Stated Income  Florida Mortgage Lenders

Requirements Of Florida Stated Income Mortgage Lenders

• Primary Residence & Second Homes
• Credit Underwritten Based on LTV, FICO, and Liquidity
• Income Documentation Not Required
• Employment Not Required
• Debt-to-Income (DTI) Not Calculated
• Asset Seasoning 30 Days

Stated Income Florida Mortgage Approval Based On 1. Credit, 2. Downpayment, 3. Reserves

Stated Income Florida Mortgage Highlights

• Primary Residence and Second Homes
• Credit Underwritten Based on LTV, FICO, and Liquidity
• Income Documentation Not Required
• Income Not Stated
• Debt-to-Income (DTI) Not Calculated
• Asset Seasoning 30 Days
• Only the first page of a bank statement is required for typical portfolio loans
• Loan Amounts Up to $3 Million
• Up to 80% LTV Purchase/Rate & Term
• FICO Beginning at 640
• Reserves from 3 Months

Credit Requirments For Stated Income Florida Mortgage Lenders

• No Mortgage or Rental Late payments in the last 12 months.
• Foreclosure, and Short Sale,  Require 12 months of seasoning
• Bankruptcy must be discharged or settled.
• Assets must be sourced or seasoned for 30+ Days.
• Texas Cashout A6 Not permitted.
• US Citizen Permanent Resident Alien, Non-Permanent Resident Alien with US Credit Report
• Maximum 20 properties including subject property.
• Primary and Second Homes Only
• No PRepayment penalty
• SFR, PUD, Townhome, Condo, Non-Warrantable COndo max 65% 2-4 unite Modular, Rural, Log homes.
• Manufactured homes Not Eligible
• Seller-paid closing cost up to 6%

Stated Income Mortgage Approvals Based On 1. Fico 2. Liquidity

• Self-Employed/Small Business Owner
• Volatile or Irregular Employment
• Retired
• Seasonal & Gig Workers
• Real Estate Investors
• Owners & Employees of Cash Businesses
• Change of Industry or type of
• Employment
• Transitioning from Recent Health, Family,
• or Other Life Events
• Looking to Unlock Trapped Home Equity
• Recent Immigrant

Close Faster – Confirm LTV – Confirm Fico – Confirm Reserves 

• Elimination of “feel good” conditions
• Only the first page of a bank statement is required for typical portfolio loans
• No overlays on agency and government loans
• White-Glove Concierge Desk services
• Leading-edge technology

Allowable Stated Income Florida Mortgage Property Types

 Primary Residences
 Second Homes
o Must be occupied by the borrower some portion of the year
o Must be located a reasonable distance from the borrower’s current residence
o Restricted to one‐unit dwellings
o The borrower must have exclusive control over the property
o Must not be a rental property or a timeshare agreement.
 1‐4 Unit Residential Properties
 Condominiums
o Fannie Mae warrantable or FHA/VA approved up to max LTV per eligibility grid
o Florida Condos require a Full Condo Review
 Agriculturally/Rural Zoned Properties
o Working farms, ranches, or orchards are ineligible.
o Acreage limited to 10 acres max
 Mixed‐Use Properties
o The property must be a 1‐unit dwelling the borrower occupies as a primary
residence
o The borrower must be both the owner and the operator of the business
o The property must be primarily residential in nature
o The dwelling may not be modified in a manner that has an adverse impact on its
marketability
o The appraisal must:
 Provide a detailed description of the mixed‐use characteristics of the subject
property.
 Indicate the mixed use of the property is legal, permissible use of the
property under local zoning requirements.
 Report any adverse impact on marketability and market resistance to the
commercial use of the property; and
 Report the market value based on its residential characteristics only
 No more than 35% of a condo project or of the building in which the project
is located be commercial space allocated to mixed‐use. This includes
commercial space that is above and below grade.

Closing Conditions For Stated Income Florida Mortgage Lenders 
Example Conditions Checklist – For Florida NO Income Verification Loans – Check Guidelines with the Stated Income Florida Mortgage lenders before submission.

• M75: QA-Prefunding QC Review Loan file has been selected for prefunding QC review. The loan may not fund until the review is completed.
• A30: Closing-Seller Credit Funding Added 09/14/22 Seller Credit: $TBD
• P75: Property-Close of Escrow Funding Added 03/14/22 If the loan does not close by contract COE 04/12, a closing extension executed by all parties is required
• M03: Application-Final 1003 Loan Application Signed Borrower To Sign And Date Final 1003
• P36: Appraisal-Copy Delivered to borrower Evidence that borrower has been given a copy of the appraisal/ AVM or another review a minimum of 3 days prior to signing
• A04: Assets-Cash/Funds to Close Funding Received Provide a copy of the most recent 1-month (s) bank statements to evidence funds in the amount of $70,996 for closing and/or reserves. Source any large deposits
• C20: Credit-Rental History, Cancelled Checks Provide Copies Of The Most Recent 12 Months Cancelled Checks To Landlord For Rent Paid On
• Current Residence To Evidence A Satisfactory Payment History.
• A27: Closing-Max cash from borrower: Max funds allowed due from the borrower at closing$ __
• 143: Insurance-Hazard Coverage Effective Date Hazard policy must be effective as of the date of loan closing. If the effective date is the past closing date, provide an updated policy confirming active coverage.
• P72: Title-Wiring Instructions Must match Settlement agent information on CPL.
• M67: Misc-Picture ID Documents Provide a legible copy of driver’s license or other acceptable forms of identification
• M104: Anti Steering form required on all LPG Documents Cleared 04/14/22 Anti-Steering form required on all Lender Paid Compensation Transactions-Broker to Provide. (will be waived if BPC)
• M125: Misc-LOE Occupancy/Motivation Documents 04/04/22 Provide a signed a letter of explanation from the borrower regarding motivation or intent of occupancy of the subject property. Supporting evidence or documentation, if applicable, may be required.
• M103: Application-Signed Change Initial 1003 Borrower(s) and LO to sign and date Change Wholesale Initial 1003.
• P74: Appraisal-1004 Provide complete color appraisal with appraisal license and E&O. To be reviewed and approved by the underwriter.
• 02: Appraisal-CHM to order Nuquest Desk Review To Be Ordered. Reviewer Must Not Be Related To Appraiser.
• P39: Appraisal-UCDP/SSR Update after corrections obtained
• A06: Assets-Earnest Money Deposit (EMD) Provide Document Of Source Of Funds For Earnest Money Deposit In The Amount Of Example $10,000
• N01: NQM VOD Third Party VODs will be pulled on all asset documentation provided to validate funds and/or income used to qualify. A live signed borrower authorization is required.
• N03: NQM Forms Borrower to complete/sign the following forms: -Occupancy Certification -Borrower Contact Consent Form
• L 16: Initial CD Request Need to provide doc order, vesting, all invoices (if charging 3rd party processing fee), settlement statement (correct sales price and loan amount as applicable), closing disclosures, and any other applicable documentation
• M18: Closing-Title Vesting Documents 04/05/22 Title Must Be Vested In Borrower Individuals Names And Not In A Trust
• C12: Credit-Inquiries LOE Provide a signed a letter of explanation to explain the credit inquiries shown on the borrower’s credit report 
• C03: Credit-Address Variations LOE Documents 04/04/22 Borrower to explain & provide dates of residency and ownership for property/addresses not listed on 1003; reported on the Credit Report in the past 2 years: 
• P54: Flood Certification
• M101: Florida No Income verification mortgage lenders to provide updated Loansafe report with all material parties to the transaction added and any alerts addressed and cleared.
• M62: Misc-Homebuyer Education Provide Certification of Completion from Framework
• M63: Misc-Lock Confirm Provide evidence the loan is locked
• N03: NQM Forms Borrower to complete/sign the following forms: -Occupancy Certification -Borrower Contact Consent Form
• 31: Insurance-Hazard Declaration Page w/ Paid Receipt Hazard Dec Page with Correct Mortgagee Clause, with a minimum of 60 days of continuous coverage.
• M69: Misc-SSN Validation Satisfactory Social Security Number Validation Through The Social Security Administration. A live signed SSA Authorization form is required to request.
• L 11: Title-Plat Map/Survey
• M102: TPO-Change of Circumstance Attach change of circumstance requests for UW to update.
• P56: Title-Closing Protection Letter and E&O CPL to reflect Lenders Mortgagee ( Florida No Income Mortgage Lenders) and dated within 30 days of funding (unless CPL States otherwise).
• p57: Title-Prelim/Title Commitment Preliminary Title Report/ Title Commitment Together With A 24-Month Chain Of Title, with correct proposed insured lender info and loan amount.
• P58: Title-Tax Certificate

Stated Income Florida Mortgage Coverage Areas