Buying Florida
Didier Malagies is a leader in the Tampa Bay Mortgage industry, serving Pinellas, Pasco, Hillsborough counties, and beyond with his sights set on educating residential and commercial buyers regarding Florida purchases. With over 20 years of expertise, Didier has built relationships with realtors, bankers, and clients based on integrity and his drive to provide the best customer experience in the state by being there from beginning to end of every purchase.
Whether you're looking to move, invest, start a business or expand, Didier will share everything you need to know on his show every week.
Didier Malagies nmls#212566/DDA Mortgage nmls#324329
Buying Florida
using other ways to qualify for a mortgage besides using tax returns
Here are alternative ways to qualify for a mortgage without using tax returns:
🏦 1. Bank Statement Loans
How it works: Lenders review 12–24 months of your business or personal bank statements to calculate your average monthly deposits (as income).
Used for: Self-employed borrowers, business owners, gig workers, freelancers.
What they look at:
Deposit history and consistency
Business expenses (they’ll apply an expense factor, usually 30–50%)
No tax returns or W-2s required.
💳 2. Asset Depletion / Asset-Based Loans
How it works: Instead of income, your assets (like savings, investments, or retirement funds) are used to demonstrate repayment ability.
Used for: Retirees, high-net-worth individuals, or anyone with substantial savings but limited current income.
Example: $1,000,000 in liquid assets might qualify as $4,000–$6,000/month “income” (depending on lender formula).
🧾 3. P&L (Profit and Loss) Statement Only Loans
How it works: Lender uses a CPA- or tax-preparer-prepared Profit & Loss statement instead of tax returns.
Used for: Self-employed borrowers who can show business income trends but don’t want to use full tax documents.
Usually requires: 12–24 months in business + CPA verification.
🏘️ 4. DSCR (Debt Service Coverage Ratio) Loans
How it works: Common for real estate investors — qualification is based on the property’s rental income, not your personal income.
Formula:
Gross Rent ÷ PITI (Principal + Interest + Taxes + Insurance)
DSCR ≥ 1.0 means the property “covers itself.”
No tax returns, W-2s, or employment verification needed.
💼 5. 1099 Income Loan
How it works: Uses your 1099 forms (from contract work, commissions, or freelance income) as income documentation instead of full tax returns.
Used for: Independent contractors, salespeople, consultants, etc.
Often requires: 1–2 years of consistent 1099 income.
Higher down payment and interest rate required.
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didier malagies nmls#212566
dda mortgage nmls#324329