No Income Check Mortgage-No Tax Return Florida Mortgage Lenders

No Income Check Florida Mortgage Lenders

No Income check No Employment Mortgage Verification & Refinance No Tax Return Mortgage Options Include: No Tax Returns – Self-Employed – Bank Statement – 1099 Mortgage – 1 Year Self-Employed – No Income – No Doc – VOE Mortgage – Non-Resident –  Profit & Loss  – ITIN  – Rent To Own – Stated Income

No Income Check Florida Mortgage Lenders

No Income Check Florida Mortgage 

A Florida no-income, no-document mortgage lender must have an exemption from the  CDFI. Approved Florida mortgage lenders are exempt from the Ability-to-Repay (“ATR”) rules outlined in Section 1411 of the Dodd-Frank Act and Regulation Z. Accordingly, Florida no-income verification mortgage lenders have no liability concerning claims based on the lender’s failure to comply with the ATR requirement. With a no-income verification or “No Ratio Mortgage,” Florida mortgage lenders will not calculate your debt-to-income ratio. This program is not even a stated income loan because you don’t have to add employment.

 No Income Check  Cashout Mortgage Refinance

• Maximum Florida Cash-out seasoning of less than (6) months is not permitted unless the borrower acquired the property through an inheritance or was legally awarded the property (divorce, separation).
 A prior No Income verification maximum cash-out refinance transaction within the last 12 months, unless a documented benefit exists

Maximum Rate & Term Refinance 
Maximum Florida Cash out: No Income verification mortgage proceeds are limited
 Closed-end loan, at least 12 months seasoning has occurred; or
 HELOC, at least 12 months of seasoning has occurred, red and total draws over the most recent 12 months are less than $2,000.  HELOC must be closed.

Cash Out for Debt Consolidation
Cash-out transactions meeting the following additional requirements may be treated and priced as Rate & Term transactions:
 The borrower is solely paying off debt and can receive up to $2,000 in incidental cash in hand.
 The Closing Disclosure must reflect the paid-off debts

No Income No Employment Check

• 30-Year Fixed Rate
• Up to 2MM / Min 25% Down + Closing Cost + Reserves / Sourced and seasoned
• Loan Term: 360 months, 30-year fixed options.
• No Prepayment Penalty
• Escrow Account collects 1/12 of the taxes and insurance included in the mortgage payment.
• Minimum Loan Amount $200,000

Purchase/Refinance – Down Payment, Credit, Reserves

No tax return, Florida mortgage lenders require better credit, more equity, and reserves. Mortgage reserves are liquid assets, such as cash in a savings or retirement account, that you could use to cover your Florida mortgage payments if needed. In some cases, you might need up to 6-9 months’ worth of reserves, in addition to your down payment and closing costs, to qualify for a mortgage.

 No Income Check Mortgage Lenders’ Approval Process

No Income Verification Florida lenders often need credit underwriters to consider compensating factors, and or alternative documentation due to limited or irrelevant quantitative underwriting factors to establish a reasonable expectation of repayment in the following areas:

• Character & Credit History – Credit underwriting seeks to understand a borrower’s character as part of the process. To approve no income verification, the borrower may need to provide a letter of explanation on how the income will be derived to make the mortgage payments. This may include reference letters, community activities, and reputation, as well as credit history. Certain no-income mortgage applicants with limited FICO scores have alternative credit to evaluate the borrower’s reliability and reasonable expectation of repayment.
• Reserves- 6-24 months of future payments in your account at closing after downpayment and closing costs.
• Income- No income mortgage applicants who meet the no-income mortgage eligibility requirements are not required to provide income documentation. Income is therefore not calculated nor stated on the loan application (1008/URLA), nor is a debt-to-income ratio calculated as part of the program’s established reasonable expectation of repayment.
• Loan Documentation- Credit underwriting will often use a “common sense” approach and use alternative and compensating forms of documentation to evaluate a reasonable expectation of repayment.

Eligible Properties

 Primary Home Residences
 1-4 Unit Residential Properties
 Florida Condominiums
 Fannie Mae warrantable
Detached Condos
Non-Warrantable
 Agriculturally/Rural Zoned Properties
Working farms, ranches, or orchards are ineligible.

No Income Mortgage Questions & Answers!