Self Employed :: NO Doc Mortgage Loan

SELF EMPLOYED

NO DOC MORTGAGE

Are you self-employed?
Are you paid on commission?
Are you overwhelmed by the mountains of paperwork you might have to produce?

At Florida Mortgage Corporation, we understand it's not always easy or convenient to find all the paperwork necessary to document your income. Personal and business tax returns are typically required (self-employed) when applying for a traditional mortgage, usually two years. That's why we offer Florida home financing for the self-employed who may have difficulty qualifying for traditional mortgage loans.

Florida Mortgage Corporation offers a NO DOC mortgage program with basically a completed "BLANK" mortgage application. This means the applicant or borrower does NOT disclose any of the following information on the mortgage application.

Up to 75% LTV Financing - 25% Down Payment (primary home)

Up to 90% CLTV - 10% Down Payment

NO DOC mortgage

NO Supporting documentation

NO Employment disclosed - None required

NO Income disclosed - None required

NO Assets disclosed - None required

NO Bank statements - None required

Second Home = 70% LTV (Purchase)

Investment Home = 55% LTV (Purchase)

Cash-Out Refinance = Up to 65% LTV (Primary Home)

Cash-Out Refinance = Up to 60% LTV (Second Home)

Cash-Out Refinance = Up to 50% LTV (Investment Home)

Loan amount: Up to Three Million dollars (Loan "amount" determines LTV)

Corporate, partnership and trust permitted

Credit Scores determine LTV = (Lower LTV for "lower" credit scores)

Short-Term rental homes: Up to 50% LTV, or 90% CLTV financing (income investment property)

If you are UNABLE to meet the above "down payment" requirements, we offer a combination mortgage program that only requires a minimum 10% down payment. Please visit: http://www.floridamortgagecorp.com/combomortgage.htm

Restrictions: Condo-Hotels NOT eligible for financing under this NO DOC mortgage program. Established condo projects/developments must meet be built prior to 2004. None acceptable after 2004. Condos NOT financed in Dade, Broward, Palm Beach counties.

This type of investment income property is for commercial use as hotels, that require special licensing from the State of Florida.

Unfortunately, the Orlando & Miami real estate market is currently "saturated" with this type of investment income property, with many being sold at "distressed" prices. Furthermore, the Orlando & Miami real estate market is experiencing serious declining market values due to a high number of foreclosures.

The investment property's use is determined by local county zoning laws, Homeowner's Association community guidelines, etc. A Condo-Hotel home can only be located in a community that is legally zoned and allows the investment income property to be used for commercial use.

Please visit the following links for additional detailed information:

SHORT-TERM RENTAL HOME ▪ CONDO HOTEL ▪ DECLINING MARKET VALUE ▪ PROPERTY TYPES

There are many issues that self-employed borrowers must deal with in order to secure a loan. The primary problem is that while they are trying to reduce tax liability through minimizing current net income, loan underwriters are looking at that net income as a basis of the borrower's earnings.

Many self-employed borrowers are not able to prove a high enough averaged tax return income to qualify for the traditional loan program. Some businesses have a year that is off, due to many different reasons. The "averaging" method allows this year to pull down their regularly yearly business income. This is where a no-income verification loan or a NO Doc mortgage program becomes important to the self-employed borrower.

NOTE: Interest rates and mortgage programs subject to change without prior notice.