Stated Mortgage Loan for Primary or Second Homes


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* 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 © 2007 - 20211st Florida Lending Corp. - All rights reserved I Privacy Policy I Terms of Use I

Florida’s Top Rated DIRECT Lender I 48 Programs

1st Florida Lending

800-655-1345 I CALL us 407-300-2558

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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) 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.

Fast Approvals Streamlined Underwriting Pre-Approval in 24 Hours Close in as little as 30 days Easy Process No Income Verification No Tax Returns Needed No DTI limits Reliable Partner 25+ Years of Experience We are Direct Lenders Not Retail Brokers
No Mortgage Drama … No Red Tape… No Endless Loop Request

THE STATED MORTGAGE LOAN is a trademark owned by 1st Florida Lending Corp. . The Stated

Mortgage Loan is a fully accredited, non-conforming loan providing non-traditional access to prime

mortgage capital to the undeserved borrowers not meeting all of the regulatory guidelines.


No Income or Employment Verification required for  Primary and Second Home Purchase and Refinancing
What is a No income and No Employment verification Stated Income Home Loan? A No income and No Employment verification loan; Now called a Stated Mortgage Loan is perfect for borrowers who want to buy or refinance a primary residence or second home but cannot document income or employment to qualify. What is the difference between a stated income home loan vs a no income verification home loan? Most people confuse stated income home loans or no income verification home loans for non-owner occupied investment property loans which uses the comparable rental income to qualify you and does not require proof of income Stated Income Home Loans for Owner Occupied Properties are now called (“Stated Mortgage Loans”) which can be used for the purchase and/or refinancing of owner occupied primary and second homes. Since Stated Mortgage Loans do not require Income or Employment Verification. This makes it ideal for borrowers unable to qualify for conventional loan and Non-QM loans due to: High DTI (debt-to-income) ratios Volatile, Irregular Employment or No 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 Benefits of a No Income / No Employment Verification Mortgage Purchase or Refinancing: Primary or Second homes No income verification No employment verification No tax returns No 1099’s No W2’s No DTI calculated Key Loan Highlights Min $200,000 up to $3,000,000 MILLION LOAN AMOUNTS No Income or employment verification required Owner Occupied Primary Residence & Second Homes only 80% LTV 740+ FICO ON OWNER OCCUPIED 1-4 UNITS & 2ND HOMES (NO REDUCTION IN LTV FOR MULTIFAMILY) 75% LTV FOR FICOS 680-739 70% LTV FOR CASH-OUT TRANSACTIONS CASHOUT CAN BE USED AS RESERVES FOR CASH OUT TRANSACTIONS – NO LIMIT ON CASH OUT Reserves must be borrowers, down payment and closing costs can be gifted Assets sourced & seasoned for only 30 days No employment or income on 1003 1 Tradeline for 24 months or 2 tradelines for 12 months open - active within the last 90 days BK one day out – F/C, Short sale, or deed in lieu 12 months seasoning Cash out can be used as reserves for cash out transactions – no limit on cash out Min Loan Amount (not purchase price) $150,000 up to $3 Million 30yr fixed and Interest only adjustable-rate loans available No Pre-Payment Penalty / No Mortgage Insurance Primary Documentation Required Last 2 months banks statements showing a sufficient source of Funds for down payment, closing cost and reserves. The reserves amount is based on your credit score for both purchases and refinancing. RESERVES CASH-OUT CAN BE USED FOR CASH OUT TRANSACTIONS Last Mortgage Statement if Refinancing Valid Drivers License Appraisals (must ordered by underwriting some recent appraisals can transferred) Most recent Mortgage Statement if refinancing 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) Active collections cannot exceed $25,000 Tradeline Documents Requirement: 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 If the Borrower has not established an active tradeline as defined in Option 1 or 2. We cannot proceed with this loan. Mortgage Credit Events - OK Foreclosure Seasoning - 12 months from removal of name on deed Short Sale / Deed in Lieu Seasoning - 12 Months out Bankruptcy Seasoning - Settled/Discharged 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. Condominiums Fannie Mae warrantable condo’s up to max LTV per eligibility grid Non-warrantable condo’s up to 65% max LTV 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, Manufactured / Mobile Homes, working farms, ranches, orchards, Acreage limited to 40 acres
Stated Mortgage Home Loans I No Income or Employment Verification Required to Purchase or Refinance a Primary or Second Home