Broward County FL No Tax Return Mortgage Lenders – Broward FL Bank Statement Mortgage

Broward County FL Bank Statement Mortgage – Broward County FL Self Employed Mortgage Lenders

Are you self-employed or 1099 wage earner and having a hard time getting pre-approved for a Broward County Florida mortgage?  We know the story. They have a great top line, but after the accountant works their magic there isn’t much adjusted gross income left to by a Broward County Florida home. Broward County Florida Broward County Florida bank statement Business Lenders can help!…
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NO TAX RETURNS FL FLORIDA MORTGAGE HIGHLIGHTS

• Minimum 600 Credit score for No Tax Return Program!
• Bank Statements Only Used to Determine Income
• No tax returns required
• 12/24 months personal bank statements (Personal and Business)
• Loans up to $3 million
• Credit scores down to 620
• Rates starting in the low 5’s
• Up to 90% LTV
• DTI up to 50% considered
• Owner-occupied, 2nd homes, and investment properties
• 2 years seasoning for foreclosure, short sale, BK, DIL
• Non-warrantable condos considered
• Jumbo loans down to 660 score
• 5/1 ARM or 30-year fixed
• No pre-payment penalty for owner-occ and 2nd homes
• SFRs, townhomes, condos, 2-4 units
• Seller concessions to 6% (2% for investment)
• 2 year self-employed required

NO TAX RETURNS PROPERTY TYPES:

● SFRs, Condos, (Warrantable & Non-Warrantable), PUDs, 2-4 units, Townhomes
● No below-average properties
● Minimum $50,000 equity required

INELIGIBLE PROPERTIES:
● Site>10 Acres, High-rise Condo in Dade/Broward Counties, Florida (8+ stories)
LOAN TERMS:
● 5 ARM or 30-Year Fixed
● 10 Year/40 Year Term IO
● Index is 30-day SOFR
● Caps are 2/2/5 (2% Initial Change/2% Period Adj/5% Lifetime)
● Margin 3.75%
● All loans require impounds for tax and insurance
LOAN AMOUNTS:
● $100,000—$3,000,000
HOUSING HISTORY/CREDIT EVENT SEASONING:
● Housing history—0x30. For housing delinquency, see pricing adjustments.
● Bankruptcy/Foreclosure—3-year seasoning. For less than 3 years, see
pricing adjustments.
● Short Sale/Deed-in-Lieu/Modification—2 year seasoning. For less than 2
years, see pricing adjustments.
● Forbearance <1 Year—See Loan Program Description
INCOME/DTI:
● Max of 50% DTI, 55% allowed with LTV up to 80%, $4,000 disposable and 0x30
mortgage
● Residual Income—$1,500 per household plus $500 1st child, $250 thereafter.
Child maximum $1,500.
LISTED PROPERTIES:
● Must be off market for 6 months.
PAYMENT SHOCK:
● Maximum 300%. (First time home buyer 250%)
TAX LIENS AND JUDGMENTS:
● All tax liens and judgments must be paid at closing.
COLLECTION/CHARGE-OFF ACCOUNTS:
● Collections and charge offs need to be paid off except:
– Medical Collections.
– Collection accounts older than 2 years
CREDIT SCORE/TRADELINE REQUIREMENTS:
● 3 trade lines reporting for ≥ 12 months; or 2 trade lines reporting for ≥ 24 months with activity
in the past 12 months. The borrower must have a housing history or one of the trades must have
$5,000 high credit/limit.
● Credit Score The middle score of the primary wage-earner is used for pricing and LTV purposes.
INCOME DOCUMENTATION:
● Full Doc – 1 or 2 years W-2, paystubs, tax returns or K1s.
● Alt Doc – 12 or 24 months personal or business bank statements or 1099’s, 12-month cash low.
3 months business bank statements, Profit and Loss (P&L) Only.
Min. 2 years history of self-employment required. Also available for gratuity earners
● Assets—100% of the amount needed to amortize the loan plus monthly debts for 60 months OR
125% of the new loan amount.
● Asset Assist—Assets divided by 60 is added to income. Max 50% of total income.
● Lease agreements in lieu of Schedule E are treated as ALT Doc.
ASSETS / RESERVES:
● <75% LTV—None Required; >75% LTV—6 mos.; Loan Amount >$2M—12 Mos.
● Cash-out may be used to satisfy reserve requirements.
● Gift funds are allowed:
>80% LTV Borrower must contribute 5% own funds;
≤80% LTV 100% of down payment and closing costs may come from gift funds.
Note: Gift funds may not be used to satisfy reserves requirements
OCCUPANCY:
● Owner Occupied and 2nd Home
● First-time Homebuyers allowed, see program guidelines
LENDER CREDIT:
● HomeXpress will allow the application of Lender Credit to be used for recurring and nonrecurring closing costs.
● Any overages will be applied to principal reduction.
● Lender Credit can be used on Lender Paid and Borrower Paid Loans
● Lender Credit cannot be used to pay broker compensation.
2ND APPRAISAL:
● Purchase and Rate & Term Rei: 2nd Appraisal Required for loan amounts >$2M
● Cash-out Rei: 2nd Appraisal Required for loan amounts > $1.5M

BROWARD FL Self Employed Mortgage Lenders