Loan Program
Bank Statement Loans for Self-Employed Borrowers in Florida
A bank statement loan is a Non-QM mortgage that lets self-employed borrowers qualify using 12 or 24 months of personal or business bank deposits instead of tax returns. It helps business owners whose write-offs lower their taxable income. Expect larger down payments and different pricing than conventional loans.
Last updated October 7, 2026
Bank Statement requirements
| Self-employment | Typically two years in business |
|---|---|
| Documentation | 12–24 months of personal or business bank statements |
| Down payment | Often 10%–20% or more |
| Credit | Varies by program |
| Occupancy | Primary, second home, or investment |
| Reserves | Usually required |
Florida-specific considerations
South Florida has a large population of entrepreneurs, independent contractors, real estate professionals, and gig workers. Many show strong deposits but lower taxable income because of legitimate business deductions — exactly the situation bank statement programs are designed for.
Bank statement loans can also be paired with condo purchases that don't meet agency guidelines, which is useful in Miami's high-rise markets. As with any Florida purchase, budget for windstorm and flood insurance.
Who a Bank Statement loan is for
- Business owners and independent contractors
- Real estate agents and commission earners
- Borrowers with significant tax write-offs
- Self-employed buyers of second homes or investments
Step-by-step process
- 01
Statement review
Gather 12–24 months of statements.
- 02
Income calculation
Deposits are analyzed using an expense factor or P&L.
- 03
Pre-approval
Set a price range and down payment.
- 04
Underwriting
Verify business and assets.
- 05
Closing
Sign and close.
Related programs
Related guides
Bank Statement loan FAQs
How is income calculated on a bank statement loan?
Lenders average your eligible deposits over 12 or 24 months and apply an expense factor or use a CPA-prepared profit and loss statement. Transfers and one-time deposits are typically excluded.
Do I need tax returns?
Generally no. These programs are designed to qualify you without tax returns, though you'll need to document self-employment, often with a business license or CPA letter.
Personal or business statements — which is better?
It depends on how your money flows. Business statements usually have an expense factor applied, while personal statements may count deposits more fully. Jennyffer can review which approach fits your situation.
How much down do I need?
Down payments of 10% to 20% or more are common, depending on credit and loan size.
Can I buy a condo with a bank statement loan?
Yes, and some programs accept non-warrantable condos, which is helpful in Miami and other high-rise markets.
Is a bank statement loan more expensive?
Non-QM loans are generally priced differently than conventional loans because of the alternative documentation. Many borrowers later refinance into conventional financing once their tax returns support it.
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Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, and property eligibility. Program availability, terms, and guidelines may change without notice. Information is for educational purposes only.