1st Florida Lending Corp., a registered Mortgage Lender Orlando servicing all of Florida offering over 48 loans programs including Conventional Loans, Non-Conforming Loans, FHA Loans, VA Loans, USDA Loan, Self-Employed Loans, Bank Statement Loans, No-Doc Loans, Reverse Mortgage Loans, ITIN Loans, Rental Investment Loans, to name a few and specializing in Bank Statement Loans or “stated loans” requiring no Tax Return verification and much more. * No broker or lender fees are for FHA,VA, USDA and Conventional loan types Main Office: 2151 Consulate Dr. * Suite 8 * Orlando, FL., 32837 * Telephone (800) 655-1345 * (407) 300-2558 * Fax (877) 401-9955We are approved lenders for all Government Loans and registered with the Florida Office of Financial Regulation - # MLD106When Banks Say No ! We Say YES ! ® is a registered trademark owned by 1st Florida Lending Corp.
800-655-1345 I ALL LOAN INQUIRIES CALL 407-300-2558
Over 14 bank statement programs to choose fromWe are Direct Lenders - Not Retail BrokersChallenging Loans is our SpecialtyDedicated Team of Seasoned Loan Officers
Evoluion of Bank Statement Mortgage LoansAfter the crash of the housing market in 2008, the federal government took custodianship over Fannie Mae and Freddie Mac, the two largest lenders in the country. They were so large that if they failed, they would put thousands of homeowners out on the street, so the government stepped in While this led to many of the great loan programs that we have today, including HARP and FHA that let homeowners recover from being underwater or buy a home with less money down, they also made it far more difficult for business owners and self-employed people to buy a home. Entrepreneurs and self-employed workers were now required to prove their income by what they pay in taxes, not what they made. This has kept everyone from doctors and lawyers to real estate agents and web designers from buying a home, as they are forced to write off business expenses merely to keep their companies or practices profitable. This shows as less income made for taxes but doesn't show the true income that they make. This means that they can't buy a home that is on the proper level to what they make but instead must settle for less home or continue to rent
Self Employed Bank Statement Loans are back after the Corona virus
wreaked havoc in the financial markets
As the coronavirus was wreaking havoc on the financial markets together with stay-at-home orders. As a result, the mortgage industry nationwide suspended funding on all Self-Employed Bank Statement lending for most of month March and April 2020 A handful of states begin to ease their way back into lifting the funding suspension. We feel fortunate as one of the first few Direct Lenders in Florida to start funding in the first week of April 2020 with significant changes is Minimum Credit Scores , LTV;s and Rates. Qualifying for a Self-Employed Bank Statement LoanBank Statement Loans are utilized by a wide range of self-employed professionals, including small business owners, DBA's, PA’s, freelancers, independent contractors, and many other types of self-employed people, etc... Being self-employed it can be difficult to obtain a mortgage. The facts are that most self-employed would agree that their tax returns don't really show their true income as many tend to write off many expenses over that a W-2 wage earner. Regardless of what you make for income, tax write-offs and deductions reduce your taxable income that can affect your debt-to-income ratios. As a result, your net taxable income (after deductions) may disqualify you for a traditional mortgage for purchasing and/or refinancing ! Determining Qualifying IncomeWe simply use Bank Statement Deposits to establish a monthly qualifying Income by . Qualifying income may differ if the primary income is deposited directly into a business bank account first vs deposited into a personal bank account. Another option is a self-employed stated income loan which requires a few months bank statements, but does not require bank statement income verification Essentially there are 4 types Self-Employed Purchase and Refinance Loan programs as outlined below. 1.Business Bank Statements: Primary income deposited into business accounts which includes Inc, Corps, LLC, DBA, PA > GET QUOTE2.Personal Bank Statement Loans: Primary income payable to you individually and deposited into your personal bank account. > GET QUOTE3.NEW!1099-Form Contractors Loans - No Bank Statements Required! 1099-Form Only Loans - No Bank Statements Required! This program is similar to our personal bank statement program but without the hassle of sending us your bank statements. > GET QUOTE4.Self-Employed Stated Income Simply State and Attest your Income on the 1003 loan application and provide proof of Self-Employment for two years Learn MoreHighlights of our (14+) Bank Statement Loan Programs for Purchases, Refinance and Cash-Out Refinancing•Call us about LTV using 12 months personal or business bank statements•Min $150,000 up to $6,000,000 •Some programs we offer up to 90% LTV •Business bank statements and personal bank statements permitted•Borrower does not have to be 100% owner of the business•No Tax Returns or 4506 required to qualify•No MI and No Prepayment Penalty•P&L statements NOT required on most programs•5/1 & 7/1 ARM’s or 30 year Fixed •Competitive rates starting in the 5’s •Unsurpassed funding timelines•Purchase, Rate/Term and Cash-Out Refinance•Owner-occupied, 2nd homes and investment properties •Non-warrantable condos OK •SFR, Condos, Townhouse and 2-4 Units•Bankruptcy, Foreclosure, Short Sale (Min 2 years out) > Some exceptions for NOO see Bridge Loans•Multiple bank accounts are permitted with 2 of our 14 programs•Common-sense consideration of NSFs and overdrafts•Some reserves required Can I still get approved if I recently changed my Tax Status from W-2 to Self-Employed ? Yes ! so long as the changed occurred 12 months ago or more Acceptable Properties:Single family homes, townhomes, condos, condotels, duplex, triple or four-plex all qualify on various programs. Property usage can be as a primary residence, second home, vacation Home or rental investment properties.
Advantages of Bank Statement Loans•Bank statement loans for self employed help business owners and 1099 contractors to qualify for a mortgage•Bank statement lenders allow you to qualify by supplying them with your bank statements only•Mortgage rates are only slightly higher than conventional loans•DTI up to 50%•Low credit scores are permitted•Recent bankruptcy or foreclosures are permitted•NO PMI or Mortgage Insurance•We offer very competitive rates
90% LTV Self-Employed Loans are BackBusiness or Personal Bank Statements