No Tax Return-Florida Bank Statement Only Mortgage Lenders

Self Employed Mortgage Lenders provide for two (2) additional documentation options to determine a Self Employed Mortgage Applicants qualifying income.  Under this program either of the following will be acceptable;

  • 12-months personal Florida Bank Statements; or
  • 24-months business Florida Bank Statements

NO Tax Return-Florida Cash-Out Refinance Mortgage LendersNO Tax Return Self-Employed Mortgage Lenders

Florida Bank Statement mortgage lenders provide the perfect option for self-employed borrowers who do not have the tax documents to prove their ability to pay. We can offer up to 90% LTV on personal and business and 55% DTI with scores as low as580.

  • 2 year self-employed or same line of work required
  • No tax returns required
  • 12 month personal Florida Bank Statements
  • 12 month business Florida Bank Statements
  • Loans up to $3 million
  • Credit scores down to 600
  • Up to 90% LTV on Personal and Business with no MI
  • DTI up to 55% considered
  • Owner-occupied, 2nd homes and investment properties
  • 1 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 prepayment penalty for owner-occ and 2nd homes
  • Seller concessions up to  to 6% (2% for investment)

Self Employed Mortgage Applicants General Mortgage Requirements
Under this program, all Self Employed Mortgage Applicants must be Self-employed.
Refer to the applicable Program Matrices for credit score, ratio and LTV restrictions.

Self Employed Mortgage Income Calculations for Florida Bank Statements
Personal Florida Bank Statement Mortgage lenders Average The following requirements apply when calculating qualifying income using personal Florida Bank Statements:

  • All parties on the self-employed banks statement loan must be on the loan; and
  • Qualifying income is defined as 100% of deposits, averaged over a twelve (12) month period; and
  • Florida Bank Statement Statements must be consecutive and reflect the most recent months available; and
  • Transfers from a Self Employed Mortgage Applicants business bank account to personal account are allowed; and
  • If the Florida Bank Statements provided reflect payments being made on obligations not listed on the credit report, refer to Undisclosed Debts for additional guidance.

Self Employed Florida Bank Statement Documentation Requirements

Most recent twelve (12) months consecutive Florida Bank Statements IRS transcripts are not required under the personal Florida Bank Statement program.  In the event one or more Self Employed Mortgage Applicants) are wage earners IRS transcript are still not required for income calculations.

Business Florida Bank Statement Only Mortgage Lenders

The following requirements apply when calculating qualifying income using business Florida Bank Statement mortgage applicants:

  • Self Employed Mortgage Applicants must be 100% owner of the business; and
  • Qualifying income is defined as, the total deposits, less the percent of business expenses, annualized.

Business Florida Bank Statements Expense to Income Ratio

The percentage of expenses used to determine the Self Employed Mortgage Applicants qualifying income, can never less than 10%of the total deposits.

For Florida Bank Statement mortgage approvals purposes, a Business Expense, CPA Statements or Profit and Loss Statements reflecting an expense ratio of less than the minimum required (10%), the percentage used to determine the qualifying income will be adjusted to the 10% minimum.

Self Employed Self Employed Mortgage Applicants Documentation Requirements

A Third Party or CPA prepared Business Expense Statement or Profit and Loss Statements, which is less  than 90-days old at the time closing, must specify the total business expenses as a percent of the gross revenue.  Twenty-four (24) month business Florida Bank Statements covering the same time period as the Business Expense Statement.

SELF EMPLOYED MORTGAGE RATIO REQUIREMENT OCCUPANCY HOUSING RATIO DTI

  • primary Residence 40% 50%
  • Second Home N/A 50%
  • Investment N/A 50%

Self Employed Mortgage Initial Disclosed Income

Income disclosed on the initial signed application should be reviewed. If income calculated is significantly higher than income stated on 1003, the underwriter should request an explanation from the Self Employed Mortgage Applicants to determine the acceptability of the income.

Income Self Employed Mortgage Applicants

The income of each Florida Bank Statement only mortgage applicant who will be obligated for the mortgage debt and whose income is being relied upon in determining ability to repay must be analyzed to determine whether his/her income level can be reasonably expected to

continue.Self Employed Mortgage applicant Income may not be used in calculating the Self Employed Mortgage Applicants debt-to-income ratio if it comes from any source that cannot be verified, is not stable, or will not continue. All Self Employed Mortgage Applicants income documentation used for qualification must be dated within 90-days of closing.

Florida Bank Statement Only Mortgage Lenders Program Restrictions  

The following restrictions apply when using Florida Bank Statement documentation:

  • Self Employed Mortgage Applicants must qualify with Standard Trade Lines as per Trade Line Requirements section.
  • Non-permanent resident aliens and foreign nationals are not eligible.
  • Payroll deposits into accounts from other employment must be reflected as direct deposits and may not be included in the Florida Bank Statement average. W-2 earnings must be documented as per therequirements in Salaried/Wage-Earners section.
  • A consistent pattern of withdrawals exceeding deposits on a monthly basis or evidence of a declinein earnings may result in disqualification.
  • NSF and overdraft activity must be reviewed for acceptability.

Income derived solely from the ownership of rental properties must be calculated per tthe requirements

in Rental Income section. Self Employed Mortgage Applicantss who receive rental income as a secondary

income source may utilize Florida Bank Statement documentation on a case-by-case basis.

  • Non-Profit organizations are not eligible under the Business Florida Bank Statement Program.

Self Employed Mortgage Applicants Credit and Liabilities

A U.S. credit report is required for each borrower on the loan who will sign the Note. The credit report should provide merged credit information from the three major national credit repositories. A minimum of two credit scores is required.  The credit report should include verification of all credit references provided on the loan application and must certify the results of public record searches for each city where the borrower has resided in the last two (2) years. Either a three bureau merged report or a Residential Mortgage Credit Report (RMCR) is required.

Alimony and Child Support Self Employed Mortgage Applicants

Income received from alimony or child support must continue for at least three (3) years.Evidence that the Self Employed Mortgage Applicants has received the payments for the six (6) months preceding the loan application by way of court ledgers or statements, bank deposit slips, signed tax returns, cancelled checks, or other legally accepted evidence ofreceipt.

Annuity Income For Self Employed Mortgage Applicants

Annuities less than twelve (12) months old must be in a non-revocable trust with a minimum term of 40-months in order to use as qualifying income. A twelve (12) month history of receipt must be verified using 1099’s, tax returns, and/or Florida Bank Statements. The account asset balance must support the continuance of the monthly payments for a least three (3) years after the closing date.

Documentation Requirements Self Employed Mortgage Applicants

Letter from issuer of annuity to be obtained stating that it has been set up on periodic withdrawal, amount of withdrawal, duration and balance; and Proof of receipt documented with the most recent two (2) years signed federal tax returns, two (2) most recent Florida Bank Statements or deposit slips. Documentation must confirm the amount, duration, and frequency of the income, as well as the likelihood of continuance for three (3) years.

Auto Allowance and Expense Account Payments  Self Employed Mortgage Applicants

Income from this source can be used if a two (2) year history of receipt can be confirmed and documented with the most recent two years signed federal tax returns and the income is reported on IRS Form 2106.Documentation provided to support this income must specify the amount, duration and frequency of the income and the corresponding expenses must match the same time period as the income from the employer.

Florida Bank Statement Program

Self Employed Mortgage Applicantss seeking to document income using personal or business Florida Bank Statements must follow the requirements as outlined within the Florida Bank Statement Program.

 

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