FLORIDA ITIN MORTGAGE LENDERS PROGRAMS–
NO TAX RETURN ITIN FLORIDA MORTGAGE LENDERS –
ALSO CHECK FLORIDA ITIN MORTGAGE LENDERS
Florida ITIN Mortgage Lenders Credit- Credit will be pulled using borrower’s ITIN number and must have a minimum of two (2) FICO scores.
Florida ITIN Mortgage Lenders Min Tradelines- The minimum credit depth is three (3) acceptable trade lines aged to a minimum of two (2) years for LTVs greater than 70%. Only one (1) of the three (3) trade lines needs to be seasoned greater than two (2) years
for LTVs equal to or less than 70%. HomeXpress Mortgage Corp. has the discretion to determine the
acceptability of a trade line.
Florida ITIN Mortgage Lenders OFAC-An OFAC check will be run on all borrowers and any positive returns must be satisfactorily cleared.
Florida ITIN Mortgage Lenders Eligible Properties-The following property types are acceptable for financing provided they meet general property guidelines:• Single Family Residence (SFR)• Planned Unit Development (PUD)• Low & High-Rise Condo• Duplex, Triplex, & Fourplex (2-4 units)
- Foreign National Florida NO RATIO – Max LTV is 65% – This is a no doc loan, income or employment is not verified.
- Foreign National Florida Debt Service Coverage – MAX Loan is 70% of the purchase price- The market rent has to be more than the projected mortgage payment determined by appraiser including Payment + Taxes + Insurance to qualify
- Foreign National 1 year Max LTV is 70% – 1 year income documentation required. If wage earner, foreign W2 and recent paystubs. If self-employed, all that is needed is a CPA letter verifying how much you made last year and that’s the income used. US credit offers a better rate.
Primary Residence – Purchase & R/T Refinance
Florida ITIN Mortgage Lenders Refinance
• If the property was purchased within 12 months of the application date, Property Value is equal to the lower of the sales price or appraised value. If the property was purchased more than 12 months prior to the application date, the property value is equal to the appraised value.
• For Florida homes where capital improvements have been made to the property after purchase, LTV/CLTV/HCLTV can be based on the lesser of the current
appraised value or original purchase price plus the documented improvements. Receipts are required to document cost of improvements.
Florida ITIN Mortgage Lenders Property Types
Eligible: Single Family Residences, PUDs, Townhouses, Condominiums (warrantable only)Property Types – All
Condos FNMA Warrantable Only; Warrantable Types S, T or U • New condominium projects (Type R) with Condo Project Manager (“CPM”) or PERS approval • Site (detached) Condos • Limited Review is not eligible
Ineligible: 2-4 Units • Non-Warrantable condos • Acreage greater than 10 acres (appraisal must include total acreage) • Agricultural zoned property • Condo
hotel • Co-ops • Hobby Farms • Income producing properties with acreage • Leaseholds • Log Florida homes • Manufactured housing • Mixed use properties • Modular
Florida homes • Properties subject to oil and/or gas leases •Unique properties • Working farms, ranches or orchards.
Florida ITIN Mortgage Lenders Income Documentation
A minimum of two (2) years employment and income history
• Gaps in employment in excess of 30 days during the past two (2) years require a satisfactory letter of explanation and the Florida ITIN mortgage applicants must be
employed with their current employer for a minimum of six (6) months to qualify.
• For a Florida ITIN mortgage applicants who has less than a two-year employment and income history, the Florida ITIN mortgage applicants’s income may be qualifying income if the Mortgage file
contains documentation to support that the Florida ITIN mortgage applicants was either attending school or in a training program immediately prior to their current
employment history. School transcripts must be provided to document.
IRS Form 4506‐T / Tax Transcripts
• A completed, signed, and dated IRS form 4506-T must be completed for all Florida ITIN mortgage applicantss at closing whose income is used to qualify for the mortgage.
• The 4506-T must be processed and tax transcripts obtained (for each year requested) to validate against all tax returns used for qualifying and/or W-
2 forms. For self-employed Florida ITIN mortgage applicantss, this applies to both personal and business returns (for businesses where Florida ITIN mortgage applicants(s) has 25% or more
ownership) regardless of whether or not income is used to qualify, a separate form must be filled out for each business entity.
Florida ITIN Mortgage Lenders Documentation requirements:
• Pay Stub – 1 full month with YTD earnings
• W-2’s and/or 1099’s – prior two (2) years for all Florida ITIN mortgage applicantss
• 1040’s – prior two years, including all pages, schedules, statements
• Year to date Profit and Loss Statements and Balance Sheets are required for all self-employed Florida ITIN mortgage applicantss (in addition to two years of tax returns)
• K-1’s on all corporations and Schedule E business entities prior two years
• Business returns on all Corporations and Schedule E business entities prior two years if ownership is > 25%, including all pages, schedules,
statements
• 1120S, 1120 and 1065’s – prior two (2) years if General Partner and/or percentage of ownership is > 25%, including all pages, schedules,
statements
Florida ITIN Mortgage Lenders Max Payment Shock
Payment shock is 150%
Payment Shock Calculation: Payment shock is a function of the percentage of the pay increase of a new payment when compared to a prior rental or housing monthly payment.
Florida ITIN Mortgage Lenders After Bankruptcy
Chapter 7 and 11:
Chapter 7 and Chapter 11 bankruptcies must be discharged for a minimum of 36 months from closing date. Seasoning is measured from the month and year of discharge.
Chapter 13:
Chapter 13 bankruptcies must be discharged for a minimum of 36 months from closing date. Seasoning is measured from the month and year of discharge. If
the Chapter 13 bankruptcy was dismissed, 36 months’ seasoning is required from the date of the dismissal.
Florida ITIN Mortgage Lenders Checking and Savings Accounts
• The two (2) most recent, consecutive months’ statements for each account are required.
• Large deposits inconsistent with monthly income or other deposits must be verified.
Marketable Securities
• Two (2) most recent, consecutive months stock/securities account statements are required.
• 70% of stock accounts can be considered in the calculation of assets for closing and reserves.
• Non-vested or restricted stock accounts are not eligible for use as down payment or reserves.
Earnest Money Deposit (EMD)
Earnest money deposit (EMD) must be sourced and verified on all loans
Retirement Accounts
• Most recent Florida retirement account statement covering a minimum of two (2) month period.
• Evidence of liquidation is required when funds are used for down payment or closing cost
• 60% of the vested value of retirement accounts, after reduction of any outstanding loans, may be considered toward the required reserves.
• Excluding 401k’s & IRA’s, verification of the terms of liquidation if funds are used for reserves
• Retirement accounts that do not allow any type of withdrawal are ineligible for use as reserves.
Business Funds
• The Florida mortgage applicant withdrawal of cash from a business may not have a severe negative impact on the business’ ability to continue operating. If a Florida ITIN mortgage applicants
is trying to use business funds for closing/down payment or reserves, an analysis must be completed by the underwriter to ensure the cash
withdraw will not impact the business.
Florida ITIN mortgage applicants(s) must be 100% owner and the following is required:
• Cash flow analysis required using 3 months business bank statements to determine no negative impact to business based on withdrawal of funds
• A letter from the Florida ITIN mortgage applicants(s) accountant must include the following statements or comments:
• The Florida ITIN mortgage applicants has access to the funds.
• The funds are not a loan.
• The accountant may not be related to the Florida ITIN mortgage applicants or be an interested party to the transaction.
Ineligible Assets:
• Gift of Equity • Grant Funds • Pooled Funds • Builder Profits • Cash on Hand • Unsecured loans • No Employer Assistance Assets • Sale of an asset
other than real property or publicly traded securities Age of Documents
Credit Report/Credit Documentation: 90 days old at the time of closing
Income and Asset Documentation: Dated within 90 days of closing
Title Report/Title Commitment: Dated no later than 60 days prior to closing Florida
Florida ITIN Mortgage Lenders Appraisals
Full Interior / Exterior appraisal required. Fannie Mae/Freddie Mac Forms 1004/70, 1025/72, 1073/465 or 2090 must be used. All Fannie Guidelines apply to
appraisal process and value determination, in addition, an Appraisal Management Company must be utilized for appraiser selection.
The Appraisal should be dated no more than 120 days prior to the Note Date. After a 120 day period, a new appraisal is required. Re-certification of value is
not acceptable. Minimum Square Footage 800 Sq. Feet
Not eligible: Properties for which the appraisal indicates condition ratings of C5 or C6 or a quality rating of Q6, each as determined under the Uniform Appraisal
Dataset (UAD) guidelines. GreenBox will consider if issue has been corrected prior to loan funding with proper documentation.
APPRAISAL REVIEW PRODUCTS: An Appraisal Desktop Review (ARA) from Computer Share is required on all transactions.
Florida ITIN Mortgage Lenders Seller Concessions
All seller concessions must be addressed in the sales contract, appraisal and Closing Disclosure, as applicable, and be compliant with applicable federal and local state law. A seller concession is defined as any interested party contribution beyond the stated limits, or any amounts not being used for closing costs or prepaid expenses (i.e. funds for repairs not completed prior to closing is a seller concession). If a seller concession is present, both the appraised value and sales price must be reduced by the concession amount for purposes of calculating the LTV/CLTV/HCLTV.
Interested party contributions include funds contributed by the property seller, builder, real estate agent/broker, mortgage lender, or their affiliates, or any other party with an interest in the real estate transaction. Interested party contributions may only be used for closing costs and prepaid expenses, and may never be applied to any portion of the down payment or contributed to the Florida ITIN mortgage applicants’ financial reserve requirements.
Do I need to renew my Florida ITIN?
If you need to file a tax return in 2020 and your ITIN has expired or will expire before you file in 2020, IRS recommends you submit your renewal application now to prevent potential delays in the processing of your return. If you use an expired ITIN on a U.S. tax return, it will be processed and treated as timely filed, but without any exemptions and/or credits claimed and no refund will be paid at that time. You will receive a notice explaining the delay in any refund and that the ITIN has expired.
Florida ITIN Mortgage Lenders Reminders
- Your ITIN may expire before you file a tax return in 2020. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2019. Additionally, all ITINs issued before 2013 with middle digits of 83, 84, 85, 86, or 87 (Example: (9XX-83-XXXX) will also expire at the end of the year.
- If you need to file a tax return in 2020, IRS recommends you submit a Form W-7, Application for IRS Individual Taxpayer Identification Number, or Formulario W-7 (SP), Solicitud de Número del Identificación Personal del Contribuyente del Servicio de Impuestos Internos, now to renew your ITIN. As a reminder, ITINs with middle digits 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81 or 82 that expired in 2016, 2017, or 2018 can also be renewed.
- See the ITIN Fact Sheet (PDF) for more information
- Along with your Form W-7, you will need to:
- attach your original identification documents or certified copies by the issuing agency and any other required attachments.
- select the reason for needing the ITIN as outlined in the Form W-7 and W-7(SP) instructions. Note: A tax return is not required with a renewal application.
What is an ITIN?
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA).
What is a Florida ITIN number used for?
IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security numbers. They are issued regardless of immigration status, because both resident and nonresident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code. ITINs do not serve any purpose other than federal tax reporting.
An ITIN does not:
- Authorize work in the U.S.
- Provide eligibility for Social Security benefits
- Qualify a dependent for Earned Income Tax Credit Purposes
Do I need an ITIN?
Does the following apply to you?
- You do not have an SSN and are not eligible to obtain one, and
- You have a requirement to furnish a federal tax identification number or file a federal tax return, and
- You are in one of the following categories.
- Nonresident alien who is required to file a U.S. tax return
- U.S. resident alien who is (based on days present in the United States) filing a U.S. tax return
- Dependent or spouse of a U.S. citizen/resident alien
- Dependent or spouse of a nonresident alien visa holder
- Nonresident alien claiming a tax treaty benefit
- Nonresident alien student, professor or researcher filing a U.S. tax return or claiming an exception
If so, then you must apply for an ITIN.
