No Doc Mortgages In Florida That Don't Require Income Verification
Stated Income Loans for Real Estate investors are now know as No Doc Loans and you can get approved for No Doc Mortgage Florida Loans as a home buyer who is 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.
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 mortgage loans with our Florida mortgage no doc 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.
Stated Income Loans
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 income verification 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.
Stated Income Home Loans
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
Stated Income Mortgage 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.