No Doc Mortgages In Florida That Don't Require No Income Verification for Mortgage Loans
Learn how real estate investors get approved for No Doc Mortgage Florida Loans, no income verification mortgage loans and home buyers are eagerly seeking an alternative income verification to acquire real estate in today’s market. Florida has been on the most popular state for No Doc Loans for decades and especially in the last 20 years. Many out of state homebuyers and real estate investors have been utilizing No Income Verification Loans to buy their vacation homes and retirement homes.
No Doc Mortgage Video
Our real estate no doc loans video and no doc mortgage video explains in detail how Loan Trust can get you approved for a mortgage loan with no employment and no income documentation at all. Our clients love our true No Doc Mortgage program. Real Estate investors love how we can move quickly to closing and we can review your credit with a “Soft Pull” credit that has no impact on your credit score and it’s doesn’t count as an inquiry.
With No Doc Loans, You Can Grow Your Real Estate Investment Opportunites
The true No Documentation Mortgage is only at Loan Trust your premiere mortgage lender for No Doc Loans. See how we match up below to all competitors. Most all other lenders require some type of income documentation or calculate income. Some lenders try to call bank statement loans No doc loans, but they aren’t, they’re bank statement loans trying to make you provide documentation to compute your income.
Types of Documentation
All Other Mortgage Lenders
The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. The law overhauled financial regulation in the aftermath of the Great Recession, and it made changes affecting all federal financial regulatory agencies and almost every part of the nation’s financial services industry. The United States housing bubble was a real estate bubble affecting over half of the U.S. states. It was the driving force for the subprime mortgage crisis.
This new legislation allow lenders and banks to offer No Doc Loans with certain guidelines. Prior to this bill people were doing what was called “Liar Loans”. For example, a waitress could state she made $150,000 per year and buy a million dollar home as long as she had a good credit score. These were called Stated Income Stated Assets (SISA), so basically nothing was documented.
Whereas today these loans are generally only for “Self-Employed” borrowers or “Business Entities” or “Foreign Nationals”. The reason being is that most business owners or self-employeed borrowers have cash-flow but generally write off most of their profits within the IRS tax guidelines.
So today, the No Doc Mortgage Loan has to make financial sense. These loans are NOT for borrowers who have a job and receive a W2, Paystubs, etc. But are for borrowers who are self-employed, business owners, foreign nationals, and some borrowers who receive a 1099.
Get approved fast for no doc loans with our Florida mortgage no doc mortgage programs. Apply today get approved today with easy loan approval online. Our no doc home loans don’t required any tax returns, W2’s, 1099’s or paystubs. Real Estate investors and real estate agents love our program with basically no income documentation that allows us to close fast.
What is a No Income Verification mortgage?
A no income verification mortgage is a mortgage loan that doesn’t require the traditional income documentation such as W2’s, Tax Returns, Paystubs, 1099’s, etc. The mortgage lender will allow alternative documents if necessary such as a bank statement that can prove your cash flow to repay the mortgage and or a Profit & Loss Statement in certain situations.
No Doc Mortgage Florida Video
Find out why we have the number ranking no doc loans and no doc mortgage Florida video, which explains how easy it is to get approved fast online.
Who can benefit from a No Doc Loans
- Seasonal & Gig Workers
- Real Estate Investors
- Owners & Employees of Cash Businesses
- Change of Industry or Type of Employement
- Transitioning from Recent Health, Family, or Other Life Events
- Looking to Unlock Trapped Home Equity
- Recent Immigrant
- No Job or No Employment
- Self-Employed Borrowers
- Small Business Owners
- Volatile or Irregular Employment
- Retired Borrowers
- No Doc Loan Investors
No Doc Mortgage Florida
Over the years borrowers have had some challenges of acquiring home ownership from tradition mortgage guidelines but we have a portfolio of programs to help many borrowers who fall outside the traditional guidelines and they have come from all walks of life such as:
- Self- Employed borrower who don’t have a full year or self-employment or the traditional 2 years
- Retired Seniors who don’t have a job
- Families that pool money together to buy their home
- Borrowers with inconsistent employment history
- 1099 workers or Independent Contractors
At Loan Trust our programs for our no doc loans and no income verification mortgage requires less documentation and it closes much faster. We believe if a borrower has very good credit and a history of paying their bills on time and has demonstrated the ability to repay debts on time and has the ability to put the down payment towards the asset, then we believe they are a good applicant for due their credit profile without having to verify income in most cases.
No Doc Loans Florida
Down Payment & Earnest Money Deposits
- One month full bank statement over a 30 days
- Cumulative or Single Deposits $9,999.00 or less in a statement period doesn’t require sourcing or explanation
- Business Funds allowed with Accountant letter confirming no negative impact
- For Cash-Out Refinances the loan proceeds may be applied towards the reserve requirements
- Easy Qualifying Rates
No Doc Florida Loans
Down Payment/Earnest Money Deposits/Reserves
- Copy of Canceled Check from Borrower’s account or Wire Confirmation – no bank statement evidencing withdrawal required
- Bank or Certified Check would require bank statement evidencing withdrawal
- Less or Equal to $500,000 requires 3 Months PITIA
- $500,001 – $1,500,000 requires 6 Months PITIA
- $1,500,001 or Greater requires 12 Months PITIA
No Doc Mortgage Loans Florida
It’s easy to qualify for No Doc Mortgage Loans in Florida with a decent credit score and qualifying asset.
Do No Doc Loans Still Exist?
Actually No Doc Loans and No Income Verification Mortgages don’t exist the way they did prior and during financial crisis from 2007 through 2010. It was so easy to get approved for a No Doc Loan that almost anyone with a pulse got approved. Back then they were called many names such as Stated Income Loans, No Income No Asset (NINA), No Ratio Loans and many of these loans were considered loans in a pool of Subprime Loans that were collateralized debt securities. Literally someone could get a loan for $500,000 with a 580 credit score with no income verification up to 100% Loan-to-Value and people were taking advantage of the system and many were taken advantage by unscrupulous mortgage loan officers who aren’t in the the industry today.
This led to what we know now as the Subprime Mortgage Crisis, which was a multinational financial crisis. It was triggered by a large decline in home prices after the collapse of a housing bubble, which lead to an incredible amount of mortgage delinquencies and foreclosures. This also devalued housing securities. We also know today that this decline in residential investments preceded the Great Recession.
Although there were elements of the crises in early 2007 many lenders were still operating business as usual and ignoring all the signs of a coming collapse which was due from GREED! Several major financial institutions collapsed around September of 2008 and this disrupted the flow of credit to businesses and consumers. The party was over and the aftermath still impacted many homeowners today and many still haven’t rebounded due to credit issues lingering.
So today, No Doc Mortgage Florida Loans exist but not like they did before. These loans are only for Self-Employed borrowers and not for people who have a job.
Think about it, Self-Employed and Business Owners typically have cash flow but they try to write off as much as possible to not pay IRS taxes or at least very little according to the tax code.
These loans are very hard to find because only a hand full of lenders offer these loans and you have to have at least 20% equity for down payment to qualify with a very good credit score.
How are No Doc Mortgages different from standard conventional mortgages?
No Doc mortgages have a few key differences from a typical conventional mortgage loan. Although the mortgage loan process won’t require trees of paperwork, it will require a high credit score to offset the risk and usually a larger down payment than the traditional conventional mortgage. Many home buyers who have the credit score and assets love the efficiency and less intrusive approach for a No Doc Mortgage.
No Doc Mortgage and other types of Stated Income loans
The different variations of no doc mortgages include the following:
- SISA are known as Stated Income State Asset loans are loans without income or assets verification of the borrower.
- SIVA are known as Stated Income Verified Assets are loans that accept your assets for the basis of approval. Sometimes they’re called Bank Statement Loans.
- NINA are known as No Income No Assets are still available for real estate investment non-owner occupied properties. If the property is rented then the lender will use the income from the property or the Appraisal Schedule 1007 to project what the rents will be and this better known in the industry as DSCR loans, which means Debt Service Coverage Ratio.
- NIVA are known as No Income Verified Assets are available with Loan Trust for Owner Occupied as the Primary Residence and Second Homes. This allows the borrower to leave the employment section on the 1003 mortgage application blank, income section blank, with No W2’s, No Tax Returns and No Paystubs. The only thing the borrower has to provide is a statement that they have the assets to close the loan and in some cases the down payment can be a gift. Actually you can get this loan without a job or being self employed if your credit score is high enough and you have the down payment. Sometimes people refer to these loans as NINJA loans, which stands for No Income No Job. Or, No Doc Mortgage Florida Loans.
Guidelines for a No Doc Mortgage Loan
- Employment field left blank
- No W2’s
- No 1099’s
- No Tax Returns
- Primary Residence
- Second or Vacation Homes
- FICO As Low as 640
- Reserves from 12 Months
- Credit Underwritten Based on LTV, FICO and Liquidity
- Income Documentation Not Required
- Income NOT Stated
- Debt-to-Income NOT Calculated
- Asset Seasoning only 30 days
- Loan Amounts up to $3 Million
- Up to 75% LTV Purchase /Rate & Term
- LTV up to 70% on Cash Out Refinance
Most people in the industry considers this product the “True No Doc Mortgage Florida Loan”, since you can leave the employment and income section blank. You can even receive a gift towards the down payment to qualify.
What are the Pros and Cons of a No Doc Mortgage Loan
No Doc Mortgage Loans and No Doc Loans help make homeownership more accessible for the non-traditional real estate home buyers and real estate investors and it is an much more efficient loan underwriting process, but it will have a higher interest rate and more borrowing cost.
Pros of No Doc Loans
- Fast Approvals. On a traditional conventional mortgage, the underwriting process usually stretches across 30-60 days. But you could get to the closing table much quicker with a no-doc loan because there’s less to verify.
- Homeownership more accessible. If you had difficulty getting a traditional conventional mortgage due to strict documentation requirements, a no-doc loan might help you qualify for a loan.
Cons of a No Doc Loans
- Less favorable loan terms. The mortgage rates on some no-doc home loans are as much as 2 to 3 percentage points higher than what you’d find on a conventional loan. It depends on the size of your down payment, credit score, assets and how much you can disclose about your employment.
- These types of loan hard to find. It might be challenging finding a lender that offers no-doc loans.
No Income Verification Mortgage
A true no income verification mortgage doesn’t require the standard or traditional income verification for underwriting. Many people refer to them as No Doc Loans, but basically it means you don’t have to provide the usually income documentation such as pay stubs, W2’s or tax returns. Some lenders are promoting “Bank Statement Loans” as no income verification loans, but that’s not true because they are using the income from the bank statements usually over a 12 month period of time as income verification. They are underwriting the “Cash Flows” to determine the income.
Unfortunately, a true no income verification mortgage is what we offer here a Loan Trust. It’s an application where we leave the “Employment” section blank and the “Income Section” blank and we don’t need 12 or 3 or 2 months banks statements because we aren’t looking for income. We only need one months bank statement to verify season down payment for the loan. You actually can qualify for our no income verification mortgage loan without having any employment as long as you have the credit score and equity/down payment.
No Income Verification Mortgage Video
Benefits of No Doc Loans
With No Doc Loans you can generate more profits from multiple properties and grow your real estate portfolio. It’s easy to qualify for home purchases with No Tax Returns, No W2’s, No 1099’s, and No Paystubs.
Not only can you generate more profits with No Doc Loans, but you can increase your net worth. Instead of investing the majority of your capital into a single investment property, you can invest relatively a small down payment into multiple properties to grow your net worth and portfolio. Many savvy investors utilize No Doc Loans to generate more profits from a variety of real estate investments.