Bank Statement Mortgage Lenders In Florida

Bank Statement Mortgage Lenders In Florida

Florida Bank Statement Mortgage Lenders

Bank Statement Mortgage Lenders Summary

• Documentation Required: Use 12 months of average bank statements, deposits, personal, or business.
• Income Calculation: Bank statement, Florida mortgage lenders’ average eligible deposits (personal), use 100% if deposits came from a business account, or up to 90% of deposits based on business type. Example: a realtor or insurnace agent with minimal expenses, only has a 10% haircut for expenses, can use up to 90% of deposits.

Standard Requirements:

• 12–24 months of consecutive bank statements to average income.
• Proof of self-employment (e.g., CPA letter, business license) with 2 years in the same line of work.
• Credit score and reserve requirements vary by lender
• Down payment requirements typically start at 10–20%

Bank Statements Mortgage Specifications:

• Property Types: Primary homes, second homes, and investment properties.
• Self-Employment History: Usually a minimum of 2 years.
• Credit Score: Generally 600 or higher.
• Down Payment: Typically 5%-10% or more, depending on credit score.
• Business Expenses: If using business statements, lenders typically apply a 50% haircut for business expenses (allowing 50% of deposits as income), though this can be reduced to as low as 10% with a CPA letter.
• Eligible Borrowers: Self-employed, freelancers, contractors, gig workers, and business owners.
• Loan Amount: Up to $30,000,000, with minimums often around $150,000.
• Employment: Minimum of 2 years in the same or similar line of work
• Rental history: Preferred 12 months of on-time rent payments.
• Reserves: 3-6 months of mortgage payments in your account at closing. 
• Closing: Approximately 3 weeks after receiving contact.
• Conditions:  Appriasal, Title, survey 

Who Uses Bank Statement Only Loans: 

• Self-employed: with high business expenses
• Consultants, independent contractors, and Gig Workers.
• Real estate investors. 

Bank Statement Mortgage Property Includes:

• Single-family home –  Florida Bank Statement Mortgage Lenders 
• Luxury Jumbo –  Florida Bank Statement Mortgage Lenders  
• Townhouse- Bank Statement Florida Mortgage lenders 
• Manufactured home – Florida Bank Statement Mortgage Lenders  
• Co-op – No Tax return Florida Mortgage Lenders 
• Condotel  – Bank Statement Only Florida Mortgage Lenders 
• Investor Loans- No Tax Return Florida Bank Statement Mortgage lenders 

Florida Bank Statement Mortgage Alternatives:

• No Doc, No W2, No Tax Return – No tax return, no doc loan options.    
• Bank Statement Deposits – Bank statement mortgage lenders use your bank statements to verify monthly income.       
• Self-Employed Less than 1 year – Qualify with less than 2 years in the same line of work. 
• VOE Only Mortgage – Verification of employment uses the employer VOE to qualify.
• Asset Depletion – Divide qualifying assets to qualify by averaging over 60 to 84 months.
• ITIN No Tax return mortgage – ITIN Florida mortgage lenders use ITIN to qualify.           
• Pledged Assets – Pledge assets in reserves for collateral.           
• DSCR Rental Income – Use the subject property income to qualify with no personal income to qualify.   
• Jumbo No Tax Returns – Jumbo Florida no tax return for large loan amounts over the conforming loan limits.          
• 1099 mortgage Lenders – 1099 mortgage lenders use 1099 with no tax returns required.        
• 3 Months Bank Statement – 3 3-month bank statement alternative income option to qualify. 

About Bank Statement Florida Home Loans 

Yes, it is still possible to find Florida mortgage lenders that offer No Income, No Job, No tax return, No W-2, No 1099, No Doc, No pay stub, NO IRS Transcripts, No Checking account. For example, our Florida bank statement mortgage lenders will allow you to average 3 or 12, or 24 months of bank statement deposits as long as you have been in the same line of work for almost 2+ years. These Florida bank statement mortgage lenders can be a great option for cash businesses or self-employed contractors that have been in business for less than 1 year, self-employed mortgage applicants who cannot show enough income, and/or have NOT yet filed their Tax returns. 

4C No Tax Bank Statement Lenders Checklist

1. Cash Down Payment –Min 500 credit score with 5-10% down. 580+ 5% Down. The better the credit, the lower the downpayment requirement. The seller can pay up to 6% closing costs
2. Credit – 500+ credit score – based on payment history, not credit score, No Credit/Score OK
3. Capacity – Max DTI 50-55% based on credit score.
4. Collateral – Single-family homes, multi-family 2-4 units, townhomes, villas, condos, manufactured, modular homes, commercial, mixed-use.