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DORAL SELF EMPLOYMENT HOME LOAN
Doral Self-Employed Mortgage Solution
A bank statement mortgage is the solution for Doral self-employed borrowers looking to maximize the purchase power, cash out or refinance mortgage. If you are looking to qualify based on your business bank statements vs. traditional tax returns this is the program for you. Borrowers does not have to own 100% of the business to qualify. This product allows the underwriter to review the true cash flow of your business vs. tax returns limiting your purchase power.
Doral Self-Employed Home Loans in 2024
Doral self-employed borrowers have been getting the short end of the stick for quite some time, especially when the banks say they do not earn enough income to qualify for a loan. Because banks use the borrower’s tax returns to calculate the qualifying income, many self-employed borrowers cannot qualify for the home they desire. Since most business owners write off a lot of their income in the form of business expenses, this usually reduces their overall income available for a mortgage qualification. However, looking at the health of their business in the form of deposits made into their business bank accounts provides a more realistic view of the borrower’s income.
The Doral bank statement program launched about 10 years ago and there have been several updates to it throughout the years. A Doral bank statement loan averages the overall deposits into a borrower’s business account over a period of either 12 or 24 months, and then a deduction is made what they call an expense factor. The expense factor is a percentage of the revenue generated by the business that would be allocated toward the costs of running the business, with the default amount usually being 50%. Recently these programs have become more flexible to allow borrowers to maximize their income by allowing the use of up to 80% of the deposits into the qualifying income, depending on the type of business the borrower operates. In turn, this gives self-employed borrowers more purchasing power as they are able to qualify for higher loan amounts. This is a significant benefit for Doral self-employed borrowers versus the traditional method banks use where they only calculate the taxable income on the tax returns for qualifying.
Some of the basic requirements for the bank statement program are a minimum credit score of 580 and that the borrower has been self-employed for at least two years. The minimum down payment options can vary from 5% to 15% down depending on the type of property and what it will be used for (i.e. primary home or investment).
You should contact your local mortgage broker to find out details so you can make an informed decision.
Doral Self Employed Mortgage Pros and Cons
Pros:
No tax returns required
Low down payment compared to bank options
Lower credit score requirements
Qualify for a higher purchase price
Cons:
Minimum 2 years of self-employment
Full copies of 12 to 24 month bank statements
Interest rates might be slightly higher than traditional financing
Doral Information Affecting Self-Employed Borrowers
We provide self-employment loans throughout the state of Florida including but not limited to the areas below.
Doral is one of 34 municipalities in the county of Miami. Located about 1 mile from the Miami International airport and approximately 13 miles from downtown Miami. Doral population as of 2022 has reached 81,908 with 19,722 households and 16,099 families residing in the city. Back in 1950’s real estate developers Doris and Alfred Kaskel purchased 2,400 acres for $49,000 dollars which the intention of building a golf course and hotel. By the 1980’s Doral had experienced a very large growth in it’s residential development from a joint venture with Lennar to build Doral park. Fast forward to 2003 Doral voted in favor of incorporation by 85% and 92% accepted a city Charter electing the very first City Council and Mayor. Many Latin American businessmen and women moved to Doral with a focus in Latina American Markets. This helped fuel the building of homes, offices, shopping plaza including City Place Doral. Adding to this development many companies located in Doral including but not limited to Carnival Corporation https://www.carnivalcorp.com/, Univision https://www.univision.com/, Leon Medical Centers https://leonmedicalcenters.com/, Perry Ellis International https://www.perryellis.com/ along with many more. Doral offers private and charter schools some of the top schools in Miami Dade. If you are looking to get a new home, townhouse or condo in Doral the Bank statement loan would be a great way to get qualified. Here are some helpful links:
Up To 90% LTV | Loan To Value | No Mortgage Insurance | Credit Scores Starting At 600
- Loans up to 10 million with 200k minimum loan amount
- 10% down on primary home purchase up to 3 million, NO mortgage insurance
- Two year self-employed required
- 12 to 24 month business or personal bank statements
- 30, 20, 15 year fixed or ARM available
- Interest only products available
- Purchase, cash out or rate and term refinancing
- Owner occupied, second homes and investment available
- Non-Warrantable condos allowed
- Two years seasoning for foreclosure, short sale, bankruptcy or deed in lieu
- Borrower can own as little as 50% of the business for the business bank statement mortgage and 25% for personal bank statements
