Specialty Florida Mortgage Programs
If you're a Florida
mortgage client in need of specialty financing such asa
stated income or no ratio loan, Hallmark Mortgage Services
has a wide range of home
buyer and homeowner
loan programs designed just for you. Traditionally, as a self-employed
person, real
estate investor, commissioned sales person, or
individual running a business establishment in Florida, your
monthly income may not be the same for every month, nor would
your net income on your tax returns necessarily reflect the
actual income you have available to spend.
Even though most lenders in Florida generally
consider your overall credit, employment stability, income
and ratios as the main factors when applying for a mortgage
loan, home
equity line of credit or a cash
out refinance, there are many instances where your net
taxable income might not put you in a very favorable light
and could prevent you from qualifying for a loan
entirely. As a leading Florida
mortgage company, we have strong relationships with the
right Florida lenders who offer the specialty mortgage
loan programs that you need at very competitive rates.
These specialty programs include the following tailor-made
loan options designed to create financing solutions for many
Florida mortgage requirements:
Some variations, but not all, of the specialty financing
options can be used in conjunction with the following loan
programs and loan options:
Why not contact an Hallmark Mortgage Services loan specialist
who can assist you in understanding what financing options
are available for your situation, and help place you in the
right Florida mortgage program. Call us today at
1-866-358-2896 or use our quick
mortgage application for a fast response!
Stated Income Stated Assets Mortgage
Program
Our stated income stated assets mortgage program is specifically
meant for persons who are not able to provide asset
verification of for those borrowers who can not show
a stable monthly income and whose net income reflected in
tax returns does not show their actual net income available
for meeting everyday expenses. In spite of the fact that your
gross annual income reported on your tax returns is more than
sufficient to meet the monthly mortgage loan or mortgage
refinance repayments, underwriters must look at you net
income as part of the underwriting decision. Enter the stated
income stated asset mortgage option. The SISA program
is only an ideal solution if you are a person with a strong
credit portfolio, as much of thefunding decision will be based
upon your credit quality. Contact us now at 1-866-358-2896
or use our quick
mortgage application to find out more about the stated
income stated asset mortgage program!
No Income Verification Mortgage Program
The no income verification mortgage program, also known
as stated income mortgage loan is designed
to work with both fixed interest mortgage programs and adjustable
rate mortgage options. The NIV program is ideal for
the Florida mortgage customer who has a strong credit profile
and the ability show sufficient assets as required based upon
the particular loan product selected.
The stated income loan is really most suitable for self-employed
borrowers, the 1099 independent contractor or a W-2 employee
who has other non-qualifying or unverifiable income sources.
The no income verification program typically
requires a 2-year history in the same business or in the same
employment. Persons with credit scores of 600 and above can
typically qualify for the stated income loan option,
and couple this with the a qualifying mortgage program to
purchase or refinance a home. If you cannot show the full
scope of your income, the NIV program can really help you
get maximum loan-to-value (LTV) or combined-loan-to-value
(CLTV) for your finances, where you might not otherwise qualify
on your existing qualifying income. Dependent upon your factors,
the no income verification program could be effectively
used with the 100%
home mortgage financing, 97%
mortgage financing programs, and 80/20
piggie back loan programs.
As part of the qualifying process for a no income verification
mortgage program, you will need to be able to state your specific
income and your specific sources of income, including your
business address or employer name & address, phone number,
401k, etc., in your mortgage application. A verbal business
or employment verification would be made but income
verification is not done. All assets used for qualifying
must be disclosed with appropriate documentation. Your position
should support the income you are claiming, whether a business
owner or employee. All other sections of the application,
except the income verification portion, should be supported
with appropriate documentation. Contact us now at 1-866-358-2896
or use our quick
mortgage application to find out more about the no income
verification mortgage program!
No Ratio Mortgage Loan Program
The no ratio mortgage loan option can also be used with
some fixed rate or adjustable rate mortgage programs. The
no ratio loan option is especially suitable
for borrowers whose credit rating is very high and who have
maintained a good mortgage repayment history. Similar to the
no income verification mortgage option, however,
with a no ratio loan option, you do not disclose income
on your credit application. If self employed or a business
owner, you would be required to have your CPA provide a letter
as proof of a 2-year employment history in the same business
or profession. As part of the no ratio mortgage, you will
be required to disclose all your assets along with the appropriate
asset documentation. Employment is typically verbally verified,
but your income is not verified.
With the no ratio mortgage option, there is no verification
of income, regardless of your source of income, and no debt-ratio
calculations, simplifying the qualifying process. The no
ratio mortgage option is most suitable for self-employed
persons, contract employees (1099) and business borrowers
in Florida, who wish to buy a new home, second home, or build
their real estate portfolio yet cannot show income due to
net income deficiencies reflected in tax documents. The documentation
required for the no ratio mortgage option is really
about the same as that of no income verification mortgage
programs. The biggest differences are the non disclosure of
income and the resulting elimination of debt ratio calculations.
Contact us now at 1-866-358-2896 or use our quick
mortgage application to find out more about the no ratio
mortgage program!
No Income No Asset Home Loan Program
The no income no asset home loan option, also called the
NINA home loan program, is highly suitable
for the business owner, self-employed borrower and contract
employee (1099), who has a very strong credit history and
proven record on prompt and regular mortgage and other debt
repayments. Persons in the category of W-2 employees could
also effectively use this program, dependent upon circumstances.
The NINA loan option can typically be used with both fixed
rate and adjustable rate mortgage programs for purchase and
refinance loans.
Like the no income verification and no debt ratio mortgage
programs, you must be able to verify employment. Self employed
and business owners will need have thier CPA provide a letter
as proof of a 2-year employment history in the same business
or profession. If your credit score is above 640, this program
could be the most ideal solution for obtaining the maximum
loan-to-value (LTV) or combined-loan-to-value (CLTV), with
the least amount of documentation. Like the no income verification
mortgage program, the no income no asset mortgage
option could be effectively combined with our 100% home mortgage
financing, 97% mortgage financing programs, and 80/20 piggie
back loan programs.
Under the NINA loan option, there are no income
or asset verifications; no income is stated on the application;
no debt ratios are calculated; and employment is verbally
verified. Contact us now at 1-866-358-2896 or use our quick
mortgage application to find out more about the no income
no asset mortgage program!
No Documentation Home Loan Program
Like the other programs listed above, the no documentation
home loan option is intended for persons with a very high
credit base and proven track record in meeting repayment obligations
promptly. Dependent upon LTV factors, persons with a credit
score of 640 and above could use the no documentation
mortgage option to their benefit. The no doc loan
option is typically available both for owner occupied
and non owner occupied properties, with terms that can
match traditional loans that have full documentation requirements.
The no documentation loan option can be typically
used with both home purchase and homeowner refinancing,
and is typically an option with both a fixed rate loan and
the adjustable rate mortgage options.
In this unique no documentation loan option, you do not provide
your sources of income, like business or employer name & address,
business phone number, 401K, etc. You must not list your assets
or liabilities. This eliminates all references to your income,
employment, assets, and liabilities. However, the details
of the property on which a no documentation
mortgage is sought have to be provided. Underwriting uses
a mortgage only credit report, and considers only the property,
credit scores and mortgage payment history as the primary
factors in making a decision on a no doc loan.
Any property owned, including investment property, by the
borrower must not be listed as an asset on the no
doc credit application. Remember, in the no documentation
option, only the credit scores, related property and your
mortgage payment history are taken into account. All other
information is ignored. As part of the no documentation mortgage
process, you would complete the basic information on the application:
your name, address, phone number information, and the last
page of the application, which requires very minimal disclosure
and you must sign and date the application. That's it. Why
not contact us now at 1-866-358-2896 or use our quick
mortgage application to find out more about the no documentation
mortgage program and how it can save you time and money!
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