Self Employed 3 Months Bank Statement Mortgage

Less than 1 or 2 Years Self-Employed Florida Mortgage Lenders 

If you are self-employed in Florida for less than 2 two years, you are probably searching for Less Than 1 Year Self-Employed Florida Mortgage Lenders,  No Tax Return Florida Mortgage Lenders, No Income Verification Florida Mortgage Lenders, No Doc Florida Mortgage Lenders. Our new self-employed Florida mortgage program uses 3 months’ bank statements and profit and loss to average your monthly income.  Yes, that’s right, you can qualify with less than 2 years of self-employment with our Dreambuilder structured financing mortgage program. This program requires No Tax Returns, No 1099, No W2, ITIN Income, and Assets for income; Rental income can be used to qualify.

Self-Employed Florida Mortgage Lenders

Self-Employed Florida Mortgage Lenders

• 5% of the purchase price saved
• 12 months verified, timely rental history.
• 1-Day BK Seasoning- Eligible borrowers can finance property 1-day out of bankruptcy.
• 50/60 DTI – DTI doesn’t quite fit into the traditional credit box? No Problem!
• No Score <580 FICO – No FICO score or <580 FICO acceptable with 12 months of alternative evidence.
• ITIN & DACA – No SSN? No problem. Bring the dream of future homeownership to life for underbanked and underserved communities.
• Self-Employed- No SSN? No problem. Bring the dream of future homeownership to life for underbanked and underserved communities.

Pre-Approval Checklist

GENERAL DOCUMENTS 

• Full mortgage application
• Borrower Identification (including Social Security Card, ITIN documentation, Driver’s License, VISA, etc.)
• Letter of Explanation for all credit inquiries within 90 days of the credit report
• Asset documentation (2-month bank statements)
• Gift Letter (signed/dated) and evidence of funds receipt
• Housing History documentation (12-month VOR/VOM, payment ledger/canceled checks, or credit
  supplement/credit report)
• Fee Sheet and Settlement Service
• Purchase Contract/Escrow Instructions (including Assignment Addendum and Consumer Disclosure)

FULL DOC
Wage Earner: YTD paystubs (60 days), W2, and WVOE Other: Per FHA requirements
Self-Employed: Prior year tax returns, YTD P&L, and 3-month bank statements

ASSETS AS INCOME
Asset Depletion: 2-months recent bank statements, Asset Liquidity: 2-months recent bank statements

BANK STATEMENT ONLY
3 months’ recent bank statements

DIVIDENDS AND INTEREST
2-year tax returns with all schedules OR 2-year account statements with earned income documented

INDEPENDENT CONTRACTOR/1099 EMPLOYEE
Prior year tax returns, 3-month bank statements, and pay stubs (if applicable)

INDIVIDUAL TAXPAYER IDENTIFICATION NUMBER (ITIN)
Prior year tax returns required if SSN listed on pay stubs, W2, etc

RENTAL INCOME
Other REO: Lease agreement(s), documented receipt of rental income, and 3-month reserves

DEPARTURE RESIDENCE
If the borrower owns the current primary residence:
Documentation to support the request for DreamBuilder financing
Letter of Explanation from borrower (signed) regarding existing primary residence
Fully executed lease agreement and proof of rental income receipt, OR copy of purchase contract showing current
residence pending sale

How does the MortgageBuilder Program work?

• When a Florida Homebuyer does not qualify for traditional FHA mortgage financing, the MortgageBuilder program offers a new and exciting way for the Homebuyer to ultimately enter homeownership.
  Step 1: Apply now to the right of this site for the Mortgage Builder Homebuyer Program.
  • Qualifying documentation must be uploadedincludes, but is not limited to, income and assets, as well as any supporting credit history documentation.
  Step 2: Selected a property to enter into a purchase agreement and a mortgagebuilder assignment agreement.
  • The property must meet the MortgageBuilder eligibility and guideline requirements to be livable, move-in ready.
  • 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 approved eligible government entity (the entity purchasing the property on behalf of the Homebuyer(s)).
  • Mortgage loan originator will provide the executed contract with all addenda (including Seller’s Disclosure) to the Florida mortgage lender for approval.
  Step 3: The Homebuyer(s) name will be retained within the portal as the Tenantbuyer, 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 on behalf of the tenant buyer.
  Step 4: The appraisal must be ordered, completed, then reviewed and approved to the guideline requirements.
  • The borrower will pay for the appraisal the mortgage lender will order the appraisal on behalf of the buyers.
  Step 5: The Homebuyer(s) sign 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 belongs to the Homebuyer.
• At any time, the Homebuyer(s) can sell the home and take the profit.
• Purchase the property from a government entity.
• Assume the existing FHA loan on the property.

Florida No-tax return mortgage options that include:

Florida Locations, Including Every City in Florida.

Locations Include Every City In Florida: