1st Florida Lending Corp., a registered Mortgage Lender
Orlando servicing only the State 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)856-7097 * (800) 655-
1345 * (407) 300-2558 * Fax (877) 401-9955
Stated Mortgage Loans
* Disclaimer: All Loan programs, rates and terms can
change without notice and are subject to credit and
underwriting approval. Loan charts highlight min/max
constraints, assumptions & random scenarios only. We will
always work hard to approve your loan but there are no
guarantees of any kind expressed or implied that any loan
we be approved. Licensed in Florida Only. When Banks
Say No ! We Say YES ! ® is a registered trademark owned
by 1st Florida Lending Corp. Florida lender license #
MLD106.
© 2007 - 2023 1st Florida Lending Corp. - All rights reserved
80% LTV with 720+ CREDIT
SCORES FOR OWNER
OCCUPIED 1-4 UNITS & 2ND
HOMES (NO REDUCTION IN
LTV FOR MULTIFAMILY)
No Income and No
Employment Verification to
Purchase a Primary or
Second Home
What is Stated Mortgage Home Loan?
While we offer a wide range of 48 loan
programs, some of which are truly unique.
One such program is our Stated
Mortgage, specifically designed for
owner-occupied primary or second homes
purchases and refinancing. The best
part is that this program does not
require any income or employment
verification, nor does it consider your
debt-to-income ratio (DTI).
Instead, our decision-making process is
based on other crucial factors, such as
your source of funds to close, FICO
scoring, and the appraised value of the
property. By focusing on these aspects,
we ensure streamlined processing and
timely closing for our valued clients.
We take pride in providing you with a
hassle-free experience, where you can
secure the financing, you need without the
burden of extensive paperwork or strict
income requirements.
Our team of experts is dedicated to
helping you achieve your homeownership
goals, making the entire process as
smooth and efficient as possible.
Most people confuse Stated Mortgage
for non-owner occupied investment
property loans which uses the comparable
rental income to qualify you and does not
require proof of income
THIS IS NOT A NO DOC OR A BANK
STATEMENT LOAN.. UNDERWRITING IS
BASED ON
1.
LTV, FICO, and Liquidity,
2.
Income Documentation is not
required
3.
Employment is not required
4.
Debt-to-Income (DTI) is Not
Calculated
A Stated Mortgage Loan does not
require Income or Employment
Verification which is ideal for borrowers
unable to qualify for conventional loan
and some Non-QM loans due to:
•
High DTI (debt-to-income) ratios
•
Volatile or Irregular Employment
•
Retirees on fixed incomes
•
Owners of Cash Businesses
•
Change of Industry or Type of
Employment
•
Transitioning from W-2 to Self-
employed under 1 year
•
Online Retailers using difference online
payment systems
Key Loan Highlights
•
Min $200,000 up to $2,000,000
MILLION LOAN AMOUNTS for purchase
and cash-out
•
No Income or employment
verification required
•
Owner Occupied Primary
Residence & Second Homes only
•
80% LTV 720+ Credit
•
75% LTV 680 Credit
•
65% LTV 660 Credit
•
30yr fixed and Interest only
adjustable-rate loans available
•
No Pre-Payment Penalty / No
Mortgage Insurance
Documentation Required
•
Last 2 months banks statements
showing a sufficient source of
Funds for down payment, closing
cost and reserves.
•
Last Mortgage Statement if
Refinancing
•
Valid Drivers License
•
Most recent Mortgage Statement if
refinancing
•
Loan Amounts of $1,500,000 +
requires 2 appraisals. Properties
with condition rating of 5 or 6 are
not acceptable. Underwriting review
required for all loan files not
requiring 2nd appraisal. Transferred
appraisal acceptable. 2nd appraisal
or Desk Appraisal must be ordered
from Champions Approved AMC.
Credit Requirements:
A hard inquiry full credit report must be
pulled by 1st Florida Lending
•
A minimum (middle) credit score of
660
•
There can be no mortgage lates
within the last 12 months.
•
Revolving or installments payments
require Letters of Explantion (LOE)
•
Forbearance: If the borrower has
resolved missed payments through
a loss mitigation solution, they are
eligible for a new mortgage loan if
they have at least three (3) timely
payments.
Tradelines:
Borrower must have active tradeline(s)
a outlined in option 1, 2 or 3. (A
tradeline is defined as any
combination of credit cards, student
loans, car loans etc. )
•
Option 1. Active tradeline for 24
months
•
Option 2. Active tradeline for 12
months
•
Option 3. I have both of the above
•
Either tradelines must be active
within the last 90days
Tradelines:
The reserve amount for Purchases is
based on Credit and LTV - Ask your
Loan Officer
Cash-out Fully Amortized Loan:
Borrower must have the first 4 months
of PITIA reserves of their own eligible
funds, not including the cash out
proceeds available to the borrower; the
loan proceeds disbursed to the
borrower may be used to meet the
remaining reserve requirement. Ca.sh-
Out Interest Only: Cash-out from the
subject transaction may not be utilized
to meet the minimum reserve
requirements.
Gift funds: May not be used for
reserves
Mortgage Credit Events - OK
•
Foreclosure Seasoning - 7 years
•
Short Sale / Deed in Lieu - 48
Months
•
Bankruptcy - 48 Months from
discharged date
Eligible Properties
•
Primary Residences: Borrowers
must occupy the property as your
permanent residence
•
Second Homes: Must be occupied
by the borrower some portion of the
year. Must be located a reasonable
distance from the borrowers and is
restricted to one-unit dwellings. The
borrower must have exclusive
control over the property and
cannot be rental property or a
timeshare agreement.
•
Manufactured / Mobile Homes
•
Acreage limited to 10 acres
Condominiums
•
Fannie Mae warrantable condo’s up
to max LTV per eligibility grid
•
Non-warrantable condo’s
Mixed-Use Properties
•
The property must be a 1-unit
dwelling the borrower occupies as
a primary residence.
•
The borrower must be both the
owner and operator of the
business.
•
The property must be primarily
residential in nature
•
The dwelling may not be modified in
a manner that has an
•
adverse impact on its marketability
Ineligible Properties: Any property
that is Zoned Commercial, Investment
Properties, Condotels, Co-ops, working
farms, ranches, orchards, Acreage over
10 acres
Benefits of a No Income / No
Employment Verification
Stated Mortgage
•
Purchase or Refinance:
•
No income verification
•
No employment
•
No tax returns
•
No 1099’s
•
No W2’s
•
No DTI calculated