Bank Statement Loans in Florida

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.

Types of Bank Statement Mortgage Loans in Florida

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

Bank statement loans can be provided for a minimum loan amount of $100,000 and a maximum of $5,000,000.

What Are the Benefits of a Bank Statement Mortgage?

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:

When you apply for a bank statement mortgage loan in Florida with Griffin Funding, you can also benefit from five-star, white-glove customer service and access to competitive interest rates.

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: 

In Miami Florida, Jose owns three tattoo shops in Miami, Tampa, and Fort Lauderdale. Jose had a bankruptcy in 2017, including two foreclosures, so he and his wife did not qualify for a conventional mortgage. Even if they didn’t have the bankruptcy, they were unable to show enough income on their tax returns. Luckily, Jose found Griffin Funding’s bank statement loan program.

As they were getting back on their feet with the new shop in Miami, they were able to show 24 months of very strong income from their bank statements. With their bank statement mortgage loan, they were able to get a home that was beyond their wildest dreams.

When applying for a bank statement loan in Florida, you don’t have to worry about supplying your tax information. Instead, you’ll typically need to provide 12 or 24 months’ worth of bank statements depending on your circumstances.

To qualify for a bank statement loan, you’ll also need to have been a business owner or self-employed for at least two years and have four months of PITI reserves in the bank for loan amounts under $1 million dollars and six months for loan amounts over $1 million. 

Your credit score is an important factor when it comes to applying for any type of loan and to be eligible for a bank statement loan with Griffith funding in Florida you must have a credit score of 620 or above. If you have a credit score higher than 660, you can put as little as 10% towards your down payment.

Unsure if you qualify? Use our free online bank statement loan calculator to see how much home you can afford based on factors like monthly income and maximum monthly mortgage payments (the amount you’ll see on your mortgage statements), or speak with one of our knowledgeable loan specialists by calling 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:

Download the Griffin Gold app today to review your finances and see if now is the right time to apply for a bank statement loan in Florida. 

How Hard Is It To Get a Bank Statement Loan in Florida?

Bank statement loans offer many borrowers in Florida the chance to secure a home loan when they might not qualify for the other types of Florida home loans. Our team at Griffin Funding has worked hard to streamline the lending process while offering white-glove, five-star customer service to provide a high-quality mortgage experience for our customers.

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. 

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

Other Non-QM Loans from Griffin Funding

If it turns out that a bank-statement-only Florida mortgage isn’t the most suitable fit, there are other types of non-QM loan programs available. 

For example, asset-based loans allow borrowers to leverage assets such as checking and savings accounts, investment accounts, or money market accounts to secure a loan. Or, there are also DSCR loans, which use the debt service coverage ratio of a property to qualify borrowers. If you’re a veteran or active-duty service member, we even offer Florida VA loans.

Whatever your circumstances, our loan specialists can help you find the right loan to suit 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? Complete our online application or call us at 855-698-1098 to take the first step towards your new home.

Frequently Asked Questions: Bank Statement Loans in Florida

How do I apply for a bank statement mortgage in Florida?

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 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. 

How many months of bank statements do I need to qualify for a bank statement loan?

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. 

What documents do I need to apply for a bank statement home loan in Florida? 

While bank statements are the most important documents a lender will use to verify your income, they may also ask for additional documents depending on your unique situation. Tax returns, P&L statements, business licenses, and other financial records may be required to provide a comprehensive view of your financial health. It’s essential to note that each lender has its own set of criteria and the requested documents may vary.