Miami Florida Self Employed Mortgage Lenders Using Bank Statements Only
NO Tax Return-Miami Florida Cash-Out Refinance Mortgage lenders
It’s a simple but sometimes unfortunate truth of the post-recession FL Self Employed Mortgage Lenders make it hard to get a Miami Florida mortgage. Self-employed Miami Florida mortgage applicant borrowers whose incomes are less documented have a more difficult time qualifying for a traditional FL Self Employed Mortgage Lenders. The terms of the Qualified Mortgage rule and other regulatory measures have necessitated that most FL Self Employed Mortgage Lenders to err on the side of caution which often means loan candidates must meet specific Miami FL Self Employed Mortgage Lenders mortgage qualifying criteria.
12 Months Miami FL Bank Statement Mortgage Lender
Purchase or Refinance Miami FL Dream Home with only 12 Month Bank Statements
Portfolio Miami Florida Stated Income Mortgage Lenders
MIAMI FL 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
- 12-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!
If you own your own Miami FL business or are self-employed, you know that getting a Miami FL mortgage can be difficult if you write of your income.. Regardless of what you reported for income if tax write-offs make your Miami FL business profitability low, 12 Bank Statement Loan Program will be your golden opportunity to purchase the Miami FL home of your dreams
US Mortgage Lenders offers the 12 Mimai FL Bank Statement Loan Program with no tax returns for borrowers whose taxes do not nessesarly reflect their true purchasing power and thus their ability to repay the purchase of a Miami FL house that might be right for you.
The 12 Bank Statement Loan Program, whether personal or business bank statements, is the perfect mortgage loan program for those potential borrowers whose taxes may include an elevated amount of deductions but their company has recently become more profitable. For those cases where self-employed mortgage applicants do not want to wait to file following years’ taxes and wish to take advantage of qualifying right away, this program is the solution.
While this self-employed mortgage program is a portfolio loan program and thus does not have uniform underwriting guidelines for all Miami FL mortgage applicants, the size and consistency of deposits from month to month is important when evaluation Miami FL mortgage options.
The basic requirements to apply for the 12 Bank Statement Loan Program are:
Benefits of 12 Bank Statement Loan Program:
• No mortgage insurance even with 10% down payment.
• Available to purchase second homes or investment properties.
• Greater loan limits.
Popular Self Employed Mortgage Lenders Questions And Answers!
- How can i get approved for a mortgage if I am Self Employed? asked by Thomas Martin
- Are Stated Income loans still available? asked by Thomas Martin
- Why should i apply for a bank statement only loan instead of a conventional mortgage if i’m self employed? asked by Thomas Martin
- Whats The Minimum Downpayment For a self employed no tax return mortgage? asked by Thomas Martin
- Do self employed mortgage lenders allow w2 co borrowers income to qualify? asked by Thomas Martin
- If my account has over drafts or NFS can i still qualify for a bank statment only mortgage? asked by Thomas Martin
- Do I need tax returns to qualify for a mortgage? asked by Thomas Martin
- Do no doc mortgage loans still exist for primary homes? asked by Thomas Martin
- Am I eligible for an FHA mortgage if I’m enrolled in consumer credit counseling? asked by Thomas Martin
- How are disputed collection accounts considered for manually underwritten FHA mortgage lenders? asked by Thomas Martin
- Do FHA mortgage lenders require Tax Returns for a borrower with self-employment or commission income? asked by Thomas Martin
- Can I use 1 YEAR bonus overtime commission to qualify for a FHA mortgage? asked by Thomas Martin
- For an FHA Mortgage Can gift funds for downpayment come from the employer? asked by Thomas Martin
- Can a real estate agent give a gift or use their commission for the down payment? asked by Thomas Martin
- For an FHA Mortgage Can gift funds be provided from a friend? asked by Thomas Martin
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
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