- Florida Home Loan With No Tax Returns– OK
- Self-Employed Less than 1 year – OK
- No Doc, No W2, No Tax Returns, No Pay Stub, No 1099 – OK
Searching For A Florida No Tax Return Mortgage Lenders To Buy your next Floria home? No problem! Our No Tax Return home loan programs are designed for self-employed business owners and independent contractors. Get approved using alternate income verification.
Florida Rent-To-Own Owner Financing Program
Program Overview
The NEW Open Mortgage Wholesale DreamBuilder program is a unique opportunity in which a purchase transaction is completed by an FHA-eligible government entity that enters into a lease-to-own and long-term purchase agreement, or structured financing agreement, with qualified Homebuyers, thereby allowing the Homebuyers to purchase the property in the future. Refer to the
Eligibility
• Primary Residence for Homebuyer(s)
• Purchase
• Up to 96.5% LTV + Fees = round 5% plus closing cost.
• Full Doc and Alt Income options
• Exceptions may be considered on a case-by-case basis
How does DreamBuilder work?
When a Homebuyer does not qualify for traditional FHA mortgage financing, the DreamBuilder program offers a new and exciting way for the Homebuyer to ultimately enter homeownership.
Step 1: Broker submits a fully completed application DreamBuilder Homebuyer review.
• The property address must be identified in the portal if a property has been selected by the Homebuyer(s), otherwise
The property address may be identified as “TBD”.
• Qualifying documentation must be uploaded to the loan in the portal. Required documentation includes, but is not
limited to income and assets, as well as any supporting credit history documentation (housing, alternative tradelines,
credit event details, etc.), identification, LOEs, etc.
• Note: A review will not be completed until all qualifying documentation is received and confirmed.
Step 2: Once the Homebuyer(s) have selected a property of their choice, the Homebuyer(s) enter into a purchase agreement with the property seller for the selected property.
• The property must meet the DreamBuilder eligibility and guideline requirements.
• The “buyer” portion of the contract MUST identify the Homebuyer’s name(s), in addition to “and/or assigns”.
• The Homebuyer(s) MUST execute the Assignment Addendum to Purchase & Sale Agreement to transfer the contract to the FHA eligible government entity (the entity purchasing the property on behalf of the Homebuyer(s)).
• Broker to provide the executed contract with all addenda (including Seller’s Disclosure) to Open Mortgage Wholesale.
Step 3: The Homebuyer(s) name will be retained within the portal as the Homebuyer/Tenant, and the borrower on the transaction will be transitioned to the FHA eligible government entity.
• The FHA investment purchase will be identified within your portal pipeline under borrower “Tule River Homebuyer
Earned Equity Agency”.
Step 4: The subject property appraisal must be ordered, completed, then reviewed and approved to guideline requirements. All conditions related to the property must be addressed and satisfied.
• Open Mortgage Wholesale will order the appraisal on behalf of the Broker/Homebuyer(s). The Homebuyer(s) are
responsible for paying for the appraisal.
Step 5: The Homebuyer(s) sign the Homeownership Agreement and remit all funds for closing to the title company.
Step 6: The purchase transaction is closed at an approved title company.
Step 7: The Homebuyer(s) move into the property and begin their journey toward owning the home!
• The option purchase price reduces with each monthly payment made by the Homebuyer(s).
• All appreciation acquired from the date of closing until the Homebuyer(s) purchases the property belongs to the
Homebuyer(s).
• At any time, the Homebuyer(s) can sell the home, purchase the property from the FHA-eligible government entity, or
Assume the existing FHA loan on the property
