No Tax Return Florida Bad Credit Mortgage Lenders

 Bad Credit No Tax Return Mortgage Lenders

Our Rent Own Florida FHA Mortgage Lenders allow you to PICK OUT THE HOME OF YOUR CHOICE listed for sale on the MLS and rent while you build equity. This unique rent-to-own Florida FHA mortgage program allows bad credit Florida mortgage applicants to first get pre-approved and then pick out the home of their choice. This option allows you time to position your credit and finances to qualify for an FHA mortgage. A HUD-approved non-profit government Bad credit Florida mortgage lender buys you the Florida home of your choice and enters into a Structured Financing Agreement that allows you to complete the home purchase when you are ready. The pre-approval is based on down payment and payment history, and the minimum credit score is 500+ with a 10% minimum down payment and 3.5% down payment with a minimum 580+ credit score. This rent-to-own FHA mortgage program allows the Florida home Seller to pay up to 6% towards closing costs and prepaids. 

Florida Mortgage With No Tax Returns

Yes, you can qualify for a Bad Credit Florida mortgage alternative with No Tax Returns to lock in the house you want today. Purchase a Florida Bad Credit home or Cash-out mortgage refinance with no tax returns, No IRS transcripts,  No W2, No 1099, No pay stubs, No job, No Income, No bank statements, No income verification, No Tax return Florida Bad Credit FHA mortgage. 

 Bad Credit No Tax Return Florida Mortgage Options:

• Self-Employed Less than 1 year = OK          VOE Only Mortgage  = OK                   Asset Depletion = OK
• No Doc, No W2, No Tax Return = OK         Bank Statement Deposits = OK            Jumbo No Tax Returns = OK
• ITIN No Tax return mortgage = OK             Nonresident No Tax Return = OK           Pledged Assets = OK
• Asset Depletion or Pledged = OK                 Business Profit Loss = OK                     DSCR Rental Income = OK
• Home Loan No Tax Returns =OK                1099 mortgage Lenders = OK            3 Months Bank Statement = OK 

Bad Credit Florida Mortgage Lenders

How Does It Work?

A unique Homeownership Empowerment program that enables an FHA-eligible government Entity to purchase a home that can ultimately be purchased by your customers, while providing housing stability and equity creation.

Florida Property Types :

• Single-family home – No Tax Return Bad Credit Florida Mortgage Lenders
• Condo – No Tax Return, Florida Bad Credit Condo Mortgage Lenders
• Luxury Jumbo – No Tax Return Mortgage Lenders  
• Townhouse – No Tax Return Mortgage lenders 
• Villa – No Tax Return, Florida Bad Credit Mortgage Lenders 
• Manufactured home – No Tax Return Mortgage Lenders  
• Co-op – No Tax return, Florida Bad Credit Mortgage Lenders 
• Condotel  – No Tax Return Mortgage Lenders 
• Investor Loans- No Tax Return Mortgage lenders 
• Multi-Family – No Tax Return, Florida Bad Credit Mortgage Lenders 

No Tax Return Bad Credit Mortgage Options:

• No Doc, No W2, No Tax Return – No tax return, no doc loan options.    
• Bank Statement Deposits – Bank statement mortgage lenders use your bank statement for income.         
• Self-Employed Less than 1 year – Qualify with less than 2 years in the same line of work. 
• VOE Only Mortgage – Verification of employment uses the employer VOE to qualify.
• Asset Depletion – Divide qualifying assets to qualify by averaging over 60 to 84 months.
• ITIN No Tax return mortgage – ITIN mortgage lenders use ITIN instead of a Social Security number to qualify.           
• Pledged Assets – Pledge assets in reserves for collateral.           
• DSCR Rental Income – Use the subject property income to qualify with no personal income to qualify. 
• Jumbo No Tax Returns – Jumbo no tax return for large loan amounts over the conforming loan limits.          
• 1099 mortgage Lenders – 1099 mortgage lenders use 1099 with no tax returns required.        
• 3 Months Bank Statement – 3 3-month bank statement alternative income option to qualify. 

Bad Credit Florida Mortgage Situations:

1. Refinance Florida Lis Pendens –
2. Refinance Florida Claim of lien –
3. Refinance To Pay Florida Tax Lien –
4. Refinance Florida Code Violations –
5. Refinance Florida Final Judgment –
6. Buy-Out-Florida Mortgage Refinance
7. Refinance Florida Department of Revenue Warrant
8. Stop Foreclosure Florida Mortgage Lenders
9. Refinance Florida Homeowners Association Lis Pendens

The NEW  DreamBuilder program is a unique opportunity in which a purchase transaction is completed by an FHA-eligible government entity that enters into a lease-to-own and long-term purchase agreement, or structured financing
agreement, with qualified Homebuyers, thereby allowing the Homebuyers to purchase the property in the future. Refer to the DreamBuilder guidelines for complete details.

Eligibility 

• Primary Residence for Homebuyer(s)
• Purchase
• Up to 96.5% LTV
• Full Doc and Alt Income options
• Exceptions may be considered on a case-by-case basis

How does the Program Work?
When a Homebuyer does not qualify for traditional FHA mortgage financing, the DreamBuilder program offers a new and exciting way for the Homebuyer to ultimately enter homeownership.
Step 1: Broker submits a fully completed application for a DreamBuilder Homebuyer review.
• The property address must be identified in the portal if a property has been selected by the Homebuyer(s), otherwise
The property address may be identified as “TBD”.
• Qualifying documentation must be uploaded to the loan in the portal. Required documentation includes but is not
limited to income and assets, as well as any supporting credit history documentation (housing, alternative tradelines,
credit event details, etc.), identification, LOEs, etc.
• Note: A review will not be completed until all qualifying documentation is received and confirmed.
Step 2: Once the Homebuyer(s) has selected a property of their choice, the Homebuyer(s) enters into a purchase agreement with the property seller for the selected property.
• The property must meet the DreamBuilder eligibility and guideline requirements.
• The “buyer” portion of the contract MUST identify the Homebuyer’s name(s), in addition to “and/or assigns”.
• The Homebuyer(s) MUST execute the Assignment Addendum to Purchase & Sale Agreement to transfer the contract to the FHA eligible government entity (the entity purchasing the property on behalf of the Homebuyer(s)).
• Broker to provide the executed contract with all addenda (including Seller’s Disclosure) to Open Mortgage Wholesale.
Step 3: The Homebuyer(s) name will be retained within the portal as the Homebuyer/Tenant, and the borrower on the transaction will be transitioned to the FHA eligible government entity.
• The FHA investment purchase will be identified within your portal pipeline under borrower “Tule River Homebuyer
Earned Equity Agency”.
Step 4: The subject property appraisal must be ordered, completed, then reviewed and approved to guideline requirements. All conditions related to the property must be addressed and satisfied.
• The mortgage lender will order the appraisal on behalf of the Broker/Homebuyer(s). The Homebuyer(s) are
responsible for paying for the appraisal.
Step 5: The Homebuyer(s) execute the Homeownership Agreement and remit all funds for closing to the title company.
Step 6: The purchase transaction is closed at an approved title company.
Step 7: The Homebuyer(s) move into the property and begin their journey toward owning the home!
• The option purchase price reduces with each monthly payment made by the Homebuyer(s).
• All appreciation acquired from the date of closing until the Homebuyer(s) purchases the property belongs to the
Homebuyer(s).
• At any time, the Homebuyer(s) can sell the home, purchase the property from the FHA-eligible government entity, or assume the existing FHA loan on the property.

General Program Frequently Asked Questions:

Can the Homebuyer sell the property that is acquired through the DreamBuilder program?
• The Homebuyer may coordinate the property sale with the government entity (TRHEEA), provided all payments have
been timely, the account is in good standing, and the underlying option price is satisfied in full with the property sale.
Otherwise, the Homebuyer must meet all FHA guidelines and assume the FHA mortgage from the government entity,
then the Homebuyer can sell the property after the assumption is complete.
Is the Homebuyer listed on the mortgage security instrument or note?
• No, the Homebuyer is not named on either legal document.
Can the Homebuyer refinance the DreamBuilder loan?
• The Homebuyer must first meet all FHA guidelines and assume the FHA mortgage from the government entity. The
Homebuyer can refinance the property after the assumption is completed.
Are seller concessions allowed for the DreamBuilder program?
• There are no overlays, refer to the HUD Handbook 4000.1.
Are all title companies approved for the DreamBuilder program?
• No, please refer to the DreamBuilder Approved Title Company list.
Does the DreamBuilder program have a restriction on the maximum number of Homebuyers for a transaction?
• Yes, no more than four (4) applications are permitted.
Is a non-occupant Homebuyer permitted?
• Yes, refer to the guidelines for details.
Does the DreamBuilder program allow exceptions?
• Yes, on a case-by-case basis. Refer to the exception parameters of the guidelines for details and requirements.
Can the Homebuyer make higher monthly payments to reduce the underlying option price and expedite the
property transfer?
• Yes, this is acceptable. The Homebuyer must remit the standard monthly payment per the terms of the agreement via
ACH AND mail a separate check for the additional principal payment to the government entity (TRHEEA) with clear
instructions in the check memo to apply the excess funds as a principal reduction.
Credit & Qualifying
Is a Homebuyer without a credit score acceptable?
• Yes, Homebuyers without a credit score may be acceptable, subject to the requirements of the guidelines.
What are the tradeline requirements for the DreamBuilder program?
• An eligible credit report must reflect at least one (1) tradeline and provide at least 12 months of credit history. Alternative tradeline history may be acceptable, refer to the guidelines for details.

What credit bureau is used to qualify for the DreamBuilder program?
• At least one (1) credit score from a major bureau is required to qualify. If the Homebuyer has multiple credit scores, the
representative score will be the middle score when three (3) credit agency scores return and the lower score when two
(2) credit agency scores return. Homebuyers without a credit score may be acceptable, subject to the requirements of
the guidelines.
Are Homebuyers with no documented housing history eligible for the DreamBuilder program?
• Generally, 12 months of documented payment history (in good standing) is required. Homebuyers who live “rent free”
may be considered on a case-by-case basis, refer to the guidelines.
If the Homebuyer owns their current residence free and clear, can the DreamBuilder housing payment history
requirements be met with a documented history for other real estate owned by the Homebuyer?
• Yes, housing history for other real estate owned by the Homebuyer will be considered when the primary residence is
owned free and clear, subject to validation of reasonable occupancy for the subject property. Additionally, tax and
insurance payments for the primary residence will be considered to support consistent housing history.
What is required if the Homebuyer wants to rent their current primary (departure) residence or has an existing
rental property?
• One (1) currently owned property (departure residence) may be allowed, subject to all requirements of the guidelines.
Rental income from an existing rental property may be considered on a case-by-case basis, refer to the guidelines for
details.
Do installment debts with less than 10 payments have to be included in the DTI?
• Yes, in some cases. Refer to the guidelines for details.
Can debt be paid off to qualify?
• Yes, the assets used for such payoffs must be documented per the guidelines.
If the Homebuyer has tax liens, collections, charge-off accounts, and/or judgments, how is the debt treated?
• Generally, tax liens and collection accounts must be included in the qualifying DTI. Refer to the guidelines for details.
• Debt payments for charge-off accounts and judgments are not required to be included in the qualifying DTI.
Is it acceptable to exclude self-reported utilities from the DTI?
• Yes. Utility payments are not required to be included in the qualifying DTI.
Can co-signed debt be excluded from the Homebuyer’s qualifying DTI if documentation supports another party
is paying the debt?
• There are no overlays, refer to the HUD Handbook 4000.1.

Income
Is the income for a self-employed Homebuyer without a business license permitted?
• May be acceptable on a case-by-case basis.
Will the loan be acceptable if the Social Security Number is different between the Homebuyer’s W-2 and
paystubs?
• Acceptable for ITIN Homebuyers and will be reviewed on a case-by-case basis for all other Homebuyer types.
Can bank statements be used to calculate income for a self-employed Homebuyer?
• The DreamBuilder program allows Homebuyers to qualify solely with three (3) months of bank statements when the
income source can only be documented with bank statements. For all other self-employed Homebuyers, the DreamBuilder program requires either prior year tax returns (filed with the IRS), OR a YTD P&L and three (3) months
of bank statements to document the business cash-flow, OR K1s and 1120s. Refer to the guidelines for details.
What is the minimum length of self-employment for self-employed income to be acceptable?
• One (1) year may be acceptable on a case-by-case basis.
Will the income for a self-employed Homebuyer be considered if the tax returns show little to no profit?
• In some cases, yes, as tax returns are not the only source to validate the Homebuyer’s self-employed income. As a
reminder, the DreamBuilder program requires either prior year tax returns (filed with the IRS), OR a YTD P&L and three
(3) months of bank statements to document the business cash-flow, OR K1s and 1120s. Refer to the guidelines for
details.
What is the age of documentation requirement for a Profit and Loss (P&L) Statement?
• The P&L must be completed for the most recent quarter as of the Note Date.
If the Homebuyer has more than a single job, for how long must the Homebuyer have the additional job(s) to allow
the income for qualifying?
• Less than two (2) years of concurrent employment may be considered on a case-by-case basis.
For employment transfers or relocations, what documentation is acceptable to verify future income?
• There are no overlays, refer to the HUD Handbook 4000.1.
Property
Are there property types allowed by FHA that are not permitted in the DreamBuilder program?
• Yes – the DreamBuilder program prohibits 3-4 units and cooperative properties.
Is the homeowner’s insurance selected by the Homebuyer?
• In some cases, the Homebuyer may select their own HO-3 insurance policy. However, there are instances in which the
government entity will acquire homeowner’s insurance for the subject property and the Homebuyer has the option to
obtain renter’s insurance. Refer to the guidelines for details.
Does the home inspection have to be completed by a specific entity?
• No, any licensed home inspector and/or home inspection that meets FHA requirements is acceptable.
Does the DreamBuilder program allow partial home and/or system inspections?
• No, a full home inspection is required.
Who is responsible for verifying that the repairs required by a home inspection were completed?
• Generally, the appraisal must be completed in accordance with FHA guidelines. If the appraisal was completed “subject
to”, a 1004D/Completion Certificate is required to confirm the completion of repairs.

Bad Credit No Tax Return Florida  Locations: