FisheR ISLAND SELF-EMPLOYMENT HOME LOAN
Fisher Island Self-Employed Mortgage Solutions
A bank statement mortgage is an ideal solution for self-employed borrowers on Fisher Island who want to maximize their purchasing power or refinance their mortgage. This program allows you to qualify based on business bank statements instead of traditional tax returns. You don’t need to own 100% of the business to qualify, making it a versatile option for many.
Fisher Island Self-Employed Home Loans in 2024
Self-employed borrowers on Fisher Island often face challenges when qualifying for a mortgage due to banks using tax returns to calculate income. Many business owners write off significant expenses, reducing their taxable income. However, the bank statement program, which has evolved over the past decade, offers a better solution. This program averages deposits into your business account over 12 or 24 months and applies an expense factor, typically 50%, to determine qualifying income. Some programs even allow up to 80% of deposits as qualifying income, providing more purchasing power.
Basic requirements include a minimum credit score of 580 and at least two years of self-employment. Down payment options range from 5% to 15%, depending on the property type and purpose (primary home or investment).
You should contact your local mortgage broker to find out details so you can make an informed decision.
Fisher Island Self-Employed Mortgage Pros and Cons
Pros:
- No tax returns required
- Lower down payment compared to traditional bank options
- Lower credit score requirements
- Higher purchase price qualification
Cons:
- Minimum two years of self-employment
- Requires 12 to 24 months of bank statements
- Interest rates may be higher than traditional financing
Fisher Island Information Affecting Self-Employed Borrower
We provide self-employment loans throughout the state of Florida including but not limited to the areas below.
Fisher Island is a private island community in Miami, known for its exclusivity and luxury. It offers a unique living experience with a mix of high-end residential properties and top-notch amenities. The island is home to many self-employed individuals and entrepreneurs, making bank statement loans a popular choice.
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
