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1st Florida Lending
Aside from the Military outreach programs that we proudly support.  Stated Mortgage Loan for Primary or Second Homes    NO INCOME OR EMPLOYMENT VERFICATION


What is Stated Mortgage Home Loan? 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 for other Non-Conforming type loans . A Stated Mortgage Loan underwriting is based on LTV, FICO, and Liquidity, (b) Income Documentation is not required; c) Employment is not required; and (d) Debt-to-Income (DTI) is Not Calculated 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 The minimal requirements makes a Stated Mortgage ideal for borrowers unable to qualify for conventional loan and other Non-QM types 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+ with Credit Scores for owner occupied 1-4 units & 2nd homes (no reduction in LTV for multifamily) 75% LTV with Credit Scores of 680-739 70% LTV for 660-679 Credit Scores 65% LTV for 640-659 Credit Scores CASH-OUT CAN BE USED AS RESERVES FOR CASH OUT TRANSACTIONS – NO LIMIT ON CASH OUT UP TO 70% LTV 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
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Stated Mortgage Home Loans I No Income or Employment Verification Required to Purchase or Refinance a Primary or Second Home

Why Choose Us?

Fast Approvals Streamlined Underwriting Approvals in 24 hours Close in as little as 15 days
Easy Process No Income Verification No Tax Returns Needed No or Min Credit Required
Reliable Partner 25+ Years of Experience Direct Private Lender
Florida’s Top Rated Direct Mortgage Lender with  A+ BBB Rating We Offer More Than 48 Loan Programs  800-655-1345  I  Call or Text us at 407-300-2558
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