JSMedia – While Florida is a state that once banned state income mortgages, they are now available again. These types of loans are also referred to as alternative income verification loans, bank statement loan programs, and other similar terms. They all mean the same thing, though. Whether you are applying for a loan for a new home or for a refinance, you should carefully review the terms used before you apply.
The first step to getting a mortgage in Florida is to know what types of loans are available. A loan that is based solely on income is known as a jumbo mortgage, which means you have to pay interest only on the amount of the loan. A mortgage lender that requires a lower monthly payment is often the best option. A jumbo mortgage is not an option for borrowers with bad credit.
The second step is to find out whether you qualify for a loan. A stated income loan will require your income to be verified by a credit report. If you don’t prove your income, your mortgage lender will pull your 4506 and pull your credit score. If you can show proof of your assets and income, you can obtain a loan that doesn’t require any documentation.
Florida STATED INCOME Mortgage Lenders, Specifically for Self-Employed Individuals
Florida STATED INCOME MORTGAGGERS are specifically for self-employed individuals, so your monthly income is based on your bank statements. This may be your personal bank account or your business. The lender will average your monthly deposits to determine how much you earn each month. If you are self-employed, you may also need to provide a Profit and Loss Statement. Any large deposits will be flagged and require an explanation.
A stated income loan is an excellent option for residential investment property. These loans are typically 30-year-long and require no income verification. They are best for those who want to refinance their existing home. The term of a state income mortgage is 30 years, which is ideal for many borrowers. For those who want a longer-term mortgage, a stated-income loan can be a great option.
The STATED INCOME MORTGAGING LOAN PROGRAM is one of the most flexible forms of lending for real estate investors in Florida. In fact, this type of loan is the only mortgage in Florida that requires no income verification. The lender can make a decision based on your monthly debt and income, and decide if you qualify for a stated-income mortgage.
A stated-income mortgage is the most flexible form of lending for real estate. It doesn’t require any income documentation or pay stubs. All you need to do is provide your current monthly income, monthly liabilities, and debt. For stated-income loans, the lender will ask for your annual income, savings, and other financial information. During the application process, you’ll be asked to submit an application, including your tax returns and bank statements.