Bank Statement Loans in Florida
Your deposits tell the real story. Qualify based on what flows through your accounts, not what your CPA deducts.
What Is a Bank Statement Loan?
A bank statement loan uses 12 or 24 months of personal or business bank statements to qualify you for a mortgage instead of tax returns. Your average monthly deposits are calculated to determine your real income, which is typically much higher than what appears on a Schedule C or 1040. This program is designed for self-employed borrowers, business owners, and independent contractors with strong cash flow but lower taxable income due to legitimate write-offs.
A bank statement loan lets you qualify for a mortgage using 12 or 24 months of personal or business bank statements instead of tax returns. Lenders calculate your income by averaging your monthly deposits, which typically shows a higher qualifying income than your Schedule C or 1040. This program is built for self-employed borrowers, business owners, and independent contractors who have strong cash flow but lower taxable income due to legitimate business deductions.
Who Qualifies for a Bank Statement Loan?
Bank statement loans are built for borrowers whose tax returns understate their real earning power. If any of these describe you, this program may be the right fit.
- Self-employed borrowers with at least two years of business ownership
- Small business owners with consistent monthly deposits
- Restaurant owners, contractors, and service business operators
- Freelancers and independent consultants
- Gig economy workers such as rideshare drivers and short-term rental hosts
How a Bank Statement Loan Works
Step 1: Provide Bank Statements
Submit 12 or 24 months of consecutive personal or business bank statements. We analyze your deposit patterns to determine qualifying income.
Step 2: Income Calculation
We average your monthly deposits and apply an expense factor to calculate your net qualifying income. Business accounts may use a different expense ratio than personal accounts.
Step 3: Underwriting and Approval
Your file is underwritten using the calculated income, your credit profile, and the property details. No tax returns are required.
Step 4: Close on Your Property
Once approved, we coordinate with the title company and close your loan like any other mortgage.
12-Month vs. 24-Month Bank Statement Programs
Both options use your bank deposits to calculate qualifying income. The right choice depends on your income pattern and business cycle.
12-Month Program
- Shorter documentation period — faster to compile
- Best for borrowers with consistent monthly deposits
- Reflects your most recent income accurately
- Ideal if your business has grown recently
24-Month Program
- Smooths out seasonal income fluctuations
- Better for seasonal businesses like tourism and landscaping
- Higher average may qualify you for a larger loan
- Demonstrates longer track record of income stability
Benefits of a Bank Statement Loan
No Tax Returns
Qualify entirely on bank deposits without submitting W-2s, 1040s, or Schedule C forms.
Higher Qualifying Income
Most self-employed borrowers show significantly more income through deposits than through tax filings.
12 or 24 Month Options
Choose the statement period that best represents your current income. Seasonal businesses often benefit from the 24-month average.
Personal or Business Statements
Use personal bank statements, business bank statements, or a combination depending on your situation.
See If You Qualify for a Bank Statement Loan
Your bank deposits tell the real story of your income. Let a Home Financial Group specialist review your situation and find the right program for you.
Bank Statement Loans — Common Questions
You can choose either a 12-month or 24-month bank statement program. The 24-month option provides a longer income average, which can benefit borrowers with seasonal income fluctuations.
Yes. You can qualify using business bank statements, personal bank statements, or a combination of both. Business statements may have a different expense factor applied during income calculation.
Regular business revenue deposits count toward your income. Large one-time deposits such as a loan from a family member or a tax refund are typically excluded unless you can document the source as recurring business income.
Credit score requirements vary by loan amount and down payment. Generally, a stronger credit profile and a larger down payment result in better terms. Contact us for guidance based on your specific situation.
Bank statement loans are primarily designed for primary residences and second homes. For investment properties, a DSCR loan that qualifies based on rental income may be a better fit.
Related Resources
Self-Employed Mortgage Programs
Overview of all alternative documentation programs
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Learn MorePayment Calculator
Estimate your monthly mortgage payment
Learn MoreQualification Check
See which loan programs you may qualify for
Learn MoreSelf-Employed Mortgage Guide
Complete guide to mortgage options for business owners
Learn MoreYour Deposits Tell the Real Story
Stop being judged by your tax returns. Home Financial Group specializes in helping self-employed borrowers qualify based on their true income.