www.Florida-Mortgage-Lenders.com 
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Questions

911loan@gmail.com

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

CREDIT REQUIREMENTS Mobile top

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!

ONE (1) Year Florida Self Employed Mortgage Lenders

1 Year Self Employed Florida  Bank Statement Mortgage Lenders
Loan In Florida Using Bank Statements, 1099, K1, Lease Agreements For Income

BANK STATEMENT FLORIDA MORTGAGE LENDERS ANALYSIS

1 one year Florida self employed mortgage applicants MUST BE SELF-EMPLOYED TO QUALIFY FOR THIS PROGRAM DOCUMENT REQUIREMENTS
(1) 12 or 24 months Personal or 24 months Business Bank statements
 1 one year Florida self employed mortgage applicants who own more than 3 businesses must use personal bank statements option
 Bank statements must be most recent available at time of application and must be consecutive
(2) Profit & Loss Statement
 If submitting personal bank statements, a Florida 1 year self employed P&L prepared by the 1 one year Florida self employed mortgage applicants covering no less than 12 or 24 months is required
 The Florida 1 year self employed P&L must be signed by the 1 one year Florida self employed mortgage applicants
 If submitting business bank statements, a Florida 1 year self employed P&L prepared by the 1 one year Florida self employed mortgage applicants covering no less than 24 months is required
 1 one year Florida self employed mortgage applicants is required to provide separate Florida 1 year self employed P&L s for each business being used in qualifying.
 The Florida 1 year self employed 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
equivalent

Self Employed/Wage Earner Combination - Joint 1 one year Florida self employed mortgage applicants  with 1 wage earner and 1 self-employed business owner can verify income separately, with the self-
employed 1 one year Florida self employed mortgage applicants utilizing bank statements and the wage earner providing pay stubs/W-2s. The wage earner 4506T should include W-2 transcripts only.

ONE YEAR FLORIDA SELF EMPLOYED MORTGAGE LENDERS PROFIT & LOSS ANALYSIS

• Net Income from the Florida 1 year self employed P&L will be used as Qualifying Income for both personal and business bank statements.
• The Florida 1 year self employed P&L used for qualifying must be signed by the 1 one year Florida self employed mortgage applicants.
• Declining Income requires an LOE
• Any amounts on the Florida 1 year self employed P&L representing salary/wages paid to the 1 one year Florida 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
Florida business expenses that are not consistent and recurring.
• 1 one year Florida self employed mortgage applicants utilizing business bank statements that own > 50% but < 100% of a business will be qualified at the Florida 1 year self employed P&L /AES net income multiplied by their ownership
percentage.
• The Florida 1 year self employed 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 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 Florida 1 year self employed P&L , steps must be taken by the underwriter to evaluate the reasonableness of the Florida business expenses listed by the 1 one year Florida self employed mortgage applicants.
• This requires the 1 one year Florida 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 Business/Business Profile o Location & Associated Rent o Number of Employees / Contractors o Estimated Cost of Goods Sold (Does
business involve sale of goods or just services?) o Materials/Trucks/Equipment o Commercial or Retail client base? o Business Analysis
• Florida business expenses listed on a 1 one year Florida self employed mortgage applicants prepared Florida 1 year self employed P&L should generally relate to the information provided below.
• 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 Florida 1 year self employed P&L .
• 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 bank statement documentation should be consistent with income documented by the 1 one year Florida self employed mortgage applicants on the loan application
• 1 one year Florida self employed mortgage applicants income on the 1003 should never be used for qualifying, even if it is less than the Florida 1 year self employed 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 analysis
• NSFs require a 1 one year Florida self employed mortgage applicants LOE 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 LOE,
and must be consistent with the business profile. If LOE 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 Florida business 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
LOE provided from the 1 one year Florida self employed mortgage applicants, as outlined below.

Joint Accounts For 1 one year self employed Florida mortgage lenders - A joint personal account with a non-borrowing spouse or domestic partner can be used for qualifying as follows: o If not contributing
income/deposits, it must be validated by a 1 one year Florida self employed mortgage applicants affidavit o If contributing income/deposits, source must be clearly identified (direct deposit, SSI, trust
income) and amounts must be subtracted from the analysis o Relationship letter must be present in file
Retirement, Government Annuity, and Pension Income  For 1 one year self employed Florida mortgage lenders - 1 year Florida self employed may recognize an ancillary income stream from employment-related assets as eligible for
income qualification. 1 one year Florida self employed mortgage applicants must evidence a 12 month history of documented draws or interest/dividend income. If, based on that history, the income will
continue for at least three years, the income may be used for loan qualification. One of the following types of income documentation is required: o Copy of
award letter or letters from the organizations providing the income o Most recent personal income tax return with all schedules o Most recent W2 or 1099 o
Most recent 2 months bank statements showing deposit of funds
If the income being used for qualifying represents at least 50% of the 1 one year Florida self employed mortgage applicants’s total income, a five year continuance is required. The 1 one year Florida self employed mortgage applicants must have
unrestricted access, and available to the 1 one year Florida self employed mortgage applicants without penalty. Documentation of asset ownership must be in compliance with the allowable age of credit
documents.
Restricted Stock Income  For 1 one year self employed Florida mortgage lenders– 1 year Florida self employed will only consider restricted stock that was awarded in prior 2 years and became unrestricted (vested) in the current year. The
Vesting Schedule must indicate the income will continue for a minimum of 3 years at a similar level to the prior 2 years. Continuance is based on the vesting
schedule using a stock price based on the 52 week low for the most recent 12 months reporting at the time of closing. A 2 year average of prior income
received from RSU’s or stock option will be used. The following documentation is required: o Copy of the vesting schedule o Most recent W2 and pay stub o
Private Stock not eligible.
Component Sources of Income  For 1 one year self employed Florida mortgage lenders- A 1 one year Florida self employed mortgage applicants who has a self-employed business and also receives income from other sources is eligible for the bank
statement program. Income sources include but are not limited to rental properties, trust & investment, alimony, etc. These income sources should be
separately documented on the 1003 and should be separately supported by bank statement deposits.
o Rental Income –
months via cancelled checks, deposits clips, or bank records ed by a vacancy/expense factor of
25%
o Trust Income – idenced by

unt, distribution frequency, and duration of payments

o Alimony Income For 1 one year self employed Florida mortgage lenders –
deposit slips, or bank records
o Note Receivable Income  For 1 one year self employed Florida mortgage lenders copy of the note confirming amount and length of payment
checks, deposit slips, or bank records

ONE YEAR FLORIDA SELF EMPLOYED MORTGAGE APPLICANTS CREDIT 

• Each 1 one year Florida self employed mortgage applicants’s credit profile must include a minimum of 2 trade lines (open or closed) within the last 12 months that show a 12 month history, or a combined
credit profile between 1 one year Florida self employed mortgage applicants and co-1 one year Florida self employed mortgage applicants with a minimum of 3 tradelines.
o Tradeline activity is not required. Eligible tradelines cannot have any derogatory history in previous 24 months.
• Current housing not reporting on credit can be considered an open trade if supported by bank records (cancelled checks/debits). • 1 one year Florida self employed mortgage applicants(s) not using
income to qualify are not required to meet the minimum tradeline requirements listed above. • 1 one year Florida self employed mortgage applicants currently enrolled in credit counseling or debt

management plans are not permitted. • All derogatory accounts require a full explanation. • All Judgments or liens affecting title must be paid. • Non-title charge-
offs and collections within 3 years and exceeding $3,000 (either individually or in aggregate) must be paid. • Medical collections are not required to be paid. • All

past due accounts must be brought current prior to closing. • No authorized user accounts will be used to satisfy minimum tradeline. • Medical derogatory
accounts, collections, and charge-offs permitted with letter of explanation. • Disputed accounts require a LOE per Fannie Mae. An updated credit report not
required. • IRS tax payment plans are permitted if current and do not carry a lien on any property.

1 one year Florida Self Employed Florida Mortgage And Rental Payment Verification

• 12 months housing history required.
• Rental history evidenced by 12 months proof of payment via cancelled checks or bank debits.
• Rent free letters from spouses are not permitted. Housing history is required.

1 one year Florida Self Employed Florida Mortgage Occupancy – Primary Residence

• A primary residence is a property that the borrower(s) intend to occupy (within 60 days) as his or her principal residence.
• Characteristics that may indicate that a property is used as a borrower's primary residence include:
o It is occupied by the borrower for the major portion of the year.
o It is in a location relatively convenient to the borrower's principal place of employment.
o It is the address of record for such activities as federal income tax reporting, voter registration, occupational licensing, and similar functions.
o Borrower may not own an additional single family residence of equal or greater value than subject property

IRS Florida Self Employed Small Business and Self-Employed Tax Links 

Apply Now

Questions

911loan@gmail.com

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

MINIMUM CREDIT SCORE

FHA MORTGAGE

580 MIN FICO

NO TAX RETURN PROGRAMS

600 MIN FICO

PORTFOLIO MORTGAGE

600 MIN FICO SCORE 

VA MORTGAGE

580 MIN FICO SCORE 

USDA LOANS

600 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

CALL NOW!

954-667-9110

Apply Now!

All Information Subject To Change Without Notice and should not be relied on for decision making.