No Income Verification Florida Mortgage Lenders

YES! We have NO INCOME, NO EMPLOYMENT VERIFICATION, FLORIDA MORTGAGE PROGRAMS! The DREAM BUILDER is perfect. The program allows you to rent to own the home and pay the home off at your own pace with no income verification! 

What Is The Dreambuilder? 

This unique Homeownership Empowerment program enables an FHA-eligible Government entities can purchase a home, which you can ultimately pay off while providing housing stability and equity creation.

No Income Florida Mortgage Lenders

NO Income-No Employment- Alt Florida Mortgage: 

• Wage Earners & Self-Employed ok!
• Perfect Flexibility for Cash-Based Applicants
• Cash Business, Cannabis, Dancers, Influencers, Artists, Gig-workers w/o 1099s

Typical No Income Clients Include: 

• High-net-worth individuals have complex financial structures that make simple income calculation difficult.
• Individuals who recently sold a business and have substantial assets but no current employment income. 
• Self-employed business owners: with variable cash flow or extensive business write-offs.
• Freelancers and independent contractors: inconsistent or primarily tip-based and not always deposited.
• Retirees whose income is derived from investments, social security, or other assets rather than ongoing employment wages.

Eligibility

• Min 640 Credit Score
• Primary Residence for NO Income Homebuyer(s)
• Purchase
• Up to 95% Loan To Value = About 5-6% Down + Closing cost + 6 months reserves.
• No Doc + Full Doc and Alt Income options
• Exceptions may be considered on a case-by-case basis

No Employment – NO Income Qualifications: 

• 5-6% down = 3.5% + 1st month rent + management fees.
• Must have a 640 minimum FICO
• Must have 6 months reserves (can not be gifted)
• Must have a 12-month VOR/Rental History
• Must have a RIKI score of 100

No Employment – NO Income Requires 6+ Months Reserves

In mortgages, reserves are liquid assets (cash, stocks, retirement funds) left over after Realtor Fees,  Closing costs and down payment, representing easily accessible funds to cover several months of mortgage payments (PITI) in case of income loss, proving financial stability to lenders. Lenders calculate reserves in “months” (e.g., 6 months’ reserves means enough to pay 6 PITI payments)

No Income Verification Florida Approval Process

No Income Verification Florida lenders often need credit underwriters to consider compensating factors, and or alternative documentation due to limited or irrelevant quantitative underwriting factors to establish a reasonable expectation of repayment in the following areas:

• Character & Credit History – The lender seeks to understand a borrower’s character as part of the approval process. To approve no income verification, the borrower may need to provide a letter of explanation on how the income will be derived to make the mortgage payments. No income verification, Florida mortgage lenders also require 12 months of verified rental history.  This may include reference letters, community activities, and reputation, as well as credit history. Certain no-income mortgage applicants with limited FICO scores have alternative credit to evaluate the borrower’s reliability and reasonable expectation of repayment.
• Reserves- 6-12 months of future payments in your account at closing after downpayment and closing costs. Florida no income mortgage lenders require reserves defined as liquid funds or easily convertible assets (like savings, stocks, or retirement funds) you have after paying your down payment and closing costs, proving to a Florida mortgage lender you can cover mortgage payments during unexpected income loss or emergencies. Lenders require these “rainy day” funds, measured in months of PITI (Principal, Interest, Taxes, Insurance), to reduce default risk, with common requirements ranging from 2 to 12 months, varying by loan type, borrower profile, and property.
• Income- No income mortgage applicants who meet the no-income mortgage eligibility requirements are not required to provide income documentation. Income is therefore not calculated nor stated on the loan application (1008/URLA), nor is a debt-to-income ratio calculated as part of the program’s established reasonable expectation of repayment.
• Loan Documentation- Credit underwriting will often use a “common sense” approach and use alternative and compensating forms of documentation to evaluate a reasonable expectation of repayment.

How Do I Payoff The No Employment – NO Income Loan?

The Tenant Homebuyer can make higher monthly payments to reduce the underlying option price and expedite the property transfer. The Tenant 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 Florida mortgage lender with clear instructions in the check memo to apply the excess funds as a principal reduction to payoff the loan.

Rent To Own Florida CONSUMER DISCLOSURE  desires to serve all consumers’ home financing needs, including those in typically underserved markets or those who may not qualify for traditional Florida mortgage finance. With this mission in mind, Originator may refer certain consumers to the “Rent To Own Florida Program” (the “Program”). Originator works with an unaffiliated party to provide the Program as a bridge to homeownership for consumers unlikely to qualify for traditional conforming financing. It is important to understand, however, that the Program is not a mortgage loan offered by Originator. The Program is a shared ownership financing program to bridge the gap between renting and homeownership for those who may not qualify for a traditional mortgage. The basic structure of the Program is as follows for approved consumers (“NO Income Homebuyers”): • A governmental Agency (“Agency”) — often an affiliate of a Native American Tribe — purchases a home (“Home”) using the NO Income Homebuyers’ purchase and sale agreement with a third-party seller. • Originator lends funds to the Agency for the purchase of the Home. • The Agency enters into a ground lease financing agreement with NO Income Homebuyers to purchase the home and obtain a leasehold interest in the land (the “Homeownership Agreement”). The Homeownership Agreement for the Program can be obtained by contacting your loan originator. • In addition to making the payments required by the Homeownership Agreement, NO Income Homebuyers must occupy and maintain the Home. • The Homeownership Agreement has an option to purchase the Home (the “Purchase Option”) and otherwise is amortized and fully paid over 40 years similar to a fully amortizing mortgage. Highlighted Differences with Traditional Mortgage Finance As stated above, the Homeownership Agreement is not a traditional mortgage loan. Some, but not all, differences between this Program and a traditional mortgage loan are detailed below. Again, please review the Homeownership Agreement for additional information before deciding to proceed: 1. The Homeownership Agreement is a financing arrangement whereby the Agency will own fee simple title to the Home until exercise of the Purchase Option or payment in full. 2. NO Income Homebuyers own the Home through a ground lease interest created by the Homeownership Agreement. Fee simple title is transferred to NO Income Homebuyers upon exercise of the Purchase Option or payment in full.

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No Income Verification Cashout Refinance Coverage Areas: