Bank Statement Mortgage Florida: Hassle-Free Approval

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12 min read
Bank Statement Mortgage Florida is an excellent opportunity for self-employed individuals and business owners who need access to a mortgage loan without providing the traditional pay stubs or tax returns required by other lenders.
This sort of loan allows borrowers to use their personal bank account statements only as proof of income, giving them the flexibility they need when applying for a loan.
In this blog, we will discuss what a bank statement mortgage in Florida is and how it works, the benefits of applying for one, and some critical factors to consider when deciding to use one. Let us get started!
Overview of Bank Statement Mortgage Florida
Bank Statement Mortgage Florida is becoming increasingly popular among self-employed individuals and business owners as it provides an alternative to traditional loans.
These types of loans offer borrowers the ability to provide their bank statements as proof of income instead of pay stubs or tax returns. As a result, it makes the process much easier and more convenient for those without these traditional forms of documentation.
Benefits of Bank Statement Mortgages for Self-Employed Borrowers
Did you know that most self-employed borrowers get approved for a bank statement mortgage? This home loan offers a much better credit score than traditional loans, with several advantages for self-employed borrowers.
Here are just a few benefits:
- Flexibility: Bank statement mortgages often require less documentation and offer flexible payment terms. Self-employed borrowers don’t have to produce multiple years’ worth of tax records or fill out lengthy forms, making the loan process more efficient.
- Faster Approval Times: Bank statement mortgages often have speedier approval times than most other loans, so self-employed borrowers can quickly and easily get the money they need quickly and easily.
- Reduced paperwork: Bank statement mortgages typically require less documentation and paperwork compared to traditional loans, allowing the borrower the opportunity to quickly and efficiently apply for a loan
- High Loan Amounts: Because banks can pull more accurate records based on your previous deposits and withdrawals, many lenders offer higher loan amounts than what would have been available with standard documentation requirements.
- Improved Loan Qualification: Bank statement mortgages eliminate the need for complicated and time-consuming paperwork, making them an ideal option for self-employed people.
- Lower Down Payment Requirements: With a bank statement mortgage, you may only need a 10 – 20% down payment compared with the 20 – 30% down payment required with more traditional loans.
Bank statement mortgages are an excellent option for the self-employed in search of financing with fewer headaches and better rates — no wonder 75% of them get approved!
Types of Bank Statement Loans in Florida
Regarding bank statement loans in Florida, a few options are available depending on the borrower’s needs.
The primary types of bank statement loans are:
- Personal Bank Statement Loans – These loans require borrowers to provide their personal bank statements as proof of income instead of pay stubs or tax returns.
- Business Bank Statement Loans – These loans require borrowers to provide their business bank statements as proof of income instead of pay stubs or tax returns. This type of loan is ideal for self-employed individuals and business owners who cannot provide the standard documentation traditional lenders require.
- Bank Statement Program (BSP) – The BSP provides a simplified down payment and income loan program that allows borrowers to qualify based on bank deposits.
- Non-QM loans – Non-QM loans offer an alternative to conventional mortgages and allow borrowers with lower credit scores or more unique sources of income to qualify for financing.
- Cash-out refinancing – This type of loan allows a borrower to borrow against the equity in their home and is an ideal option for self-employed individuals who need access to cash quickly.
Requirements & Qualifications for a Bank Statement Mortgage Florida
To qualify for a bank statement mortgage in Florida, you will need to meet the following conditions:
- A credit score of 620 or higher
- A debt-to-income ratio of 45% or lower
- Proof of 12-24 months of bank statements showing consistent deposits
- Documentation of all assets, liabilities, and income
- No late payments in the last 12 months
- Proof of residence
- Two years of tax returns (if applicable)
- Homeowners insurance coverage
- Private mortgage insurance (PMI) if you are putting less than 20% down on the home
- A down payment of at least 20-25% is required.
Check with your lender for any additional requirements you may need to meet.
Get quotes from the best bank statement mortgage lenders in Florida.
How to Apply for a Bank Statement Mortgage Loan in Florida
Applying for a bank statement mortgage loan in Florida can be a straightforward process for self-employed individuals and business owners. If you’ve met the qualifications listed above, you are ready to apply for a bank statement mortgage in Florida.
You can read this blog with five easy and short steps for the bank statement loan or read about them thoroughly below. Here are the steps you’ll need to take:
Gathering Documentation
The first action in the process is to gather all the necessary documentation. It includes bank statements, tax returns (if applicable), proof of residence and income, business statements, and asset and liability documents.
You will also need to provide information about your credit score and any mortgage insurance you may need to obtain.
Applying with a Mortgage Lender
Once you have all of the necessary documentation, it’s time to apply with a mortgage lender. You can find reputable lenders by researching online or talking to friends and family members who recently took out bank statement mortgages in Florida.
Once you’ve chosen a lender, please complete the application and submit it with your documents. The lender will review your application and documentation to determine your approval for the minimum loan amount.
- According to statistics, about 75% of applicants who meet all the requirements get approval for a bank statement mortgage in Florida.
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The Underwriting Process
Once your application and documentation are ready, the lender will move to the underwriting process. The underwriter will use their discretion to review any additional documents or information needed to approve the loan.
The underwriting process can take some days to several weeks, depending on the lender and your financial situation. Once the process is complete, you will receive a decision from the lender — an approval or a denial.
You can begin signing the paperwork and closing your mortgage loan if approved for the loan.
Finalizing the Loan
Once your loan is approved, you must sign the necessary paperwork to finalize the loan. This process typically takes a few days, and the lender will work with you on the closing date and other details.
- Statistics show that about 95% of bank statement loans are successfully closed in Florida.
Once the loan is confirmed, you will begin making monthly mortgage payments. You’ll also need to record your bank statements, net income, and other documentation to prove you can make monthly payments.
Overall, applying for a bank statement mortgage loan in Florida is straightforward if you meet all the qualifications and have all the necessary documents. With some research, you can find reputable lenders who can help you easily navigate the process. Good luck!
Tips for Applying for a Bank Statement Loan
- Research the available lenders to find one that meets your needs and offers competitive interest rates.
- Gather all the necessary documentation, including bank statements, tax returns (if applicable), proof of residence and income, and asset and liability documents.
- Keep track of your credit history to meet minimum credit requirements.
- Understand the down payment and income requirements before applying for a bank statement mortgage loan in Florida.
- Prepare to answer questions about your job history, income, and other financial information lenders may require.
- Make sure all of your documents are up-to-date and accurate.
- Understand Florida’s different mortgage insurance options, such as Private Mortgage Insurance (PMI).
- Stay organized and keep track of all paperwork throughout the loan process.
- Be aware that the underwriting process can take several weeks to complete, so plan accordingly.
- Consider working with a mortgage agent who can assist you in finding the best deal and navigating the process.
- Be prepared to make a down payment, which will lower your interest rate and monthly payments.
- Understand the closing costs associated with bank statement mortgages in Florida.
What To Know About Bank Statement Mortgages in Florida
Knowing your options is essential when you’re in the market to qualify for a mortgage. Bank statement mortgages in Florida offer an alternative option for borrowers who don’t meet the traditional mortgage lender qualifications.
These loans allow borrowers to use their personal account statements as proof of income instead of pay stubs or tax returns. As a result, it’s an excellent way for self-employed individuals and business owners to secure a mortgage loan even if they don’t have the traditional forms of income verification.
In this section, we’ll discuss what you need to know about bank statement mortgages in Florida.
Market Conditions and Interest Rates
The economy in Florida is steadily improving, and interest rates are on the rise.
- Currently, bank statement mortgage loans in Florida have an average interest between 7.49% to 9%.
- The bank statement mortgage rates are generally 2 to 3% higher than the conventional mortgage rates because it’s a non-QM loan.
Additionally, many lenders offer discounted rates for borrowers who can provide bank statements as proof of income. It means borrowers with a solid financial history and consistent income may qualify for lower interest rates than those without such documentation for income loans.
As market conditions and economic stability fluctuate, so do the interest rates associated with bank statement mortgages in Florida. Therefore, staying updated on market trends and financial news is essential.
Essential Factors to Consider When Applying for a Bank Statement Mortgage Loan
Consider several essential factors when applying for a bank statement mortgage.
- As per Consumer Financial Protection Bureau (CFPB), approximately 75% of banks require borrowers with self-employed income to provide at least two years of bank statements and tax returns as payment verification.
Additionally, most lenders will also require an explanation from the bank deposits the borrower regarding any significant deposits or withdrawals.
- Furthermore, the CFPB also reports that approximately 70% of lenders want to see a minimum credit score of 620 for borrowers seeking bank statement mortgages in Florida.
Lastly, it’s essential to understand the different types of mortgage insurance options available and how they may affect your payments.
Finding the Right Lender
Regarding Bank Statement Mortgage Florida loans, finding the right lender to provide the terms and conditions best suit your needs is essential.
Some lenders offer income-based loans without a down payment or other requirements. In contrast, others may require additional documentation, such as tax returns or personal and business bank account statements.
Understanding the various loan options and researching different lenders can help you find a lender that meets your needs.

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Summary of the Advantages and Disadvantages of Bank Statement Mortgage Loans in Florida
Advantages of Bank Statement Mortgage Loans in Florida:
- More flexibility for borrowers who can’t provide traditional proof of income
- Low credit score requirements
- Can improve the chances of qualifying for a loan
- Access to more lenders and loan programs than conventional banks.
Disadvantages of Bank Statement Mortgage Loans Florida:
- Higher interest rates compared to a traditional mortgage.
- Strict guidelines on deposits and withdrawals
- Additional paperwork will be essential for approval.
Ultimately, bank statement loans offer an outstanding way for individuals who can’t present lenders with definitive evidence of income. Therefore, this business statement loan program is an intelligent alternative to consider if you seek funding from a lender.
A Bank Statement Mortgage Loan can be an excellent option for those who don’t have formal income documents, such as pay stubs or tax returns. First, however, you should talk to a lender to learn more about the available mortgage options for you.
Florida Bank Statement Loans Example
To better comprehend the value of Florida bank statement loans, let us consider a real-world example of income loans:
Daniel is a freelancer in Orlando, Florida. After facing economic problems and short sales during covid because of fewer clients, he could not apply as he could not qualify based on the requirements because of income discrepancies for a conventional mortgage.
Bankruptcy was not the only reason he couldn’t qualify; he also wasn’t able to show enough tax returns and assets. But then, an acquaintance told them about Bank Statement Loan programs.
After covid ended, he recovered his freelancing business and had the opportunity to show 12-24 months of robust income just using his personal bank statements alone.
Through the help of money from a bank statement loan program, he expanded his clients and network, which helped him save enough money to buy a house, which wasn’t possible before.
- The best thing about Florida bank statement loans is that you don’t have to stress over submitting tedious tax-related documents. Depending on your situation, all that’s necessary is 12 to 24 months’ worth of bank statements!
- For a loan of less than $1 million, you must be in business for at least two years and have roughly four months’ worth of PITI (Principal, Interest Taxes & Insurance) reserves saved away. Six months of resources are necessary if your loan is more than that amount.
- Furthermore, a credit score of 620 or higher is essential. The more impressive your credit score, the lower the down payment you’ll need to make.
If you can relate, bank statement loans could be the perfect solution for your financial needs.
Conclusion
Bank statement mortgages in Florida are an excellent option for individuals who need help providing the definitive proof of income required by traditional lenders. In addition, these loans offer borrowers a way to use their personal or business bank statements as proof of income, which can help them qualify for more favorable terms and interest rates.
Additionally, working with the right mortgage lender can help borrowers maximize their chances of getting approved easily.
Lastly, if you have decided to get a bank statement mortgage and are looking for a lender, HomeAbroad is the place for you.

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Frequently Asked Questions
Q. Can you get a mortgage with just bank statements?
A. You can get a mortgage with just bank statements in Florida. Bank statement loans allow borrowers to use their personal or business bank statements as proof of income instead of traditional documentation such as pay stubs or tax returns.
Q. What do bank statements need to show for a mortgage?
A. Bank statements need to show regular deposits consistent with the income stated on the mortgage application.
The bank statements should also demonstrate a pattern of regular account activity over time and should be free of any large, unexpected withdrawals or deposits.
Q. Is it easier to get a bank statement loan?
A. Getting a bank statement loan can be easier than a traditional mortgage. Your bank deposits must show consistent income over time to qualify for a bank statement loan. You may not need to provide additional documentation, such as tax returns or pay stubs.
Additionally, some lenders may have more relaxed credit score requirements for bank statement loans.
Q. What is the minimum down payment for a bank statement loan?
A. The minimum down payment for a bank statement loan in Florida may vary depending on the lender but typically ranges between 5-20% of the loan amount.
For borrowers who cannot provide definitive proof of income and are self-employed, higher down payments will be necessary to offset the risk posed by needing more traditional documentation.
Q. How many months must you have a bank statement for a mortgage?
A. Most lenders will require up to 12 months’ worth of bank statements when applying for a bank statement loan in Florida. However, some lenders may need more or fewer months of bank statements on a case-by-case basis.
Ultimately, the lender’s decision may depend on the amount of income documented on the bank statements and other factors.
Q. Are bank statements mortgages worth it?
A. Bank statement mortgages offer borrowers a great option if they need to provide the definitive proof of income required by lenders.
These loans can make it easier for self-employed borrowers and business owners to qualify for favorable loan terms. Still, interest rates may be higher than traditional loans due to the additional risk of needing more standard documentation.
Q. Why do mortgages need bank statements?
A. Bank statements are needed for mortgages because they provide lenders with evidence of the borrower’s financial stability and show that the borrower has a steady source of income.
Bank statements also help lenders verify that the borrower is taking on only a little debt or making major, unexpected withdrawals which could indicate money mismanagement or an inability to make payments.
Q. What bank statements do I need for a mortgage?
A. You must provide bank statements from both your bank account and business bank account (if applicable) when applying for a mortgage.
Your bank statements should show regular deposits over time consistent with the income stated on the mortgage application and must be free of any large, unexpected withdrawals or deposits.
Q. Do bank statement mortgages require PMI?
A. PMI, or private mortgage insurance, may be required for bank statement mortgages depending on the loan-to-value ratio and other factors.
Borrowers should contact their lender directly to determine if they must pay PMI. Additionally, some lenders may offer options that allow borrowers to avoid paying PMI altogether.
Q. What do underwriters look for on bank statements?
A. When underwriting bank statement loans, lenders look for evidence of steady income over time consistent with the borrower’s stated income.
Q. Do bank statement mortgages have high-interest rates?
A. Bank statement mortgages may have higher interest rates than traditional loans due to the additional risk of not having standard documentation.
However, borrowers may be able to find more competitive interest rates by shopping around and comparing lenders.
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