911 Cash Out Refinance A Home With No Insurance Florida

Yes, Refinance With No Insurance in Florida – 

According to realtor.com, results estimate that roughly 15% to 20% (or about 1 in 5) of Florida homeowners had NO homeowner’s insurance, a significant increase driven by soaring costs and market instability, leaving many to self-insure or risk financial ruin, with some reports indicating over 100,000 homes are not insured across Florida. We are finding this common situation. The Common Problem Is You cannot get insurance because the home needs repairs, and you cannot cashout refinance to do repairs because you cannot get insurance! 

How To Get Cash Out Of A House To Make Repairs With No Homeowners Insurnace? 

1. CONTRACTOR BID FOR REPAIRS – EXAMPLE  $100k
2. GET MORTGAGE FULLY APPROVED – SUBJECT TO APPRAISAL.
3. ORDER ARV-A AFTER REPAIR APPRAISAL EXAMPLE 500,000
4. ORDER TITLE TO CONFIRM ALL PAYOFF EXAMPLE $100,000 ADD 100K REPARIS TO SETTLMENT STATEMENT = 200K IN PAYOFFS SO CONTRACTOR SEES HE WILL GET PAID AFTER CLOSING.
5. ORDER FINAL APPRAISAL – Order the final appraisal after work is complete.
6. CLOSING – At clsoing you get a new mortgage for 200k to pay off the first mortgage 100k, and the contractor for 100k repairs. 

Solution To Refinance, Make Repairs And Get Insurance In Florida

1. GET YOU PRE-APPROVED WITHOUT INSURANCE – Our private Florida mortgage lenders will pre-approve you, subject to all completed home repairs.
2. ORDER AFTER REPAIR APPRAISAL TO VALIDATE EQUITY – We request an “After Repair Value (ARV) appraisal” or a “subject to repairs” appraisal before work is complete, which estimates the value of the home after repairs wich is crucial for us to determine if there is enough equity in your home to do the work.

-Example, you owe 100,000 on your Florida home, the After Repair Value (ARV) appraisal comes back at 400,000.
400k-100k = 300k of equity to use for contractor repairs/home upgrades.
If you’re pre-approved for 80% of 400,000 x .80 =320,000- owe 100,000, then you have 220k for upgrades.

3. SHOW TO CONTRACTOR PRELIM CLOSING STATEMENT – Add the contractor’s invoice and insurance invoice to the settlement statement, showing the contractor getting paid once the work is complete. This gives the contractor assurance that they are getting paid once the loan funds. 

4. COMPLETE 4-POINT INSPECTION AND WIND MIT – In Florida, “4-point” and “wind mitigation” are two separate inspections required by insurers for homeowners to assess risk; the 4-Point Inspection checks the roof, electrical, plumbing, and HVAC,, while the Wind Mitigation Inspection focuses specifically on features that resist hurricane-force winds (like roof shape, attachments, and opening protections) for potential insurance discounts, with both helping determine if the property is insurable. All insurance companies require this inspection on homes over 20+ years old to bind insurance. 

Cashout Refinance In Florida with No Insurance To Make Repairs

• Credit Score: Aim for 620+ for conventional, possibly lower for FHA.
• Equity: You generally need a minimum 30% equity (70% Loan-to-Value or LTV).
• Debt-to-Income (DTI): Keep DTI under 43-50%.
• Appraisal: A new appraisal determines your home’s value. 

• Insurance is Key: Most lenders require homeowners insurance, even for cash-out refinances, to protect their investment.
• Lender-Placed Insurance: If you can’t get private insurance, lenders might offer (but often require) lender-placed (forced-placed) insurance, though this is expensive and temporary.
• Escrow Holdbacks: For post-storm damage, some lenders offer escrow holdbacks, where funds for repairs are held and released after work is done and inspected, sometimes reducing initial insurance needs but requiring specific documentation. 

Refinance Property Types Include:

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

No Tax Return Florida Mortgage Refinance 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.
• 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.
• 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.

Hard Money Florida Mortgage Refinance Options Include:

• Refinance Florida Lis Pendens –
• Refinance Florida Claim of lien –
• Refinance To Pay Florida Tax Lien –
• Refinance Florida Code Violations –
• Refinance Florida Final Judgment –
• Buy-Out-Florida Mortgage Refinance

No Tax Return Cash Out Refinance FHA Mortgage 

To qualify for FHA without tax returns, you must be a W2 employee, and your commission and bonus income must be less than 25% of your total income, and you should NOT own any rental properties. And, your earnest money deposit should not come from your side business account; otherwise, the lender will request tax returns. If your bonus or overtime exceeds 25% of your total income or if you own investment properties, you will be required to submit tax returns. Florida FHA mortgage lenders make homeownership exciting because, as a W2 employee, you do NOT need to provide your tax returns to qualify for an FHA mortgage. For FHA, self-employed mortgage lenders require 2 years’ tax returns, business and personal. Clear here to read more about to tax return FHA mortgage loans. 

No Tax Return Cashout Refinance Investor Loans
Florida no-income verification investor loans, commonly referred to as DSCR loans, allow real estate investors to secure financing with no personal income or debt-to-income ratio. These loans do not require income documentation, tax returns, or employment verification, making them an attractive option for Florida real estate investors. To learn more about no-income-verification investor loans, click here.

PACE APPROVED FLORIDA CONTACTORS LIST 

To participate in the Pace program, qualifying improvement contractors must: 1) hold all necessary Flroida state licenses or registrations for the work to be performed which are in good standing; 2) comply with all applicable federal, state, and local laws and regulations,including obtaining and maintaining any other permits, licenses, or registrations required for engaging in business in the jurisdiction in which it operates and maintaining all state-required bond and insurance coverage; and 3) file with the program administrator a written statement in a form approved by the county or municipality that the contractor will comply with applicable laws and rules and qualifying program policies and procedures, including those on advertising and marketing. The FPFA advises all property owners that the best practice is to obtain estimates from more than one unaffiliated, registered qualifying improvement contractor for the qualifying improvement.  For your convenience, below is a link to review the status of a contractor’s state license, if applicable, with the “Florida Department of Business and Professional Regulation”.