No Income Verification Mortgages in Florida: What They Are Now
A no income verification mortgage Florida borrowers can get today still verifies ability to repay. Here is what replaced stated income, and who qualifies.
Educational content only. This article is for informational purposes and does not constitute financial, legal, or lending advice. Loan programs, rates, and eligibility requirements change frequently. Consult a licensed mortgage professional before making any borrowing decision. Mortgage Capital | NMLS# 1859012 | Licensed in Florida.
A no income verification mortgage Florida borrowers ask about is not the stated-income loan of 2006. Those are gone, and the rules that removed them have not been repealed.
What exists now verifies ability to repay through something other than tax returns. Our no income verification loan page covers the current programs.
What replaced stated income
Bank statement programs average your deposits over 12 or 24 months. See bank statement loans.
DSCR programs use the property's rent instead of your income entirely, covered on our DSCR loans page.
Asset depletion converts a portfolio into a qualifying income stream. See asset depletion loans.
Profit-and-loss programs use a CPA-prepared statement in place of returns. See profit and loss loans.
What has not changed
Every one of these verifies repayment ability. The method differs; the legal requirement does not.
You will document assets, reserves and credit. Appraisals are ordered and property standards apply.
The CFPB explainer on non-QM lending sets out what lenders must still establish.
What it costs
Expect a rate above conventional and 10% to 25% down depending on the program and your credit.
Reserves matter more here than on agency loans. Six months of payments is a common ask, more on investment property.
Prepayment penalties are more common, particularly on investor files. Ask before you sign.
Who genuinely benefits
Florida's self-employed population, whose write-offs suppress taxable income. Restaurant owners, contractors, agents and consultants make up most of these files.
Investors scaling past agency limits, and retirees with assets rather than income.
Foreign buyers without US credit history, through foreign national loans.
Test conventional first though. If your returns support the debt, agency pricing wins. Start with a pre-approval and we will run it both ways.