Bank Statement Loans for Floridians
Bank statement loans are designed for self-employed borrowers and business owners who don’t show their true income on tax returns. These programs allow qualified Florida borrowers to use bank deposits instead of traditional income documentation to purchase or refinance property.
This option is commonly used by entrepreneurs, consultants, contractors, and small business owners across Florida.
What Is a Bank Statement Mortgage Loan?
A bank statement loan is a non-QM mortgage that qualifies borrowers using personal or business bank deposits rather than W-2s or tax returns. Lenders review a set period of bank statements to calculate qualifying income.
These loans are not government-backed and are intended for borrowers whose cash flow is strong but whose tax returns don’t reflect their real earning power.
Who Bank Statement Loans Are Best For
Bank statement loans are often ideal for:
Self-employed borrowers
Business owners and entrepreneurs
Independent contractors and consultants
Borrowers with complex or write-off-heavy tax returns
Buyers or homeowners needing an alternative to traditional income documentation
These programs are commonly used for primary residences, second homes, and investment properties.
Down Payment Options and Mortgage Insurance
Bank statement loans typically require higher down payments than conventional loans, reflecting their flexible qualification structure. Down payment requirements vary based on occupancy type, credit profile, and loan amount.
Mortgage insurance is generally not required, which can simplify monthly payments and long-term planning.
Stronger credit profiles and higher down payments may result in more favorable terms.
Credit, Income, and Qualification Guidelines
Qualification for bank statement loans focuses on income consistency and overall financial strength.
Credit: Minimum credit score requirements vary by program.
Income: Qualifying income is calculated from personal or business bank deposits over a defined period.
Documentation: Additional business or expense information may be required depending on the program structure.
Because these loans are not standardized, structuring the file correctly from the beginning is essential.
Bank Statement Loans for Purchase and Refinance
Bank statement loans may be used for:
Home purchases
Rate and term refinances
Cash-out refinances (subject to program limits)
Available occupancy types typically include primary residences, second homes, and investment properties, depending on the program.
Seller Concessions
Seller concessions may be permitted on bank statement purchase transactions, depending on program guidelines and market conditions. When allowed, concessions can help cover closing costs and prepaid expenses.
Limits vary by loan structure and property type.
Bank Statement Loans With Down Payment Assistance
While bank statement loans themselves do not typically include down payment assistance, some Florida down payment assistance programs may be paired with alternative income documentation loans under specific circumstances.
Eligibility depends on the assistance program, property type, and borrower profile, and not all DPA options apply.
How Bank Statement Loans Compare to Other Programs
Bank statement loans are often compared to:
Conventional loans (W-2 or tax return based)
FHA loans (income documentation required)
DSCR loans (investment property only)
Other non-QM income alternatives like Profit and Loss loans
Each option serves a different borrower profile, and choosing the right structure can significantly impact approval and cost.
Talk With a Florida Mortgage Professional
Bank statement programs vary widely by lender, documentation type, and borrower profile. A detailed review ensures the loan is structured accurately and efficiently.
Working with a Florida mortgage professional helps clarify options and determine the best path forward.
Our Story