Stated Income Florida Mortgage Lenders

Stated Florida Mortgage Lenders – Bank Statement Florida Mortgage Lenders 
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 mortgage lenders have no liability concerning claims based on the lender’s failure to comply with the ATR requirement. With a Stated or “No Ratio Mortgage”  Florida mortgage lenders will not calculate your debt-to-income. This program is not even a stated income loan because you don’t have to verify your employment.

Stated Florida Mortgage Lenders

 Stated 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 $100,000

Purchase /  Refinance – Stated Mortgage Lenders

 Stated Mortgage Approval Process

Stated 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 Stated 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 score 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 cost.
• Income =Stated mortgage applicants who meet the Community Stated 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-toincome 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 Stated  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 Stated maximum cash-out refinance transaction within the last 12 months unless a documented benefit exists

Stated Florida Maximum Rate & Term Refinance 
Maximum Florida Cashout Stated 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 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.

Stated Mortgage Questions & Answers!