No Income Florida Mortgage Lenders
A Florida no-income check, no-document verification 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 Specifications
- 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.
| Primary | LTV | FICO | Reserves |
| Purchase / Rate and Term | 80 | 720 | 9 months reserves |
| Primary residence | 75 | 680 | 6 months reserves |
| Cash Out Refinance | 75 | 700 | 9 months reserves |
| Cash Out Refinance | 70 | 680 | 6 months |
No Income Verification Mortgage 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 – The lender seeks to understand a borrower’s character as part of the approval 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.
Refinance Maximum Cash-Out
• 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
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!
When it comes to “no income verification” Florida mortgage lenders, there are some very common questions that arise. Here they are:
Q: Are the interest rates higher on no-income verification mortgage loans?
A: Yes, depending on your credit score, you can expect to pay 1-2% more than traditional full documented mortgage loans.
Q: What exactly is a “no income verification” mortgage?
A: These no-income verification loans, are often called “non-QM” loans but only very Florida Florida mortgage lenders can make these loans due to the ability to repay laws. These mortgage loans allow borrowers to qualify without providing traditional income documentation like W-2s or tax returns. Florida ATR-exempt mortgage lenders instead use alternative methods, such as Credit, Reserves, and Downpayment, to assess the borrower’s ability to repay.
Q: Who typically uses no-income verification loans?
A: Common users include: Self-employed, Gig Workers, Real estate investors. Business owners. Those with fluctuating or non-traditional income. retirees.
Q: How do lenders determine my ability to repay without income documents?
A: Asset-based loans: Using assets like investment accounts as collateral. DSCR (Debt Service Coverage Ratio) loans: Primarily for investment properties, focusing on the property’s rental income.
Q: Are interest rates higher for these loans in Florida?
A: Yes. Because these loans are considered higher risk for lenders, they typically come with higher interest rates and fees compared to traditional mortgages.
Q: What are the typical credit score and down payment requirements in Florida?
A: Requirements vary, but generally, Higher credit scores are needed (often 640 or higher, and sometimes 700+). Larger down payments are usually required (often 20% or more).
Q: Are these loans available for investment properties in Florida?
A: Yes, they are very popular for investment properties, especially in Florida’s rental market. DSCR loans are frequently used in these situations.
Q: Where can I find no-income-verification lenders in Florida?
A: These loans are typically offered by only Non-bank lenders or by the federal government.
Q: What are the risks involved?
A: Risks include:Higher interest rates and fees.Potential for higher monthly payments.Increased risk of default.
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