Miami FL Bank Statement Only Mortgage Lenders – No Tax Returns!

Miami FL Self-Employed Mortgage Lenders Bank Statement Only Miami FL Mortgage LendersNo Tax Return Miami Florida Mortgage LendersMiami Florida Mortgage Lenders Using No Tax Returns – Miami FL Self Employed business owners and Wage Earners can both qualify- Joint Miami FL Self Employed Mortgage Applicants with 1 wage earner and 1 self-employed business owner can verify income separately, with 2 years self-employment history Miami FL Self Employed Mortgage Applicant utilizing 12 or 24 months business or personal bank statements and the wage earner providing paystubs/W-2s we can use both incomes to qualify.

NO TAX RETURN MIAMI FL COMMERCIAL MORTGAGE LENDERS

NO TAX RETURN MIAMI MORTGAGE LENDERS SUMMARY

  • Must Document Proof of 2 years Self Employed!
  • No tax return bank statement only mortgage lenders 
  • 12-month personal or business bank statements
  • 24-month business or personal bank statements
  • Loans up to $3 million
  • Credit scores down to 600
  • Rates starting in the 4’s
  • Up to 90% LTV on Personal and Business with no MI
  • DTI up to 50% considered
  • Owner-occupied, 2nd homes and investment properties 
  • 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
  • Non-warrantable condos considered
  • Jumbo loans down to 600 score
  • 5/1 ARM or 30-year fixed
  • No pre-payment penalty for owner-occ and 2nd homes
  • Seller concessions to 6% (2% for investment)
  • Combination of Bank statements and w2 OK!

Popular Self Employed Mortgage Lenders Questions And Answers!

Popular Miami Bank Statement Only Pages

MIAMI FL BANK STATEMENT ONLY MORTGAGE LENDERS ANALYSIS

• Eligible deposits from the bank statements should generally be within +/- 10% of the gross income (business accounts) or net income (personal accounts) as  shown on the Profit and Loss statement
• Bank Transfers from other bank accounts into the business bank accounts will require conclusive evidence that the source of transfer is business-related income.
• An Income calculated with business or personal bank statement documentation should be consistent with income documented by the self employed borrorwers on the loan application
• self employed borrorwerss income in 1003 should never be used for qualifying, even if it is less than the P&L income calculated above
• Any deposits into a personal account deemed to derive from a source other than the business (rents, SSI, joint account holder wage income, IRS refunds) must be excluded from the bank statement only income analysis and added separately as qualifying income if applicable.
• NSF also know as no n sufficient funds require a self employed borrorwers Letter of explanation to evaluate that they are not due to financial mishandling and/or indicative of insufficient income
• NSFs should be covered with deposits shortly after they are incurred.
• Unusually large deposits exceeding 50% of monthly income (as defined by Fannie Mae) into personal accounts must be documented and explained via Letter of Explanation and
must be consistent with the business profile. If Letter of Explanation is sufficient, no sourcing required.
• Transaction history printouts are not acceptable.
• Multiple bank accounts may be used.
• Co-mingling of personal and business receipts and expenses in Personal Bank Accounts is not permitted. Evidence of comingling will require the loan to be submitted and qualified as a business bank statement loan.
• If personal bank statements provided reflect payments being made on obligations not listed on the credit report, a thorough analysis must be performed and Letter of Explanation provided from the self employed borrorwers, as outlined below. Bank statement loans submitted with tax return documentation or transcripts are ineligible.

MIAMI FL SELF EMPLOYED MORTGAGE DOCUMENT REQUIREMENTS
(1) 12 or 24 months Personal or 12 or 24 months Business Bank statements
 Miami FL Self Employed Mortgage Applicants who own more than 3 businesses must use personal bank statements option
 Bank statements must be most recent available at the time of application and must be consecutive
(2) Profit & Loss Statement
 If submitting personal bank statements, a P&L prepared by the Miami FL Self Employed Mortgage Applicant covering no less than 12 or 24 months is required
 The P&L must be signed and dated by the self-employed mortgage applicant.
 If submitting business bank statements, a P&L prepared by the Miami FL Self Employed Mortgage Applicant covering no less than 24 months is required
 The Miami FL Self Employed Mortgage Applicant is required to provide separate P&Ls for each business being used in qualifying.
 The P&L should generally cover the same calendar months as the bank statements provided.
(3) Validation of a minimum of 2 years existence of the business from one of the following: Business License, Letter from Tax Preparer, Secretary of State Filing or
equivalent

SELF EMPLOYED MIAMI FL PROFIT & LOSS ANALYSIS
• Net Income from the P&L will be used as Qualifying Income for both personal and business bank statements.
• The P&L used for qualifying must be signed by the Miami FL Self Employed Mortgage Applicants.
• Declining Income requires a Letter of explanation to determine if the trend will continue. 
• Any amounts on the P&L representing salary/wages paid to the Miami FL Self Employed Mortgage Applicants/business owner can be added back and considered in the net income analysis.
• Expense line items that can be added back to the business net income include depreciation, depletion, amortization, casualty losses, and other losses or Miami FL business expenses that are not consistent and recurring.
• Miami FL Self Employed Mortgage Applicants utilizing business bank statements that own > 50% but < 100% of a business will be qualified at the P&L/AES net income multiplied by their ownership percentage.
• The P&L expense ratio, Gross Income minus Net Income, divided by Gross Income, should be reasonable for the profession.
Example: A home-based sole practitioner therapist/consultant can be expected to have a low expense ratio, while a retail Miami FL business that has a full staff of employees and relies heavily on inventory to generate income will have a high expense ratio.
• If the file does not contain a CPA prepared P&L, steps must be taken by the underwriter to evaluate the reasonableness of the expenses listed by the Miami FL Self Employed Mortgage Applicants.
• This requires the Miami FL Self Employed Mortgage Applicants to provide a business narrative which includes detail related to the size/scope and operating profile of the business, including the following:
o Description of the Miami FL Business/Business Profile
o Location & Associated Rent o Number of Employees / Contractors o Estimated Cost of Goods Sold (Does

business involves the sale of goods or just services?)
o Materials/Trucks/Equipment o Commercial or Retail client base? o Business Analysis

• Business Expenses listed on a Miami FL Self Employed Mortgage Applicants prepared P&L should generally relate to the information provided below.

Age of Documents Miami FL Self Employed Mortgage Lenders 
Credit Report/Credit Documentation: 90 days old at the time of closing Income and Asset Documentation: Dated within 90 days of closing Title Report/Title Commitment: Dated no later than 60 days prior to closing

Appraisal Requirements For Miami FL Self Employed Mortgage Lenders 
Full Interior / Exterior appraisal required. Fannie Mae/Freddie Mac Forms 1004/70, 1025/72, 1073/465 or 2090 must be used. All Fannie Guidelines apply to
the appraisal process and value determination, in addition,n an Appraisal Management Company must be utilized for appraiser selection. The Appraisal should be dated no more than 120 days prior to the Note Date. After a 120 day period, a new appraisal is required. Re-certification of value is
not acceptable. Minimum Square Footage 800 Sq. Feet Not eligible: Properties for which the appraisal indicates condition ratings of C5 or C6 or a quality rating of Q6, each as determined under the Uniform Appraisal
Dataset (UAD) guidelines. GreenBox will consider if issue has been corrected prior to loan funding with proper documentation. A 5% reduction in LTV/CLTV will be required for all properties identified to be in a declining market as designated by the appraiser.

Self Employed Mortgage Lenders In  Miami, FL

  • Coral Gables, FL
  • Dania, FL
  • Fort Lauderdale, FL
  • Hallandale, FL
  • Hialeah, FL
  • Hollywood, FL
  • Homestead, FL
  • Key Biscayne, FL
  • Miami Beach, FL
  • Miami Gardens, FL
  • North Miami Beach, FL
  • Opa Locka, FL
  • Pembroke Pines, FL

Serving All Florida Cities Including Miami, FL

Coral Gables, FL-Dania, FL-Fort Lauderdale, FL-Hallandale, FL-Hialeah, FL-Hollywood, FL-Homestead, FL-Key Biscayne, FL-Miami Beach, FL-Miami Gardens, FL-North Miami Beach, FL-Opa Locka, FL-Pembroke Pines, FL –

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