No Income Verification Mortgage Lenders For Florida Investors
Our no Income verification loan allows borrowers to qualify based on the rental income analysis to determine the property’s cash flow. No personal income required to qualify. This saves you from submitting complicated income statements and tax returns.
- The Non Owner No Income Florida mortgage lenders = Non-Owner Occupied NO Income Business Purpose Loan:
What are the Requirements for Getting a Non-Owner No Income Verification Loan?
- As little as 2 months reserves (Use property cashflow to qualify)
- FICOS As Low As 620
- No Seasoning on cash out or rate and term
- No LTV Restrictions on 2-4 units
- LTV’s up to 80% (min 680 fico)
- No Rate Or Pricing Adjustments on Cash Out, Interest Only, Condo, Units
Key Highlights of our No Income Verification Investor Loan
- No personal income used to qualify
- As little as 20% down and 2 months reserves (verified)
- Qualification based on property cash flow – OR –
- We also have a product that does not look at cash flow. Reduced loan to values are available
Non-Owner No Income Florida mortgage lenders submission form and Disclosure, Cert. and Acknowledgement for business purpose loan Found in the Non Owner No Income Florida mortgage lenders submission required doc package on our website Fannie 3.4 file: No employment/No income/REO to include all property addresses with mortgage lien amount but no rental income amount. Confirm borrower owns a primary home. If the borrower does not own a primary the loan is not eligible Credit Report – Dated within 60 days of submission - Min FICO score 620 Credit Authorization (If The no doc mortgage lender is pulling credit) 2 months bank statements to source down payment/Funds to close 2 months reserves for Purchase and R/T refi 6 months reserves for Cash-out Refinances only: Lease agreement required at submission. If your 1007/1025 market rents come in lower than your lease agreement; you must provide 2 months canceled rent checks to support them. If Purchase transaction; provide fully executed Purchase Contract with all addendums/counters & EMD Mortgage rating or 12 months canceled checks for all properties owned and make sure to list properties on REO Schedule - No private party VOM/VOR Escrow Instructions & Prelim Title Report with 24 months chain of title & plat map Appraisal to include a 1007/1025 on ALL Business Purpose Loans and ordered thru the lender approved AMC list. See list at www.The no doc mortgage lender .com/appraisals Cash-out Refinance - A cash-out purpose letter from the borrower is required. Proceeds must be for business purpose only - No personal/No Income verification Investors use allowed - This includes the payoff of personal judgments and/or income tax liens on title. Cash-out Refinance - Property must be de-listed prior to application date. Non-Arms-Length transactions - are not allowed Confirm vesting prior to submission if vesting will be in an entity - Entity paperwork required to See Non Owner No Income Florida mortgage lenders Vesting in an LLC or Corp needs list Personal Guaranty form - required when closing in an Entity.
No Income Verification Investor Florida Investor Guidelines Subject To Change Without Notice
BORROWERCERTIFICATIONOFBUSINESSPURPOSE Date: Borrower(s) Name: Borrower(s) Address: Loan No: Property Address: Borrower or its members (“Borrower”) hereby warrants and represents that they wish to continue with the loan application, that the loan is for commercial purposes and not No Income verification Investors purposes, and that the loan proceeds are intended to be used and shall be used for commercial purposes only, not for personal, family or household purposes. The borrower also represents that none of the properties securing the loan is currently occupied by Borrower as their primary residence or vacation home, but instead, all properties are leased or intended to be leased or occupied by an entity or person other than Borrower, and that Borrower shall not occupy or reside in any of the properties during the term of the loan. Borrower’s purpose in applying for the loan is to use the proceeds of the loan for:
Because the loan would be made exclusively for commercial purposes as noted immediately above, laws applicable to No Income verification Investors purpose No Income Florida investor loans , such as the following laws, are not applicable to the loan: Truth in Lending Act (15 U.S.C. § 1601 et seq.), Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.), Gramm‐Leach Bliley Act (15 U.S.C. §§ 6802–6809), Secure and Fair Enforcement Mortgage Licensing Act (12 U.S.C. § 5101 et seq.), and Homeowners Protection Act (12 U.S.C. § 4901 et seq.). By signing below Borrower hereby confirms that they have read and understood the Borrower Certification of Business Purpose, that the information provided in connection with obtaining the loan is complete and accurate as of the date above, and that the Properties are non-owner occupied investment properties. Borrower(s
You have applied or expressed an interest in applying, for a business purpose mortgage loan with ("Lender"). This Disclosure, Certification, and Acknowledgement for Business Purpose No Income Florida investor loans (this "Disclosure") provides important information about business purpose No Income Florida investor loans and contains an acknowledgement regarding the purpose of the loan and the use of loan proceeds. Please do not sign this Disclosure until you have carefully read it and understand its content. Disclosure You have applied, or expressed an interest in applying, for a mortgage loan that will not be used for your personal, family, or household purposes. This makes this loan a business purpose loan. The purpose of this Disclosure is to inform you that by obtaining a business purpose loan, you are foregoing certain protections that may be available for No Income Florida investor loans made primarily for personal, family, or household purposes. Because the loan will be made exclusively for business purposes, certain federal laws applicable to No Income verification Investors purpose No Income Florida investor loans will not be applicable to this loan. Among federal laws that are not applicable to a business loan are the Truth in Lending Act (15 U.S.C. § 1601 et seq.) Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.), Secure and Fair Enforcement Mortgage Licensing Act (12 U.S.C. § 5101 et seq.), and Homeowners Protection Act (12 U.S.C. § 4901 et seq.). A number of rights, including the following rights, which would apply if the loan were a No Income verification Investors purpose loan, will not apply to you because the loan for which you applied is a business purpose loan:
• For most No Income verification Investors credit transactions secured by real property, the right to receive certain federally-mandated disclosures describing the fees and costs of a mortgage loan. This includes the official Loan Estimate (or a Good Faith Estimate, as applicable) showing a good faith disclosure of fees and charges for the mortgage loan that mortgage lenders generally must provide to No Income verification Investors s within three (3) business days of application. These disclosures identify fees and charges associated with the loan in a uniform way to help borrowers shop around for a loan from different lenders.
• For certain No Income Florida investor loans where the lender takes a security interest in a No Income verification Investors 's principal dwelling, the right to cancel the transaction within a limited timeframe (generally, until the midnight of the third business day after loan consummation or delivery of certain required disclosures).
• For most types of No Income verification Investors credit transactions secured by a dwelling, the requirement that the lender may not originate a covered transaction without making a reasonable and good faith determination that the borrower has a reasonable ability to repay the loan. For No Income Florida investor loans covered by this requirement, lenders must follow certain minimum standards to verify the borrower's repayment ability or offer certain types of No Income Florida investor loans that limit the number of fees imposed on the borrower and prohibit certain risky features and are therefore presumed to satisfy the repayment ability.
• For No Income Florida investor loans that meet the definition of a higher-priced mortgage loan under the Truth in Lending Act and its implementing Regulation Z, the special No Income verification Investors protections, including the requirement to maintain an escrow account for property taxes and hazard insurance premiums for no less than five (5) years after loan consummation, to obtain an appraisal performed by a certified or licensed appraiser, and to obtain two written appraisals for some No Income Florida investor loans where the property was recently acquired by its seller.
• For No Income Florida investor loans that are considered high-cost mortgage No Income Florida investor loans under the Truth in Lending Act and Regulation Z, certain special No Income verification Investors protections, including, without limitation, a prohibition on prepayment penalties, a limitation on balloon payment features, and a requirement to obtain counseling on the advisability of the mortgage from a HUDapproved counselor.
• For closed-end No Income verification Investors No Income Florida investor loans secured by a dwelling, certain restrictions on compensation that the loan originator may receive in connection with the loan, and a prohibition on directing or "steering" a No Income verification Investors to a mortgage loan that is not in the No Income verification Investors 's interest in order to increase the loan originator's compensation. • Certain disclosures and protections that may apply during the term of the loan. This may include, for example, procedures that mortgage servicers must follow in the event the loan is delinquent and the borrower applies for loss mitigation. Note: This is not intended as a complete list of protections that are not available for business purposes No Income Florida investor loans. Borrower/Guarantor Certification You hereby warrant and represent that you wish to continue with the loan application, that the loan is for business purposes and not No Income verification Investors purposes, and that the loan proceeds are intended to be used and shall be used for business purposes only, not for personal, family, or household purposes. You also represent that none of the properties securing the loan is currently occupied by you of your family as a primary residence or vacation home, but instead all properties are leased or intended to be leased or occupied by an entity or person other than you or your family, and that during the term of the loan you shall not occupy or reside in any of the properties for more than fourteen (14) days in any calendar year. Important: Under the terms of the loan, you will be in default if you or any person or entity acting at your direction or with your knowledge or consent give materially false, misleading, or inaccurate information or statements to Lender (or fail to provide Lender with material information) regarding the purpose of the loan. Material representations include, but are not limited to, representations about your principal residence or the intended use of loan proceeds. If you are deemed to be in default, the Lender at its option may accelerate the loan, require immediate payment in full of all sums due under the loan, and proceed with the foreclosure and any other remedies permitted by applicable law. Borrower/Guarantor Acknowledgement By signing this Disclosure, you acknowledge that, since the loan is for a business purpose, the loan will not be subject to certain federal laws and No Income verification Investors protections, including, but not limited to, No Income verification Investors protections described above in this Disclosure. If you obtain this loan, you will be required to make representations in the loan documents (e.g., the note, loan agreement, security instrument) that the loan is a business purpose obligation and does not represent a loan for personal, family or household purposes. You hereby confirm that you have read and understood this Disclosure, that the information provided in connection with obtaining the loan is complete and accurate as of the date written below, and that the property associated with the loan is nonowner occupied and that the proceeds for the loan will be used by you for business purposes only.
Non Owner Occupancy Affidavit Borrower: _I/We the undersigned certify that: _____ Primary Residence – I/We will occupy the Property as my/our principle residence within Sixty (60) days after the date of closing as stated in the Mortgage or Deed of Trust I/we executed. I/We will continue to occupy the Property as my/our principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing. _____ Second Home – I/We will occupy the Property as second home (vacation, etc.) while maintaining a principal residence elsewhere. _____ Investment Property – I/We will not occupy the Property as a principal residence or second home. I/We will not occupy for more than 14 days in any calendar year. The Property is an investment to be held or rented rather than for household or personal use. INVESTMENT PROPERTY ONLY (the following must be completed on an investment property loan) _____ I/We understand that consumer protection laws applicable to consumer loans will not apply to this loan, including the Truth in Lending Act (15 U.S.C. § 1601 et seq.), Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.), Gramm-Leach Bliley Act (15 U.S.C. §6802–6809), Secure and Fair Enforcement Mortgage Licensing Act (12 U.S.C. § 5101 et seq.), and Homeowners Protection Act (12 U.S.C. § 4901 et seq.). REFINANCE ONLY (the following must be completed on a refinance transaction) _____ I/We the undersigned, certify that the property referenced above is NOT currently listed for sale or under contract to be listed for sale. I/We the undersigned acquired this property on this date: