Florida Bank Statement Loans for Self-Employed Borrowers

Florida is a magnet for self-employed professionals. No state income tax, year-round business activity, and a massive service economy make it one of the top states for small business formation. From Miami’s international trade and real estate market to Tampa’s growing tech corridor, Orlando’s hospitality industry, and the marine businesses along the Gulf Coast — Florida’s independent workforce is enormous and diverse.

The catch: Florida’s self-employed borrowers face the same documentation problem as everyone else. Strong business income gets reduced to a modest number on a tax return after legitimate write-offs. Bank statement loans bypass that issue entirely.

Talk to a Loan Specialist — (833) 350-9185

What Is a Bank Statement Loan?

A bank statement loan is a non-QM mortgage that uses your bank deposits to verify income instead of tax returns, W-2s, or pay stubs. The lender reviews 12 or 24 consecutive months of personal or business statements and calculates qualifying income from deposit history. This is fully documented lending — just using bank records instead of tax filings.

Learn more about how bank statement loans work →

Who Uses Bank Statement Loans in Florida?

These programs are built for self-employed borrowers across Florida’s varied economy:

Real estate professionals — agents, brokers, flippers, and developers with commission and project-based income
Marine industry operators — boat dealers, charter captains, marine service businesses along both coasts
Restaurant and hospitality owners — Miami, Orlando, Tampa, and the Keys are loaded with independent operators
Medical practice owners — doctors, dentists, and specialists running private practices
Import/export business owners — particularly in South Florida’s international trade corridors
Construction contractors — residential and commercial builders riding Florida’s ongoing development boom
Short-term rental operators — Airbnb and VRBO property managers across the state’s tourist markets

Two years of self-employment plus consistent deposits are the starting qualifications.

How Income Is Calculated

The calculation depends on whether you use personal or business bank statements.

Personal bank statements: Lenders typically count 100% of deposits as qualifying income, since personal accounts reflect post-expense funds.

Business bank statements: An expense factor — most commonly 50% — is applied to account for operating costs. If your margins are higher than that, a CPA letter can potentially lower the factor.

Example: A Tampa marine services company owner averaging $35,000/month in business deposits with a 50% expense factor would qualify on $17,500/month — $210,000/year. After deducting shop rent, parts, insurance, and boat storage, their Schedule C might show $100,000.

Florida Bank Statement Loan Requirements

Guidelines vary by lender, but typical requirements include:

Credit score: 620 minimum; better rates at 700+
Down payment: 10% minimum for primary residence; 20–25% for investment properties
Self-employment: 2+ years in the same business or industry
Bank statements: 12 or 24 consecutive months, personal or business
Reserves: 3–12 months of mortgage payments in liquid assets
DTI: Up to 50% based on bank statement income
Loan amounts: Up to $3M+ (critical for South Florida, Naples, and coastal luxury markets)

Frequently Asked Questions

Yes. Bank statement loans cover condos, including some non-warrantable condo projects. South Florida has a lot of high-rise and new-construction condos that fall outside conventional lending guidelines — non-QM programs are often the best fit for these properties.

Absolutely. Many Florida borrowers use bank statement loans to purchase or refinance rental properties, including short-term vacation rentals. For properties where the rental income alone qualifies the loan, also consider our DSCR loan program.

Foreign national programs exist but have different requirements than standard bank statement loans. If you’re a foreign national looking to buy in Florida, give us a call to discuss your specific situation — South Florida is one of the most active foreign buyer markets in the country.

Florida properties require wind and flood insurance where applicable — that’s true regardless of loan type. These costs factor into your DTI calculation. Your loan officer will walk you through insurance requirements for your specific property and location.

Yes. Rate-and-term and cash-out refinances are both available. Many Florida business owners use cash-out refinancing to fund renovations, invest in additional properties, or inject capital into their businesses.

Typical timelines are 21–30 days. Without the need for IRS tax transcripts, closings can sometimes move faster than conventional loans.

Get Started

Ready to explore bank statement loan options in Florida? Contact us at (833) 350-9185 or apply online.

Florida Bank Statement Loans (No Tax Returns) | Self-Employed Mortgage