No Income+No Doc Florida Mortgage Lenders

No Income Florida Mortgage-No Doc Florida Mortgage Lenders
All of Florida, including Miami, Fort Lauderdale, Palm Beach, Tampa, Orlando, St Petersburg, Port St Lucie, Naples, Cape Coral, Pembroke Pines, Hollywood, West Palm Beach, Coral Springs, Davie, Miramar, Gainesville, Palm Bay, Tallahassee, Clearwater, Brandon, Pompano , Davie, Boca, Palm Coast,

We do have options for Florida no-income loans on primary homes, but generally, no-doc mortgage loans are prohibited for primary home purchases without the ATR exemption. The (ATR) ability to repay rule stops Florida mortgage lenders from making a primary Florida home mortgage loan without fully documenting the mortgage applicant’s ability to repay the loan. If you qualify for a No Doc Florida mortgage, they generally require better credit scores, higher down payments, and more savings, with higher interest rates than traditional mortgages. Other options include: No Tax Return – Bank Statement  – 1099 Mortgage – VOE Mortgage – P and L Mortgage –  Asset Depletion
Florida No Doc Mortgage Lenders Qualifying / Highlights

No Income Verification Florida Mortgage Lenders

 No Income Florida Mortgage Lenders

• 30-Year Fixed Rate
• UP to 2MM / Min 25% Down + Closing Cost + Reserves / Sourced and seasoned for 30 days
• Loan Term: 360 months, 30-year fixed options.
• No Prepayment Penalty
• Balloon Payment None
• Escrow Account collects 1/12 monthly tax insurance account required
• Minimum Loan Amount $200,000

Purchase /  Refinance – No Income Verification Reserve Requirements

 No Income Verification Mortgage Approval Process

No Income Verification Florida mortgage lenders often need credit underwriters to consider compensating factors and or alternative documentation with a good repayment explanation, due to limited e-VOE Mortgage – P&L Mortgage – All these mortgage programs do not require tax returns for qualification.   All these mortgage programs do not require tax returns for qualification 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 Community’s 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.

Refinance With No Income verification, maximum Cash-out 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

No Income Verification Florida Maximum Rate & Term Refinance
Maximum Florida Cashout: 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, and total draws over the most recent 12 months are less than $2,000.  HELOC must be closed.

Cashout With No Docs 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

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!