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Buy a Primary or Secondary Home without Income, Employment, or DTI Ratio! Port Orange, Volusia & FL!

Updated: Jan 6, 2023

This unique home loan program is an option that addresses the regulatory rules that limit homeownership by eliminating documents that are not part of the credit underwriting decision. The no income loan is underwritten based on the loan to value ratio, credit scores & history, and liquidity. It helps establish and improve credit with financing that does not have a prepayment penalty or adverse terms and conditions.

It is an ideal solution for borrowers that are:

  • Self-Employed & Newly Self-Employed

  • Owners and Employees of Cash Businesses

  • Irregular Income & Employment

  • Disqualified Income

  • Retired

  • Seasonal Worker

  • New Employment, Different Industry

  • Income Altering Life Events

  • Obtain Home Equity

  • Recent Immigrant

Purchase: 20% Down Payment

A minimum of 20% down payment is required for a purchase transaction. The minimum down payment requirements increase for lower credit scores.

Rate & Term Refinance: 80% of the Appraised Value

A maximum of 80% of the appraised value (loan to value) for a rate & term refinance. The maximum loan to value decreases for lower credit scores.

Cash Out Refinance: 70% of the Appraised Value

The total cash out is up to 70% of the appraised value! The property must have been acquired by 6 months or more and the cash out can be used for reserves.

Credit Score: Minimum FICO 640

For all borrowers, a minimum middle credit score of 640 is required for purchase and rate & term refinance transactions. A minimum middle credit score of 660 is required for cash out refinance transactions.

Gift Funds for Closing Costs: 100% Gift Funds

Gift funds are an acceptable source for all or a portion of the funds to close. This includes down payment, closing costs, escrows, and interest rate buy down. Gift funds are not acceptable for reserves.

Property Types: Eligible

  • Primary Residence

  • Secondary Residence

  • 1-4 Unit Residential Properties

  • Condominiums (Warrantable & Non-Warrantable)

  • Agriculturally & Rural Zoned Properties

  • Some Mixed-Use Properties

Property Types: Ineligible

Investment Properties

  • Condotels & Co-Ops

  • Manufactured Homes

  • Mobile Homes

  • Zoned Retail

  • Zoned Commercial

  • Log Homes

  • Residential Properties that Exceed 10 Acres

Assets: Reserves are Required

A minimum of 12 months in reserves is required. The monthly reserves requirement increases for lower credit scores. The reserves calculation is: 1 month reserve = 1 month PITIA (principal, insurance, taxes, and association fees).

Seller Credits: Up To 6%

The seller credit (contributions) is to NOT exceed 6% of the purchase transaction.

This is intended for informational purposes only, is not intended to address all circumstances, and does not meet the criteria for loan approval, and does not meet the criteria for pre-approval. All loans are subject to underwriting, credit, and collateral approval. All programs and parameters are subject to change without notice.


Meet the Author:

Freddy Kling, Broker for Simplicity Mortgage

Simplicity Mortgage is a one stop mortgage shop, where my team and I make homeownership dreams come true. Our extensive portfolio and simplified loan process allows us to close loans quickly and successfully, while providing each client an exceptional customer experience.

I come from a family of entrepreneurs and have always understood the value of integrity, challenging work, and dedication. It is extremely important to me that clients and referral partners appreciate that I am available and responsive around the clock.

I have been a resident of Florida for over 40 years and graduated from Embry Riddle Aeronautical University with a bachelor's degree, majoring in computer science and a minor in mathematics. Before the mortgage industry, I was a Senior Principal Program Manager for the world’s fourth largest software company.

My areas of expertise would enabled us to open a mortgage company that stood out from others not only by offering more loan options, better interest rates, and less costs but by also ensuring we had the most sophisticated technology and highest level of security to meet today’s digital challenges. We have built an outstanding team of employees who not only complement each other’s skill sets, but also work very together resulting in a positive and simple closing on your next purchase or refinance.

Call me today to discuss your real estate goals!


Simplicity Mortgage is a mortgage brokerage located on Dulawton Avenue in Port Orange, FL.

Simplicity works with borrowers looking for for home financing in all areas of Florida area. Our service area includes Volusia and Flagler counties, Palm Coast, Ormond Beach, Ormond by the Sea, Deland, Daytona Beach, Daytona Beach Shores, Port Orange, Ponce Inlet, New Smyrna Beach, Orlando, Jacksonville and all surrounding areas of Florida.

Our lender portfolio is made up of 15 or more nationwide lenders. This large portfolio provides plenty of options to find the most optimal financing option for a clients specific home or investment purchase.

Our goal is to provide a smooth and easy client experience combined with a great rate and low fees. We act as your reachable contact during the entire process. We have a large quantity of loan options available: Conventional, VA loan, FHA loan, USDA, Jumbo, Non Qualified Mortgage (non-QM), Self Employed, 1099, first time home buyer, investment, and secondary property purchases. We have outstanding loan options for your home refinance as well, IRRRL, Home Equity Loan, Streamline Refinance, Cash Out, Rate and Term.

Call Simplicity today to hear some excellent options for your home purchase or mortgage refinance. We will analyze your income, assets and debts to create your personalized preapproval amount. This is the maximum a lender is willing to lend. You also have to consider what monthly payment will comfortably fit into your budget. This will allow us to can calculate your maximum purchase price!

If you are looking to purchase a Primary or Secondary home, let us help! Finance with Simplicity Mortgage!


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