No Income Verification Mortgage Loans in Miami or Florida

It doesn’t get more groundbreaking than this. Under no income verification mortgage loans, your debt-to-income ratio won’t be calculated. And you don’t even have to state your income or verify your employment.

**NEW FEATURE ALERT**


Beginning in March 2021, an exciting new feature was added to the No-Ratio program.

Not only is there no requirement to state your income, but now, you also don’t even have to verify your employment.

Previously, under a no income verification mortgage in Florida, the lender had required a written verification of your employment from your employer, or a CPA letter if self-employed.

Those requirements no longer exist.

This means you can get to the closing table even faster.

Seriously. No DTI calculated on no-proof-of-income loans for self-employed or employed.

A mortgage without income verification is also known as a “No Ratio Loan” because your debt-to-income ratio (DTI) is not a factor at all.  This could be the key to getting a self-employed mortgage in Florida and purchasing or refinancing your primary residence or second home.  

This program works whether you’re self-employed, employed, or not employed at all.  

Perfect if you have a high debt-to-income ratio (DTI)

Under no-proof-of-income loans for the self-employed or employed, there are no DTI requirements.  Hence, why this program is also referred to as the “No-Ratio Loan”.

Perfect if you have a hard time showing income

Unlike home loans without tax returns, you don’t have to prove your income at all with no income verification mortgages.

Perfect if you have good credit history

Like all things in life, there are tradeoffs. To take advantage of loans for the self-employed with no proof of income, you need above-average credit history (minimum 680 FICO). And, while the maximum loan-to-values are somewhat conservative (75% to 80% LTV for purchases and rate-and-term refinances; 65% to 70% LTV for cash-out refinances), gift funds are allowed for any down payment, closing costs, and reserves.

Benefits of no income verification mortgage loans

No-Ratio Loans (loans without proof of income or employment) have several benefits.  Here are just three:  

Streamlined process


No income verification loans will get you to the closing table quickly. With no income or employment requirements, you can be confident you'll meet your closing deadline to purchase or refinance.

No need to prove income


This is truly a no income check mortgage. You can literally have zero income and still qualify for this loan. You do not have to provide a single tax return, paystub, or profit-and-loss statement. Your DTI won't even be calculated. Simple.

No need to prove employment


Nor do you have to prove your employment. The lender won't contact your employer to verify your employment. As for self-employed loans with no proof of income, the lender won't require a CPA letter to prove your business existence.

Book a call with us today

Let's discuss your scenario

Why DAK Mortgage: loans for self-employed with no proof of income

Looking for no income verification loans in Florida?  We are your go-to expert.

Clear to close in only 13 business days

When it comes to self-employed loans and no proof of income, we’ve got you covered.  Under the No-Ratio program, we helped a self-employed chef get clear to close in record time — only 13 business days.  He was able to close on the purchase of his new home ahead of schedule.  The process was streamlined because he didn’t have to submit any proof of income or employment at all.

California retiree moving to Florida

Our client, a real estate investor who recently retired in Los Angeles, California, wanted to move to Florida.  Given his recent retirement, he showed no income.  He was the perfect candidate for no income verification home loans.  Thanks to the No-Ratio program, he is now a Florida resident enjoying ocean views from his Miami Beach penthouse.

$1.1 million cash-out refinance

Loans with no income verification are not only available for purchasing property.  They’re also available if you’re looking for a cash-out refinance.  Our client, a self-employed entrepreneur with unsteady income, took advantage of the No-Ratio program to pull equity from her primary residence in Miami, Florida.

No income verification mortgages (also known as “No-Ratio Loans”) are super creative.  At DAK Mortgage, we’ve successfully provided this solution for many of our clients.

We specialize in no income verification loans in Florida.

As specialists of a no income verification mortgage in Florida, we understand that getting a loan without income proof can be tough since not everyone can prove their income through two years of tax returns.

No proof of income loans for self-employed or employed: FAQs

How can I get a mortgage with no verifiable income?

Identify a lender that offers no income verification mortgage loans.  These lenders are very specialized and usually don’t work directly with borrowers.  Therefore, find a mortgage broker who has relationships with these lenders.  The mortgage broker will save you time and connect you with the right lender for your situation.

Can you buy a house with no source of income?

Absolutely.  Many individuals with no income such as unemployed individuals, students, and retirees are able to get a loan to buy a new home.  Under a no income verification mortgage, the lender looks at other factors such as credit score and assets to determine whether you can repay the loan.

Can you get a loan without proof of income?

Yes.  Under a no income verification mortgage loan, you don’t have to provide any proof of income.  That means, if you’re employed, you don’t have to provide a single tax return or paystub.  If you’re self-employed, you don’t have to provide a profit and loss statement or CPA letter.

Can I refinance with no income verification?

Yes, the no income verification mortgage loan is available for purchases as well as refinances.  Therefore, current property owners can also take advantage of this program.  For rate-and-term refinances, the maximum loan-to-value (LTV) is 75% to 80%.  For cash-out refinances, the maximum LTV is 65% to 70%.