florida

Florida Bank Statement Only Lenders

It’s a simple but sometimes unfortunate truth of the post-recession Florida mortgage market: Self-employed borrowers whose incomes are less documented have a more difficult time qualifying for a traditional Florida mortgage. The terms of the Qualified Mortgage rule and other regulatory measures have necessitated that most Florida mortgage lenders err on the side of  caution which often means loan candidates must meet specific Florida mortgage qualifying criteria.

Florida Bank Statement Lenders Program – Explained

Florida Mortgage Lenders offers a 24-Month Bank Statement Program.

Bank Statement Only FL Borrower Employment Types:

  • Self Employed
  • 1099
    Must provide business license, Tax Preparer’s letter or corporate paperwork.

Florida Mortgage Lenders will accept Personal or Business Bank Statements.  However, qualifying income will be calculated differently.

  • Florida Personal Bank Statements:  100% of Deposits Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount we will apply as the borrower’s qualifying income.

Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.

  • Florida Business Bank Statements:  50% of Deposits- Add all deposits for all 24 months, divide by 2, and then divide by 24 to receive the monthly income amount we will give to the borrower.

Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 a month income. * Only 50% is used because we have to assume the business has overhead.

1STARTNOW

www.Florida-Mortgage-Lenders.com

Details of Florida Bank Statement Lenders Program:

Personal & Business Guidelines

  • Only deposits can be used Transfers are NOT counted on personal and case-by-case for Florida business*
  • Must have 24 consecutive months of statements (no gaps)
  • Must provide All pages (even the last pages with advertising)
  • Cannot comingle (use two different accounts) statements**
  • If account was used and closed and new account for remainder of statements must show closing of old account and opening of new account

*    Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera).  Case-by-Case and must be considered normal for the company.

** Multiple accounts are considered on a case-by-case when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.

Are you self-employed in Florida? Do you earn seasonal income? Are you a consultant, promoter, tax-preparer, freelancer, artist or other professional with an irregular Florida income stream? If so, our Florida Bank Statement Mortgage Lenders Program may be perfect for you! 

How does a Florida Bank Statement Only Florida Mortgage work?

Simple. Instead of requiring your last 2 years of tax returns, W-2s, or proof of regular payroll checks, we base our Florida Bank statement loan approvals decision on a combination of your Florida Bank statements and a Profit & Loss statement for your Florida business deposits.

Even if you earn your income in just part of the year, as long as you maintain Florida Bank accounts documenting your Florida business income or Florida Personal income Florida Bank statement deposit stream we can help!

We offer three Situations for our Florida Bank Statement Program.

Here’s how each Situation works:

Situation 1 – Your Florida Personal and Florida business Finances Utilize a Single Account

•             Borrower provides Florida Bank statements from the most recent 12 consecutive months

•             Borrower provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer

•             The expenses shown on the P&L must be reasonable considering the borrower’s type of self-employment

•             The P&L will be the primary source for information to qualify the borrower

•             The revenue from the P&L will be supported by the Florida Bank statements the borrower provides

•             The Florida Bank statements must reflect deposits no less than 5% of the revenue stated on the P&L

•             The underwriter reserves the right to request Florida Bank statements from up to 24 consecutive months

Situation 2 – You Maintain Separate Florida Personal and Florida business Accounts

•             No P&L Statement is required

•             Only your Florida Personal Florida Bank statements will be considered to determine eligibility

•             Borrower provides Florida Personal Florida Bank statements from the most recent 12 consecutive months in addition to Florida business Florida Bank statements from the most recent 3 months (in order to verify the maintenance of separate accounts)

•             Annual deposits are averaged to determine monthly income

•             The underwriter reserves the right to request Florida Bank statements from an addition 12 consecutive months

•             If an optional P&L prepared by a CPA or a Licensed Tax Preparer is provided, that will determine borrower’s monthly income

(For both Situation 1 and Situation 2, the information provided must support the size of the requested transaction. Inconsistencies may necessitate additional documentation such as tax records.)

Situation 3 – You Only Use Florida business Florida Bank Statements to Qualify your Loan

•             Borrower provides Florida business Florida Bank statements from the most recent 12 consecutive months

•             Borrower provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer

•             The Florida business Florida Bank statements must reflect deposits no less than 5% of the revenue stated on the P&L

(In all 3 Situations, issues such as Non-sufficient Funds (NSF) or Over-Drafts, even if so-called Overdraft Protection is utilized, may have a bearing on the underwriter’s decision. In general, a maximum of 3 NSF notices per 12 consecutive months will be allowed, whether they occurred in a single month or over the entire 12-month span. Exceptions may be allowed on a case-by-case basis, under review of the underwriting manager.)

FLORIDA MORTGAGE LINKS OF INTEREST

 

Fast Consultation

captcharefresh

Powered by ChronoForms - ChronoEngine.com

CREDIT REQUIREMENTS

FHA MORTGAGE

550 MIN FICO

PORTFOLIO MORTGAGE

NO MINIMUM

VA MORTGAGE

550 MIN FICO SCORE 

USDA LOANS

580 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

CALL NOW!

954-667-9110

Apply Now!

CLICK HERE
Reviews on Zillow
1399173
"Thomas went above and beyond to get our mortgage approved. We had a couple of "hiccups" with our VA financing and Thomas was able to get them resolved ... more "
5.0/5.0
by lbaze2008
1375949
"I was hesitant to utilize someone from the internet to obtain my home loan. I even let my real estate agent talk me into going with someone local ... more "
5.0/5.0
by rmac333
1345066
"Thomas martin was a great help with our mortgage . it was a stressful time in our life , but Thomas remained calm through out the whole process which ... more "
5.0/5.0
by zuser20140303145114251