What Is a Bank Statement Loan?

Bank statement loans are an alternative type of loan designed for individuals who can’t usually provide proof of income with traditional methods. 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:

  • 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 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:

  • 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 $5 million.

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.

What Is Required for a Bank Statement Loan in Florida?

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 amount 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? Speak with one of our knowledgeable loan specialists by calling (855) 394-8288 today.

Who Should Get a Bank Statement Mortgage in Florida?

Bank statement mortgage loans are opportunistic mortgage options 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

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

Bank statement loans offer many borrowers and Florida the chance to secure a home loan when they might not qualify for the other types of Florida home loans. Our team at Griffith 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.

Where We Serve

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 such as AZ, CA, CO, CT, FL, GA, HI, ID, MD, MI, MT, NV, NM, NC, OR, SC, TN, TX, VA, and WA. (Pending in IL and UT)

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 may be, 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) 394-8288 to take the first step towards your new home.