Florida bank statement loans for self-employed.
Self-employed borrowers with strong cash flow but complex tax returns can qualify using 12–24 months of bank deposits. No W-2, no tax returns required.
Your deposits prove your income.
Bank statement loans are a non-QM product designed for self-employed borrowers who write off significant business expenses. Reducing taxable income on paper while maintaining strong cash flow. Lenders average 12 or 24 months of deposits to determine qualifying income, ignoring tax returns entirely.
How Income Is Calculated
Business bank statements use a lower expense factor (typically 50%). Personal accounts are assessed at a fixed 50% expense ratio. Exact factors vary by lender.
Who Qualifies: Ideal Borrower Profile
Business owners, freelancers, consultants, real estate investors, 1099 contractors, and high-net-worth individuals whose tax returns don't reflect actual earnings. Common in South Florida's entrepreneur-dense market.
12 vs 24 Month Options
12-month programs average the most recent year of deposits. 24-month programs average two years. If your income grew recently, 12-month may produce a higher qualifying figure. If it's consistent, 24-month may provide a lower rate.
Down Payment Requirements
Typically 10–20% down depending on loan amount and credit score. 640 credit score allows 10% down on some programs. 680+ earns better rate tiers and lower down payment requirements.
Loan Amounts: Up to $3M+
Bank statement loans can fund purchases well into the jumbo range, $806,501 to $3M+ depending on the lender. No conforming loan limit applies since these are portfolio products.
Rate vs Conventional
Expect 0.5–1.0% higher than comparable conventional rates. The trade-off is access to financing that conventional and FHA programs categorically deny. For many self-employed buyers, it's the only option.
Entity Vesting and LLCs
Bank statement loans can be originated in an LLC or personal name. Investors who prefer entity-based ownership for liability protection find this product pairs well with that structure.
What Documents Are Required
- →12 or 24 months of personal or business bank statements
- →CPA letter or business license confirming 2+ years self-employment
- →Credit report (640+ FICO minimum)
- →Property appraisal (ordered after application)
- →Proof of business ownership (articles of incorporation, DBA)
Equal Housing Lender. Bank statement loans are non-QM products and not subject to standard QM guidelines. Not a commitment to lend. NMLS# 1859012. Licensed in Florida.
Frequently asked questions about bank statement loans in Florida.
How do lenders calculate income from bank deposits?
Lenders apply an expense factor to your total deposits. For personal bank accounts, the standard factor is 50% — meaning half of your deposits count as qualifying income. Business accounts typically use the same 50% factor, though some lenders use 40–60% depending on the industry. If you deposited $300,000 over 12 months in a personal account, your qualifying income is $150,000 per year, or $12,500 per month.
Can I use personal bank statements instead of business statements?
Yes. Both personal and business bank statements are accepted. Many self-employed borrowers prefer personal statements because they show a single, clean deposit stream. Business statements work well when income is deposited directly to the business account. If you use business statements, lenders verify that you own the business and may require a CPA letter confirming the ownership percentage and operational history.
What is the difference between a bank statement loan and a DSCR loan?
Bank statement loans qualify you based on your personal or business cash flow. They are designed for owner-occupied and second home purchases. DSCR loans qualify you based on a property's rental income relative to its debt payment. They are designed for investment properties. If you are buying a home to live in, bank statement is the right product. If you are buying a rental property, DSCR often makes more sense.
What credit score do I need for a bank statement loan in Florida?
Most bank statement loan programs require a minimum 640 FICO score. A 680+ score earns better rate tiers and may qualify you for lower down payment options. Scores below 640 are generally not eligible for bank statement programs. If your score is below 640, our mortgage team can identify the fastest path to qualifying — often through targeted debt paydown or dispute resolution.
How long does it take to close a bank statement loan in Florida?
Bank statement loans typically close in 30–45 days, similar to conventional loans. The process starts with gathering your 12 or 24 months of statements. Lenders review deposits, identify non-recurring items, and calculate qualifying income. The appraisal usually takes 7–10 business days. Underwriting then takes 5–10 days. Our team keeps the process moving so your timeline stays on track.
Self-employed? Let your deposits do the work.
Send 12 months of statements. We’ll calculate your qualifying income and have a pre-approval within 24 hours.
Get Bank Statement Pre-ApprovalOr view all loan programs at Pure Equity Realty Mortgage Capital.