Stated Income Florida Mortgage Lenders
Using Your Stated Income To Qualify for a Florida Mortgage!
If you are self-employed then Florida mortgage lenders already know you write off all your income. And if your searching for a Florida mortgage to purchase a primary home stated income self-employed loans is a very tough to get pre-approved for.. A stated income mortgage lender is not a loan where a Florida mortgage company can just look at your pay stubs and figure out how much you have made over the past 24 months.
Florida Stated Income Mortgage Lenders+Same Day Pre Approval!
In Florida, you need to find just the right stated income mortgage who knows how to get the best stated income mortgage approvals. If you are a self-employed borrower in Florida, then you will have your own set of issues getting a mortgage that other people may not have. One of our professional stated Florida mortgage lenders can help you with your stated income loan and get you the Florida home that you have your dreams set on. Don’t let the fact that you don’t have a W2 job and you write off your income stop you from getting into the Florida home of your dreams.
15% DOWN+STATED INCOME FLORIDA MORTGAGE LENDERS-
FLORIDA STATED INCOME LENDERS
PRIMARY FLORIDA HOME STATED INCOME LOAN REQUIREMENTS
Stated income loans on Primary Home Approvals are based on Bank statement deposits for the most recent 24 months. The income you can use from your bank statements are determined by your profit and loss statement. The 24 month profit and loss you must provide is not audited!
Stated Income Documentation up to $1.5 million!
- 24 months personal bank statements
- 24 months business bank statements w/P&L
- Asset Xpress program – use assets as income
- Asset Assist program – use assets as additional income
- Lease agreement in lieu of Schedule E
- Up to 50% DTI
- Up to 85% LTV
HOW FLORIDA STATED LOAN PROGRAMS WORK? Stated income loans are ones in which the borrower discloses information but it is not verified by the stated loan lender. This allows the stated loan lender to process the loan much faster than a conventional loan. The stated mortgage applicant simply “states” what the income and must verity the income after expenses by a profit and loss statement. The profit and loss is used to verify the income after expenses so the borrower can qualify for the stated income loan. The stated information is used to calculate debt to income ratios for the loan, but the expenses are stated and never verified by the stated mortgage lender.
FLORIDA SELF EMPLOYED HAVE EXTENSIVE WRITE OFFS- Stated Income loans were designed for self employed borrowers that can’t prove their income through traditional means of documentation because of extensive write offs to avoid over paying taxes. Many self employed borrowers write off their income so they do not qualify for a traditional conventional mortgage. Most self employed borrowers deduct as much as they can leaving little to show for a mortgage payment. This can be a challenge for self employed borrowers looking to purchase or refinance a home. This is exactly the situation that a stated income loan was designed for. When reviewing a stated borrowers rental history and credit history it usually becomes clear that they are making enough money to pay all of their debts in a timely manner. This is a situation that would call for a stated income loan with the use verification of deposits through bank statements. Interest rates on stated mortgage loans are very similar on both stated mortgage programs and so the stated income loan is normally the preferred choice.
FICO AND FLORIDA OCCUPANCY DETERMINE LOAN TO VALUE-Stated income lenders required that the borrower the type of work the borrower does for at least a full 2 years. The stated income loan is a great alternative with aggressive pricing for self-employed loan applicants that don’t wish to or cannot share their personal information. We look forward to speaking with you about your stated income loan request.
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