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Bank Statement Loans for Self-Employed Borrowers in Florida
Use bank statements to qualify, get a fast quote, and see what you need to move forward.
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What Is a Bank Statement Loan?
Bank statement loans are designed for self-employed borrowers who may not qualify using traditional income documentation. Instead of tax returns or W-2s, lenders use personal or business bank statements to calculate income, making it easier to qualify for a mortgage.
This is ideal for:
- Entrepreneurs, freelancers, and small business owners
- Borrowers with complex or fluctuating income
- 1099 workers
- Owners looking to leverage a P&L statement
Key Requirements for Florida Bank Statement Loans
- Down Payment: 10% for purchases, 90% LTV for refinances
- Loan Amounts: $150,000 to $3,000,000
- Property Types: Primary residences, second homes, investment properties
- No PMI required
- Debt-to-Income (DTI): Up to 50%
- Loan Terms: 30-year fixed or adjustable-rate mortgages (ARMs)
- Documentation Options: 3, 12, or 24 months צור of personal or business bank statements
- Self-Employment Requirement: Minimum 1 year
Florida borrowers can use bank statement loans for purchase, refinance, or cash-out transactions, making them versatile for many situations.
Types of Bank Statement Loans
1) Three-Month Bank Statement Loans
- Uses 3 months' most recent bank statements
- Accounts must show positive balances
- CPA verification required
2) Personal Bank Statement Loans
- Uses 12 or 24 months of personal bank statements
- 100% of deposits counted as income
3) Business Bank Statement Loans
- Uses 12 or 24 months of business statements
- Typically 50% of deposits counted as income, or more with a CPA expense ratio letter
4) Hybrid Loans
- Combine W-2 income from a co-borrower with bank statement or asset income from the self-employed borrower
- Great for blended household incomes
Other Self-Employed Loan Options in Florida
1099 Income Loans
- For self-employed 1099 workers
- Uses 1099 income as qualifying income
- No tax returns required
P&L Statement Loans
- Uses a 1-year Profit & Loss statement
- Provides a more accurate picture of true income
These options make it easier for self-employed Floridians to achieve homeownership, even with non-traditional income.
Why Florida Borrowers Choose Bank Statement Loans
- Qualify without tax returns or W-2s
- Flexible for various property types
- Designed for self-employed and 1099 income borrowers
- Can combine income sources for easier qualification
- Works for primary residences, second homes, and investment properties
Florida Bank Statement Loan Rates
Interest rates vary based on loan structure, down payment, and documentation type. Even a small difference in rate can save hundreds per month and thousands over the life of the loan.
We compare Florida lenders to ensure you get the best rate possible for your self-employed mortgage.
Talk With a Florida Self-Employed Loan Specialist
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Helping Florida entrepreneurs, freelancers, and business owners get approved for the right mortgage.
Frequently Asked Questions About Bank Statement Loans for Self-Employed Borrowers in Florida
How do bank statement loans work for self-employed borrowers in Florida?
Bank statement loans are designed for Florida borrowers who are self-employed, own a business, or earn income that does not show up cleanly on tax returns. Instead of qualifying with W-2s, lenders review your personal or business bank statements to estimate monthly income based on deposits and cash flow. This can be helpful for Florida business owners like contractors, realtors, restaurant owners, and consultants who have strong deposits but significant write-offs.
How many months of bank statements do I need to qualify in Florida?
Most bank statement programs use 12 to 24 months of statements, depending on the lender and your overall profile. In Florida, using more months can sometimes help smooth out seasonal income, which is common for tourism, hospitality, and certain trades. The exact requirement depends on the loan amount, credit, down payment, and whether you are using personal or business statements.
Can I use business bank statements, and how is income calculated?
Yes, many Florida borrowers use business bank statements, especially if most deposits flow through the business account. Lenders typically review deposits and apply an expense factor to estimate usable income, since businesses have operating costs. The right approach depends on how your business is structured, how you pay yourself, and how consistent your deposits are. A quick review of your statements can determine whether personal or business statements produce the strongest qualification.
What down payment and credit score do bank statement loans usually require in Florida?
Requirements vary by lender, but bank statement loans often need a larger down payment than conventional financing, along with solid credit history. In Florida, this can be especially important for higher-priced areas and certain property types like condos and coastal homes. The best way to get accurate numbers is to review your purchase price range, estimated down payment, and credit profile, then match you with the most competitive program available.
Can I use a Florida bank statement loan for condos, second homes, or investment properties?
Often, yes, but guidelines depend on the property type and occupancy. Florida condos may require additional review of the condo association, and some buildings can be tougher to finance if they do not meet lender standards. Second homes and investment properties may also have different down payment and reserve requirements. If you share the property address or condo name, we can quickly confirm the best financing path before you write an offer.
Disclaimer: Mortgage programs and underwriting guidelines can change without notice. For the most up-to-date requirements, rates, and qualification details for bank statement loans in Florida, please contact us for a personalized review.