No-Doc & Stated Income Mortgages in Florida

Do no-doc mortgages still exist?

Not in the original sense for owner-occupied homes. Loans that accepted income without checking it largely ended after the 2008 crisis, when the Ability-to-Repay rule took effect. What people find today are alternative-documentation loans that verify income or repayment ability with bank statements, a P&L, 1099s, assets or rental cash flow instead of tax returns. Lenders still verify, just with different records.

What is a stated income loan today?

The term usually refers to a bank statement, P&L or similar non-QM loan marketed to self-employed borrowers. You are not stating an unverified number; the lender calculates income from documents you provide. The phrase survives because people still search for it, but the loans behind it today involve real verification and an ability-to-repay review, subject to credit approval.

Which alternative-doc loan should I look at first?

Start with how you are paid. Business owners with steady deposits often look at bank statement loans; owners with a preparer and clean books may prefer a P&L loan; contractors may fit a 1099 program; people with large savings may fit asset depletion. A loan officer can price more than one so you can see which reads your finances most fairly.