Bank Statement Loans in Florida
Qualify for a home loan in Florida using bank statements instead of traditional income documentation. Bank statement loans in Florida are designed for self-employed borrowers, business owners, and freelancers whose full income isn’t represented on their tax returns. Access a flexible path to home financing as a self-employed borrower without needing to submit tax returns, pay stubs, or W-2s.
- Access home financing using bank statements
- No tax returns or pay stubs required
- Purchase, refinance, or cash-out options available
- Enjoy high loan amounts and flexible terms
- Competitive bank statement loan rates in Florida
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Griffin Funding provides bank statement loans in Florida, including the following areas:
- Jacksonville
- Miami
- Tampa
- Orlando
- St. Petersburg
- Hialeah
- Tallahassee
- Port St. Lucie
- Fort Lauderdale
- Cape Coral
- Palm Beach
- Boynton Beach
- Boca Raton
- Jupiter
- Ocala
Self-Employed Mortgages in Florida
Bank statement loans allow self-employed borrowers to qualify for home financing using 12-24 months of bank statements rather than undergoing traditional income verification methods. This is ideal for business owners, freelancers, investors, and anyone else who may have fluctuating income or claim significant tax deductions.
As a non-qualified mortgage (non-QM) product, bank statement loans offer a greater degree of flexibility compared to conventional mortgages. Borrowers can capitalize on more lenient qualification requirements, flexible terms, and higher loan amounts.
Bank statement loans can be used to buy or refinance a primary residence, vacation home, or investment property. Griffin Funding also offers bank statement home equity loans and home equity lines of credit.
Visit our bank statement loan page to learn more about this type of financing and see today’s self-employed mortgage rates in Florida. Contact Griffin Funding or get started online to secure a bank statement loan in Florida and embark on your homeownership journey.
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:
- 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.
- 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.
- House hunting: Armed with the pre-approval, you can confidently embark on the house hunting phase. Knowing your budget helps narrow down options.
- 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.
- 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.
- Application approval: After completing our due diligence, we’ll review your application and supporting documents.
- 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:
- 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.
- Demonstrate consistent income: Provide 12 to 24 months of bank statements showing regular deposits that reflect your true earning potential.
- 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.
- 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.
- 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.
Interest rates for bank statement loans in Florida vary depending on your credit score, down payment, loan amount, and documentation type (12 vs. 24 months of statements). Rates may be slightly higher than traditional loans due to the alternative income verification.
To see today’s bank statement loan rates in Florida, visit our current mortgage rates page or, for those looking to refinance, check out our refinance rates page.
Look for lenders experienced with non-QM loan products who understand self-employed borrowers. Compare rates, fees, required documentation, and flexibility in underwriting. Reading reviews and working with a loan officer who communicates clearly can also help you find the best fit.