:
80% LTV to $2,500,000
70% LTV to $3,000,000
55% LTV to $3,500,000

640 minimum Credit Score no tax return Florida mortgage lenders:
80% LTV to $2,000,000

620 minimum Credit Score no tax return Florida mortgage lenders:
65% LTV to $1,000,000
60% LTV to $1,500,000

Loans with one or more foreign borrowers:
70% LTV to $2,000,000
65% LTV to $3,000,000
60% LTV to $4,000,000
55% LTV to $5,000,000
3
April 20, 2019

Cash Out Refinance

720 minimum Credit Score no tax return Florida mortgage lenders
80% LTV to $2,500,000
70% LTV to $3,000,000
60% LTV to $4,000,000
55% LTV to $5,000,000
50% LTV to $6,000,000

700 minimum Credit Score no tax return Florida mortgage lenders
80% LTV to $1,500,000
75% LTV to $2,500,000
70% LTV to $3,000,000
60% LTV to $4,000,000
55% LTV to $5,000,000
50% LTV to $6,000,000

680 minimum Credit Score no tax return Florida mortgage lenders
80% LTV to $1,500,000
75% LTV to $2,500,000
65% LTV to $3,000,000
60% LTV to $4,000,000
55% LTV to $5,000,000
50% LTV to $6,000,000

640 minimum Credit Score no tax return Florida mortgage lenders
80% LTV to $1,000,000
75% LTV to $2,000,000

620 minimum Credit Score no tax return Florida mortgage lenders
60% LTV to $1,000,000
55% LTV to $1,500,000

Loans with one or more foreign borrowers:
65% LTV to $1,000,000
60% LTV to $2,000,000
55% LTV to $3,000,000
50% LTV to $5,000,000

Investment/Business Purpose–1-4 unit & condo

Loans with one or more foreign borrowers are limited to
the LTVs and loan amounts indicated below

Condotel loans limited to 65% LTV

Purchase and Rate & Term Refinance:

720 minimum Credit Score no tax return Florida mortgage lenders:
80% LTV to $1,500,000
70% LTV to $3,000,000
65% LTV to $5,000,000
4
April 20, 2019
50% LTV to $6,000,000

700 minimum Credit Score no tax return Florida mortgage lenders:
80% LTV to $1,000,000
75% LTV to $1,500,000
70% LTV to $3,000,000
65% LTV to $5,000,000
50% LTV to $6,000,000

680 minimum Credit Score no tax return Florida mortgage lenders:
80% LTV to $1,000,000
75% LTV to $1,500,000
70% LTV to $3,000,000
55% LTV to $5,000,000

640 minimum Credit Score no tax return Florida mortgage lenders:
80% LTV to $1,000,000
65% LTV to $1,500,000
55% LTV to $2,000,000

620 minimum Credit Score no tax return Florida mortgage lenders
65% LTV to $1,000,000

Loans with one or more foreign borrowers:
70% LTV to $1,500,000
65% LTV to $3,000,000
60% LTV to $4,000,000
55% LTV to $5,000,000

Cash Out Refinance

700 minimum Credit Score no tax return Florida mortgage lenders
75% LTV to $1,500,000
70% LTV to $2,000,000
65% LTV to $3,000,000
60% LTV to $4,000,000
55% LTV to $5,000,000

680 minimum Credit Score no tax return Florida mortgage lenders
75% LTV to $1,000,000
70% LTV to $1,500,000
65% LTV to $3,000,000
55% LTV to $3,500,000
50% LTV to $5,000,000

640 minimum Credit Score no tax return Florida mortgage lenders
70% LTV to $1,000,000
60% LTV to $1,500,000
50% LTV to $2,000,000

620 minimum Credit Score no tax return Florida mortgage lenders
60% LTV to $1,000,000

5
April 20, 2019
Loans with one or more foreign borrowers:
70% LTV to $750,000
65% LTV to $1,500,000
60% LTV to $2,000,000
55% LTV to $3,000,000
50% LTV to $5,000,000

Minimum No Tax Return Mortgage Lenders Reserve Requirements
Owner occupied and second Florida homes: $100K,
Investor: $75K
minimum Credit Score no tax return Florida mortgage lenders
620
Maximum Debt to Income Ratio
50% DTI for LTVs to 85%,
43% DTI for LTVs to 90%, and
35% DTI for LTVs to 95%
Eligible Property Types
1-4 Units, warrantable condo and non-warrantable condo -
non-warrantable condos require a rate add-on, and condotels
– condotels are limited to 70% LTV and require a rate add-on
Permissible Occupancy
Primary residences, second Florida homes and investment

No Tax Return Mortgage Lenders Reserve Requirements
Reserves
up to $1,000,000
3 months PITI
$1,000,001 to
$2,000,000
6 months PITI
more than
$2,000,000
12 Months PITIA
Required Reserves

If the Borrowers own investment properties which are not
the Subject Property, then required reserves must be
increased by 2 months PITIA for each mortgaged investment
property owned by the borrowers which is not the Subject
Property.

Reserve requirements may be waived based on mortgage
rating, please see Section 10.4 for specific requirements.

For cash-out refinances, loan proceeds disbursed to Borrower
may be used to meet reserve requirements.
Acceptable States
All 50 States and DC (territories not permitted)
Gifts
Gifts permitted provided gifts must conform to all Fannie Mae
gift requirements (except that Fannie requirements are
modified to permit gifts for investor occupancy); For gifts of
equity, LTV must be reduced by 5%
Income Documentation
Please refer to Section 6.
Credit History
No Foreclosure, bankruptcy, deed in lieu or short sale over
past 48 months at standard LTVs and reserves

No foreclosure, bankruptcy, deed in lieu or short sale
permitted over past 24 months available at a maximum LTV
is 75% and with reserves increased by 6 months
Mortgage and Rental History

Maximum permitted delinquency is 1x30x12

Subordinate Financing
Subordinate financing permitted provided (1) CLTV does not
exceed the applicable LTV limits, (2) that the debt service on
subordinate financing is included in the DTI calculation, and
(3) that the terms of the subordinate financing conform to
Fannie Mae requirements.
Appraisal Requirements
1 Full Appraisal + CDA or ARR. Loan amounts over
$1,500,000 require 2 appraisals + CDA or ARR
Escrows
Required
AUS
Not applicable; manual underwrite
Calculator
http://sproutmortgage.com/calculators/
Pre-Payment Penalty
3 YR prepayment penalty required for investor occupancy /
business purpose loans where permitted by law (PPP buyouts
may be available)
ACH draft required for
mortgage payments
If one or more Borrowers is a foreigner, then ACH draft
required.

www.Florida-Mortgage-Lenders.com

Who Gives No Income Verification Florida Mortgage Loans?

No income verification Florida mortgage loans were very popular before the housing crash started in 2006. Stated income Florida mortgage lenders provided loans to anyone that met the minimum Credit Score no tax return Florida mortgage lenders without verification of income. These stated income mortgage loans are high risk and many borrowers signed mortgage notes they were unable to repay. As a result, many stated income mortgage lenders have now removed no income verification loans as loan options.

Who Offers No Income Verification Florida Mortgage Loans? There are still no income verification mortgage lenders available but they verify income a little differently now. To qualify for a traditional bank mortgage, you must provide a full 2 years tax returns for business and personal accounts. Many self-employed borrowers do not qualify because they take advantage of the tax codes and write off all their income and therefor do not qualify. No income verification lenders verity income by you most recent 24 months bank statements.

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