Bank Statement Loans in Florida

Bank statement loans in Florida offer a unique opportunity for self-employed individuals, business owners, and even retirees/investors. Gig economy workers, freelancers, and other self-employed professionals often opt for bank statement loans instead of conventional loan programs because they allow them to show the full scope of their income through bank statements instead of tax returns or other more restrictive income-verification methods.

Without the limitations of traditional income verification, borrowers can use bank statements to show a lender they can afford to pay back a loan over time and secure the financing they need to purchase a home. Find out if a bank statement mortgage in Florida is the right solution for you.

Which best describes you?



Self Employed
Select this option if you work for yourself and not an employer.


VA Eligible
If you are a current service member or veteran select this option.


Real Estate Investor
Select this option if you invest in income-producing rental properties.


Other
Select this option if none of the other 3 options apply.

What is the loan purpose?



Purchase
A purchase loan can be used to buy a home.


Refinance
A 'rate and term' refinance allows you to improve the terms of your existing mortgage by lowering the monthly payment. A 'cashout refinance' allows you to convert equity into cash.


Home Equity
A home equity loan or line of credit is a 2nd mortgage that allows you to convert equity to cash without having to touch your existing 1st mortgage.

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    Areas We Serve

    If you’re looking for a bank statement mortgage loan in Florida, look no further than Griffin Funding. We offer bank statement home loans across the state of Florida. Below are just some of the areas we serve within the Sunshine State.

    We operate in:

    • Jacksonville
    • Miami
    • Tampa
    • Orlando
    • St. Petersburg
    • Hialeah
    • Tallahassee
    • Port St. Lucie
    • Fort Lauderdale
    • Cape Coral
    • Palm Beach
    • Boynton Beach
    • Boca Raton
    • Jupiter
    • Oscala

    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

    We currently offer two loan options for self-employed borrowers:

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

    Think you qualify for a loan? Contact us today to find out!

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    Bank Statement Mortgage Benefits

    The opportunity to secure a mortgage with bank statements offers a major advantage to self-employed individuals and business owners who have been excluded from home loans previously. In addition to offering an alternative income verification method, there are several other noteworthy benefits of bank statement mortgages in Florida:

    • 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.
    • You may be able to put 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

    In order to get a bank statement loan in Florida, you’ll need to meet some basic qualification requirements. 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. 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.

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

    • Independent contractors
    • Realtors
    • Gig economy workers
    • Commission earners
    • Freelancers
    • Entrepreneurs
    • Consultants
    • Retirees
    • Day Traders
    • YouTubers
    • Social Media Influencers
    • Content Creators
    • Internet Marketers

    Need Financial Assistance? See if you qualify for a loan today!

    See if you Qualify

    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.
    • VA loans: Available to veterans and active-duty service members, VA loans offer flexible terms and benefits to make homeownership more accessible.
    • FHA loans: These loans offer more flexible qualification requirements and lower down payment options (as little as 3.5% down). While they still require income verification, FHA loans often have more forgiving credit requirements.
    • Home Equity loans: Available to homeowners who want to tap their equtiy without refinancing their first mortgage. Home equity loans also allow for self-employed borrowers to use bank statement deposits to qualify.

    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.

    Frequently Asked Questions

    Griffin Funding makes it easy to apply for a Florida bank statement loan online. Just follow these simple steps to get started:

    1. Discovery meeting: This initial consultation involves discussing your financial situation and gaining insights into the bank statement loan process, eligibility criteria, and potential loan options.
    2. Pre-approval: The pre-approval step is a more in-depth analysis of your financial profile. You’ll submit relevant documentation, and we’ll assess your creditworthiness, income stability, and overall financial health. The pre-approval gives you a clear understanding of your budget and the loan amount you qualify for. It also gives you the opportunity to lock in your interest rate.
    3. House hunting: Armed with the pre-approval, you can confidently embark on the house hunting phase. Knowing your budget helps narrow down options.
    4. Mortgage application: Once you’ve identified a property, the formal mortgage application process begins. You’ll submit a comprehensive application, including information about the property, your financial status, and other relevant information.
    5. Appraisal: With the mortgage application in progress, we’ll order an appraisal of the property. This step ensures that the property’s value aligns with the loan amount.
    6. Application approval: After completing our due diligence, we’ll review your application and supporting documents.
    7. Closing: Closing involves signing the necessary documents to formalize the loan agreement and transfer ownership of the property. At this point, you’ll also pay closing costs and make the initial down payment.

    The number of bank statements required for a bank statement loan in Florida can vary. Typically, lenders ask for 12 or 24 months of bank statements to assess your income stability and prove that you’ve been self-employed for at least two years.

    Bank statement loans make it easier for many Florida borrowers to qualify for a home loan, especially those who may not meet the requirements for other types of Florida home loans. These loans focus on your actual bank deposits, making them a great option for self-employed individuals or business owners who lack conventional proof of income. While the process is streamlined, you’ll still need to provide 12 to 24 months of bank statements, maintain sufficient PITI reserves, and meet a minimum credit score requirement of 620.

    At Griffin Funding, we’ve simplified the lending process to ensure a smooth and efficient experience, all while delivering exceptional, white-glove, five-star customer service. Our goal is to make securing a bank statement loan as easy and accessible as possible, helping you achieve homeownership even if traditional financing isn’t an option.

    To secure the best rate for a bank statement loan in Florida, follow these tips:

    1. Maintain a strong credit score: A higher credit score often qualifies you for better rates. Aim for a score of 660 or higher to unlock lower down payments and more favorable terms.
    2. Demonstrate consistent income: Provide 12 to 24 months of bank statements showing regular deposits that reflect your true earning potential.
    3. Build PITI reserves: Lenders prefer borrowers who have adequate reserves to cover Principal, Interest, Taxes, and Insurance. Having 4-6 months of reserves can strengthen your application.
    4. Compare lenders: Not all lenders offer the same rates. Work with a provider like Griffin Funding to ensure you’re getting competitive terms tailored to your situation.
    5. Work with a loan specialist: Griffin Funding’s experts can help identify the most advantageous loan program and rate based on your financial profile.

    Use Griffin Funding’s bank statement loan calculator or speak to a loan specialist at 855-698-1098 to explore your options and find the best rate for your needs.