No Ratio Mortgage Program

No Ratio Mortgage Programs

The No Ratio Mortgage program is an excellent alternative to traditional mortgage options for qualifying borrowers who may not have traditional income documentation. Below, we've outlined the program details, low down payment requirements, and key advantages of the No Ratio Mortgage program.

Key Features of the No Ratio Program:

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✔  No Employment: One of the key features of our No Ratio mortgage program is that no employment is required for qualification. This means that borrowers do not have to provide proof of employment on their application, making it an ideal solution for self-employed individuals or those with irregular income streams. Instead, we evaluate creditworthiness based on other factors such as liquidity, FICO score, and loan-to-value ratios.

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✔ No Income Verification:  Our No Ratio Mortgage program doesn't require borrowers to provide income documentation, such as tax returns, W-2s, 1099s, or P&Ls. This makes it an ideal solution for those with non-traditional income streams or those who may have been turned down by traditional lenders.

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✔  Flexible financing options: Our No Ratio Mortgage program offers various mortgage options, including fixed-rate, adjustable-rate, and interest-only loans, catering to different financial needs and preferences.

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✔  Condominiums: Warrantable and Non-Warrantable condo projects are allowed. We are Condo Mortgage specialists here at Bennett Capital Partners and will work with you every step of the way giving you expert guidance. 

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✔  Fast and easy processing: Our experienced team will work with you every step of the way to ensure a smooth and efficient mortgage process, providing personalized attention and exceptional service to every client.

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✔ Renovation financing: Some No-Ratio programs allow borrowers to include renovation costs in their loan amount, enabling them to make necessary repairs and improvements to their new home.

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✔ Loan Amounts: This program is eligible for borrowers seeing loan amounts from $100,000 to Jumbo loan amounts of $10,000,000

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✔ Low FICO Scores: Borrowers with credit scores as low as 640 may still qualify for the No Ratio Mortgage program, providing them with an excellent alternative to traditional mortgage options.

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To be eligible for the No Ratio Mortgage program, applicants must meet the following criteria:

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✔  Owner-occupancy requirement: Borrowers must intend to occupy the property as their primary residence.

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✔  Minimum credit score: Applicants must have a minimum credit score of 640 to qualify for the program.

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✔  Down payment: A minimum of 20% down payment is required for the No Ratio Mortgage program.

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✔  Asset seasoning: The borrower must have assets that have been seasoned for at least 30 days.

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Our No Ratio Mortgage program offers a unique opportunity for self-employed and small business owners in Miami to achieve their dream of homeownership. Non QM Loan requirements allow for this program without traditional income documentation. With flexible financing options, low down payment requirements, and no income verification, the No Ratio Mortgage program is an affordable and accessible option for many. It's the perfect option for first-time homebuyers, self-employed borrowers, retired borrowers, and those seeking flexibility in the mortgage process without the need for extensive income documentation. Contact our team of mortgage experts today to learn more about the No Ratio Mortgage program and take the first step towards your dream of homeownership.