Key Biscayne SELF-EMPLOYMENT HOME LOAN
Key Biscayne
Self-Employed
Mortgage Solution
A bank statement mortgage is designed for Key Biscayne self-employed borrowers seeking to maximize their purchasing power, access cash, or refinance a mortgage. This program offers an alternative to traditional tax return-based qualification, allowing borrowers to use business bank statements to demonstrate income. It’s particularly beneficial for those who may not fully own their businesses but want their true cash flow considered for loan eligibility.
Key Biscayne Self-Employed Home Loans in 2024
Historically, Key Biscayne self-employed individuals have faced challenges when applying for mortgages due to traditional income verification methods relying solely on tax returns. Many business owners deduct significant expenses, which can lower their qualifying income. However, using business bank account deposits provides a more accurate reflection of their financial health.
The bank statement program in Key Biscayne has evolved over the past decade, adjusting to better accommodate borrowers. It typically averages deposits over 12 to 24 months, applying an expense factor (often around 50%) to estimate business costs. Recent updates have increased flexibility, allowing up to 80% of deposits to be considered as qualifying income, depending on the business type. This enhancement enables self-employed borrowers to qualify for higher loan amounts, enhancing their purchasing power compared to traditional income verification methods.
Basic Requirements
Key requirements for the bank statement program include a minimum credit score of 580 and a minimum of two years of self-employment. Down payment options range from 5% to 15%, depending on the property type (primary home or investment).
Pros and Cons of Key Biscayne Self-Employed Mortgages
Pros:
- No need for tax returns
- Lower down payment requirements compared to conventional loans
- Lower credit score thresholds for qualification
- Ability to qualify for higher loan amounts
Cons:
- Requires a minimum of two years of self-employment history
- Full copies of 12 to 24 months of business bank statements are necessary
- Interest rates may be slightly higher than traditional financing
Key Biscayne Information Affecting Self-Employed Borrowers
Key Biscayne, an island village located south of Miami Beach, is renowned for its exclusivity, beautiful beaches, and affluent residential areas. It offers a tranquil escape while being in close proximity to Miami’s vibrant business and cultural scene. The community is home to a mix of professionals, entrepreneurs, and families seeking a luxurious yet serene lifestyle.
Key Biscayne boasts top-tier schools, making it an attractive choice for families. The island’s real estate market features upscale homes, waterfront properties, and luxury condominiums, catering to diverse housing preferences.
Explore More
For more information on living and financing in Key Biscayne, explore the following resources:
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
