Bank Statement Loans in Florida

Areas We Serve

We offer bank statement home loans across the state of Florida. Below are just some of the areas we serve within the Sunshine State.

Our team also provides bank statement loan services in other states (see full state licensing footprint here).

What Is a Bank Statement Loan?

Bank statement loans—sometimes referred to as stated income loans—are an alternative type of loan designed for individuals who can’t usually provide proof of income with traditional methods.

Considered a type of self-employed mortgage, a bank statement loan allows a borrower to demonstrate their income typically using as little as 12 months of bank statements that show regularly occurring deposits.

These types of loans often provide the most convenient option to self-employed workers and business owners who take major deductions for work expenses on their taxes.

Bank Statement Loan Example: Miami, Florida

To help you better understand how bank statement loans can help you, let’s take a look at a real-world example:

Jose, a successful owner of three tattoo shops in Miami, Tampa, and Fort Lauderdale, faced significant challenges securing a conventional mortgage. After a bankruptcy in 2017 and two foreclosures, Jose and his wife were unable to qualify through traditional lenders. Even without the bankruptcy, their tax returns didn’t reflect sufficient income to meet standard loan requirements.

Fortunately, Jose discovered Griffin Funding’s bank statement loan program. By providing 24 months of strong income documentation through bank statements, Jose and his wife were able to secure a bank statement mortgage. This loan allowed them to purchase a home that exceeded their expectations, proving that alternative loan solutions can open doors to opportunities once thought out of reach.

Types of Bank Statement Mortgage Loans in Florida

Florida lenders now offer several non-traditional mortgage products tailored to the self-employed, freelancers, and business owners who lack conventional income documentation:

• Bank statement purchase loans: Designed for borrowers seeking to buy a home, this loan type allows you to qualify using 12 or 24 months of personal or business bank statements instead of tax returns.
• Bank statement refinance loans: Similar documentation standards apply here: 12 to 24 months of bank statements are used to verify income. Whether it’s a rate-and-term refinance or a cash-out refinance, these loans provide flexible options for self-employed homeowners who need to tap into their home’s equity without traditional income verification.
• Bank statement home equity loans and HELOCs: These loans let you access your home’s equity using bank statements for income validation. Home equity products such as HELOANs or HELOCs allow borrowers to secure funds based solely on their bank statements, and are especially helpful when tax returns don’t reflect true earning capacity.
• P&L loans (profit and loss statement loans): Perfect for entrepreneurs and business owners, P&L loans allow qualification based on profit and loss statements (prepared by a CPA or Enrolled Agent) for the past 12 or 24 months. Underwriters use the net income reported on these statements as proof of income.

In addition to choosing from different bank statement loan types, self-employed borrowers can qualify using either personal or business bank statements:

• Personal Bank Statements: Qualify on 12 or 24 months bank statements. We count 100% of deposits as income.
• Business Bank Statements: Qualify on 12 or 24 months bank statements. We count 50% of the deposits as income.

Bank statement loans can be provided for a minimum loan amount of $100,000 and a maximum of $20,000,000.

Bank Statement Mortgage Benefits

Key benefits of bank statement mortgages in Florida include:

• Qualify with a credit score as low as 620.
• Ability to use 12 or 24 months’ worth of bank statements—some borrowers may be eligible to qualify based on only one or two months.
• Get financing with as little as 10% down.
• You can use a bank statement loan for a cash-out refinance for up to 85% of the home’s value.
• Bank statement loans can be set up as fixed- or adjustable-rate mortgages as well as interest-only loans.
• Secure a loan of up to $20 million.

Bank Statement Loan Qualification Requirements in Florida

Below are some of the key requirements for bank statement loans in Florida:

• Self-employed: Borrowers must be self-employed for at least two years in order to be eligible for a bank statement loan. In some cases, borrowers may qualify for a bank statement loan if they’ve been self-employed for less than two years, but have multiple years of experience in their field.
• Bank statements: Applicants must provide 12 or 24 months’ worth of personal or business bank statements, depending on their financial circumstances.
• PITI reserves: Borrowers need:
  • Four months of PITI (Principal, Interest, Taxes, and Insurance) reserves for loan amounts under $1 million.
  • Six months of PITI reserves for loan amounts over $1 million.
• Credit score: A minimum credit score of 620 is required to qualify for a bank statement loan with Griffin Funding. Borrowers with a credit score of 660 or higher may qualify for a down payment as low as 10%.

For personalized assistance, call one of our knowledgeable loan specialists at 855-698-1098 today!

Who Should Get a Bank Statement Mortgage in Florida?

Bank statement mortgage loans can be a great option for any self-employed worker or business owner in Florida who claims deductions for work expenses on their taxes.

If you fall into one of the following categories, a bank statement loan may be a good option for you:

Bank statement mortgage loans can be a great option for any self-employed worker or business owner in Florida who claims deductions for work expenses on their taxes. This means that the net income detailed on your tax report doesn’t reflect your total income and might not give lenders an accurate sense of how much you can pay back on a monthly recurring basis.

Bank Statement Loan Example: Miami, Florida

To help you better understand how bank statement loans can help you, let’s take a look at a real-world example:

Jose, a successful owner of three tattoo shops in Miami, Tampa, and Fort Lauderdale, faced significant challenges securing a conventional mortgage. After a bankruptcy in 2017 and two foreclosures, Jose and his wife were unable to qualify through traditional lenders. Even without the bankruptcy, their tax returns didn’t reflect sufficient income to meet standard loan requirements.

Fortunately, Jose discovered Griffin Funding’s bank statement loan program. By providing 24 months of strong income documentation through bank statements, Jose and his wife were able to secure a bank statement mortgage. This loan allowed them to purchase a home that exceeded their expectations, proving that alternative loan solutions can open doors to opportunities once thought out of reach.

Other Non-QM Loans From Griffin Funding

If a bank statement loan isn’t the right fit, consider these alternative non-QM loan programs available in Florida:

• Asset-based loans: Leverage assets such as checking and savings accounts, investment accounts, or money market accounts to secure a loan.
• DSCR loans: Qualify based on the debt service coverage ratio of a property rather than personal income. A DSCR loan can be an excellent option for first-time investors or real estate investors looking to expand their portfolio.
• Private money loans: Funded by individual investors or private institutions, these loans offer fast, flexible financing, often without the strict documentation or credit requirements of traditional mortgages. Ideal for borrowers with unique situations or investment opportunities requiring quick closings.
• 1099 mortgage loans: Tailored for independent contractors and gig workers, these loans allow borrowers to qualify using 1099 forms instead of tax returns or W-2s. Lenders typically average income from one or two years of 1099s to determine eligibility.
• 6 month SOFR loans: Adjustable-rate loans tied to the 6-month Secured Overnight Financing Rate (SOFR). These are best suited for borrowers comfortable with rate fluctuations or those planning short-term ownership.

No matter your financial situation, Griffin Funding’s loan specialists are here to help you find the best loan option for your needs.

Find Out If You Qualify for a Bank Statement Mortgage Loan in Florida

If you’re a self-employed professional or business owner interested in learning more about how to secure a bank statement loan, our team of experts is here to assist you. We can walk you through the process from our initial discovery call to the application submission, so there are no unanswered questions when you choose a loan program.

Ready to get started with your bank statement loan in Florida? Get started online or call us at 855-698-1098 to take the first step towards your new home.