FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING FEES:
• Kissimmee FL Down payment is only 3.5% of the purchase price.
• Gifts from family or Grants for down payment assistance and closing costs are OK!
• Seller can credit buyers up to 6% of sales price towards buyer’s costs.
• No reserves or future payments in account required.
• FHA regulated closing costs.
FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:
• Purchase a Kissimmee Florida home 12 months after a chapter 13 Bankruptcy
• Purchase a Kissimmee Florida 24 months after a chapter 7 Bankruptcy.
• FHA will allow a FHA mortgage 3 years after a Foreclosure.
• Minimum FICO credit score of 580 required for 96.5% financing.
• Kissimmee Bad credit Florida FHA mortgage approvals minimum FICO credit score of 530 required for 90 FHA financing.
• No Credit Score Florida mortgage loans & No Trade Line Florida FHA home loans.
FHA MORTGAGE LOANS ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING:
• FHA allows higher debt ratio’s than any other Florida home loan programs.
• Less than two years on the same job is OK!
• Self-employed buyers can also qualify for FHA.
• Check Florida FHA Mortgage Articles for more information.
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Bank statement loans have taken over the traditional Bank Statement income loans as an alternative for self-employed Florida mortgage applicants who are unable to verify their income by providing the previous two years’ tax returns, W2s, and pay stubs. These loans are called non-QM loans, nontraditional loans or expanded criteria loans that allow other forms of documentation to prove the ability to repay. Just as it sounds, a bank statement loan allows the borrower to verify his or her income with bank statements instead of using tax returns!
What Documents Do I Need For A No-Tax Return Florida Mortgage?
- ID = Driver’s license, SS Card.
- Proof Of Income = Your most recent 12- or 24-month bank Statements business or personal.
- Proof Of Down Payment, Closing Cost, Reserves= Most Recent2 Months Bank Statements.
- Proof of 2 years in the same business or line of work = Business licenses, Articles of incorporation, 2 years of 1099 s, or accountant letter stating more than 2 years + in the same business.
- Obligations = Divorce decree, Child support, or court order. Only if applies.
- Mortgage Statements = Rental property taxes and insurance statements. Only if applies.
- W2 or 1099= Additional W2 or 1099 income. Only if applies.
- Purchase and Sale Contact. Only if you have one.
- Verified Timely Rent Payments- For Purchases Only – 12 months rental checks clearing your account or wire transfers for the most recent 12 months to verify timely rental payments.
What Does The No Tax Return Loan Application Process Look Like?
To apply for a bank statement loan you would fill out our full mortgage application. Then provide your last 12 or 24 months’ worth of bank statements from a personal or business bank account. Bank statement mortgage loans are processed through a manual underwriting process. This means the income is calculated by a person so the process can take 24 -48 hours.
Am I Eligible for a loan with No Tax Returns? What is Required?
- You must prove self-employment for a minimum 2 years.
- Must provide proof of 12-month rental history or 3-6 months of future payments in reserves.
- You must have at least 10% down.
- You must have 4-6 months of PITI reserves
- You may qualify with as little as a 12-months bank statement.
- You must have a credit score of 600 or above to qualify.
- The minimum loan amount is $100,000, and the maximum loan is $5,000,000.
What Are the Advantages of a Bank Statement Mortgage Loan?
- The lender can look at 12 or 24-month bank statement deposits for income!
- 30-Year Fixed Options.
- Bank statement-only mortgage lenders do not need to look at your tax returns.
- Your income statements are made up of the average monthly income deposits.
- You can get a bank statement home loan for as little as 10 percent down.
- You can do a cash-out refinance.
- You can borrow up to $5 million.
- Debt to income ratio up to 55 percent.
What Are The Eligibility Requirements?
Eligibility with a Florida bank statement mortgage lenders requires total deposits minus disallowed deposits. This amount is then divided by the number of bank statements either 12 or 24 months to determine an average.
Another option is that if the co-borrower is a W2 employee you can add the W2 income to the bank statement income from the borrower or assets from the co-borrower and bank statements to help the borrower qualify. Florida No Tax return mortgage lenders allow you use multiple sources of blended incomes to help you qualify.
What Are The Considerations I need to know about?
- You can use either business or personal no commingling.
- Use 12 monthly business bank accounts or personal accounts depending on the lender.
- Deposits which are transferred from a business account into a personal account are OK.
- Combine W2 income with bank statement income as long.
- You need to count on at least 4-6 months of reserves. Reserves are defined as future total mortgage payments in your account after downpayment and closing costs.
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