Florida Bank Statement Loans

Bank statement loans in Florida let you qualify on 12 to 24 months of deposits instead of tax returns, which suits self-employed borrowers whose returns understate what they actually earn.

Key features of bank statement loans in Florida

• 12 or 24 months of personal or business bank statements
• No tax returns
• Business and personal accounts both work
• An expense factor applies, typically 50% on business accounts
• Loan amounts above $3 million
• Purchase and refinance
• Primary residence, second home and investment property
• Fixed and adjustable rate options

The expense factor is the number that decides your approval

Everything else on this page is secondary to one calculation. When you qualify on a business account, the lender does not treat your deposits as income. Instead it applies an expense factor, usually 50%, on the assumption that running the business consumed the other half.

Work it through. If your business account takes in $30,000 a month, a 50% factor leaves $15,000 in qualifying income, not $30,000. Therefore the loan you can support is roughly half what the raw deposits suggest. Some lenders will accept a lower factor, often 20% to 35%, if your CPA writes a letter stating your actual expense ratio. That letter is worth chasing, because it can move your approval by hundreds of thousands of dollars.

Personal accounts usually avoid the factor entirely, since the money has already left the business. However, the lender then wants to see that those deposits genuinely come from business income rather than transfers, so keep the paper trail clean for the full 12 or 24 months.

What it costs compared with a conventional loan

Expect a rate premium of roughly 1 to 2 percentage points over a conventional loan, plus a minimum 10% down payment. Because this sits outside agency guidelines, pricing varies far more between lenders than it does on conforming loans. Therefore comparing two or three quotes matters more here than on any other product. If your tax returns do support the income, a conventional loan will almost always cost less.

Who this suits

• Self-employed borrowers with at least two years in business
• Small business owners carrying significant write-offs
• Freelancers, consultants and gig economy workers
• Borrowers whose returns show low adjusted gross income despite strong cash flow

Florida-specific notes

• Florida carries one of the highest self-employment rates in the country, so lenders here see these files constantly
• Miami and South Florida business owners use them heavily, as do Orlando and Tampa service operators
• Since Florida levies no state income tax, all deposit verification runs against federal returns alone
• They work for condo purchases, including non-warrantable projects that agency loans reject
• Flood insurance still applies in FEMA-designated zones, exactly as on any other loan

Bank statement programs sit outside agency guidelines, so terms differ by lender and change often. The CFPB’s owning a home guide explains how to compare offers. Confirm current terms before you rely on any figure here.