Financing programs or loans without income verification for home or real estate buyers in Florida are designed for business owners or entrepreneurs who work on their own – self-employed – and whose annual tax reports do not represent the actual income .
In most cases, people who work on commission and are paid with a 1099 or people who can show that they have a business even though it is not registered by the Florida division of corporations.
Unlike Clients who are employed through W2, Self-Employed Workers should be aware of the following:
- The Bank will use the Net Income to qualify (not the Gross Income as many believe).
- The higher Net Income, the higher Loan Amount you will qualify.
- Maintain the same deposit levels in Business accounts for at least 3 months before purchasing.
- Not changing the type of business, not closing your current Corporation, seniority and experience in the type of business is very positive in the qualification.
- Do not open new lines of credit, try to pay as many debts as possible.
Always talk to a Loan Officer, each case is always different.
If you are thinking of buying or refinancing a property in Miami, Florida, send me a message in the box below or click here, and I will be ready to provide you with a totally free Financial Advice.