No Income Verification Home Loans in Florida
If you are buying or refinancing a home in Florida, there is a chance you may need a no income verification loan. These loans are unique and the lenders who offer them have flexible guidelines which allow financing for primary residences, second homes, and investment properties.
Florida home buyers who need a no income verification loan may be dealing with one of these issues:
- Income is too low
- Income cannot be documented
- Short employment history
- No job
- Too many mortgages
- High debt to income ratio
- Self employed with many write offs
The most common reason why someone is looking for a no income verification loan is because they are self employed. However, with the current economic conditions, there are many people who simply do not have the employment history needed to qualify.
Everyone’s situation is going to vary and the key to getting approved will be your credit scores and down payment. The higher the credit scores and larger the down payment, the more options there will be for you.
In addition to a larger down payment, you should expect higher interest rates for these loans. You can always refinance in the future if your situation changes.
Types of No Income Verification Loans Available in Florida
There are three primary types of no income verification loans to choose from. We will list them here and you can read our full article about each to learn more.
Bank Statement Loans – A bank statement loan is something that self employed borrowers usually select. It is a program where you provide 12-24 months bank statements showing a flow of money coming in. The lenders use your average monthly deposits to determine your income. Read more about bank statement loans.
No Doc Loans – A no doc loan is a program where you provide absolutely no income information at all. This program is typically used for investment properties but may be available for a primary residence during times when lending guidelines are more flexible. Read more about no doc loans.
Stated Income Loans – A stated income loan is a mortgage program where you list the income that you make, but you do not provide any documents proving that income stated on the mortgage application. This is offered today by a handful of lenders. Read more about stated income loans.
No Income Verification Loan Process
The process to apply and to get approved for a no income verification loan is similar to a traditional mortgage. The first and most critical step is to have a discussion with a lender early in the process. It is important to understand what you may qualify for before shopping for a home.
Once you have an initial pre-approval, you can begin shopping for a home. You should refrain from applying with too many lenders.
Another important factor here is to improve your credit scores throughout the process. Your credit will play a major role in not only determining the down payment, but also the interest rates. Some lenders who offer no income verification loans in Florida will require higher credit scores.
If you find a home and go into contract, now your lender can enter the address and other information such as property taxes and submit your file to underwriting.
An appraisal will be needed, title insurance, and hopefully you get the home inspected to make sure there are no serious repair issues.
Which Lenders Offer a No Income Verification Loan in Florida?
When searching for a no income verification loan in Florida, you will not find these programs at the local bank. Traditional lenders will follow Fannie Mae and FHA guidelines which require you to fully document your income.
The lenders who offer no income verification loans are mostly Non QM Lenders or wholesale lenders. In most instances, these lenders will only work through a broker network and do not have an office near you. This is why you cannot simply go with your realtor’s preferred lender.
If you would like to speak with someone who can truly help with a no income verification loan, then complete this short form and someone will contact you.
Can I Get a Mortgage Without a Job in Florida?
There is a mortgage that will not require that you have a job. It is typically used for the purchase of an investment property. However, with the right scenario buying a primary residence may be possible.
Do You Need Proof of Income to Buy a House in Florida?
You do not need to have poof of income to buy a house in Florida if you plan to use a no income verification loan. If you would like an FHA loan or conventional loan, then you will need to fully document your income.
How Long Does it Take to Close a No Income Verification Loan
From the point where you have completed the application and sent in all of the required documents, you should be able to close on a no income verification loan in under 30 days.