Although home prices in Florida have slowed a bit, over the last 5 years or so Florida real estate appreciated rapidly. The cost of buying a home in Florida is much higher than in many other states. Record numbers of families are saying good-bye to cold winters and snow and headed to sunny Florida for it’s mild weather and satisfying way of life.

Many of the families migrating to Florida are changing professions or starting new careers when moving here. This makes it difficult for them to qualify for conventional style mortgage loan programs. With my many years of experience in the mortgage industry I am seeing a large trend toward stated income and no documentation mortgages.

A stated income mortgage loan can provide up to 100% financing when purchasing a home. However, the borrower must be in the same line of work as he/she was previously. If the borrower is self-employed, he must provide the lender with a CPA letter verifying the business has been active for 2 or more years, as well as a business license or articles of incorporation. Sometimes this isn’t possible for the new Florida resident seeking a home mortgage. So, now we will discuss the three main types of “No Doc Mortgages.” They are known as NINA (no income – no assets provided), SIVA (stated income – verified assets), NIVA (no income – verified assets provided). The NIVA loan product is the most popular and can provide the Florida home-buyer with up to 100% financing.

The NIVA loan product is great for Florida home-buyers that have changed jobs frequently over the last 2 years or recently moved to Florida and changed career paths. It is also excellent mortgage program for Florida home-buyers that are retired or semi-retired. Credit requirements vary from lender to lender. Some lenders require a 720 plus credit score for 100% financing.

However, some lenders will consider credit scores as low as 620. The higher your score, the better your interest rate and terms will be when getting a no-doc mortgage in Florida. Florida is predicted to be the fastest growing state in the USA over the next 20 years, so it’s a fact that real estate will continue to appreciate more consistently than most states. many of my customers, friends and clients ask me when is a good time to buy a home?

My answer is this: When considering buying residential Florida real estate, just look back 10 years and research 1997 home prices in Florida. Now look at the cost of that same or like home presently. When is a good time to buy I answer, NOW!

By: Glenn Keller

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