Bank Statement Loans
Bank Statement Loans—Smart Solutions for Self-Employed Borrowers
Basic Requirements
To qualify for a Bank Statement Loan in Miami, you’ll need to provide 12 to 24 months of personal or business bank statements to show consistent income deposits. Lenders calculate your average monthly income based on those deposits and apply an expense ratio (typically 10%–50%, depending on the business type) to determine your qualifying income.
Other common requirements include:
- Credit score: usually 620 or higher
- Down payment: as low as 10%–20%, depending on credit and property type
- Loan amount: up to $3 million or more
- DTI ratio: typically up to 50%
- Reserves: 3–12 months of mortgage payments may be required
No tax returns, W-2s, or pay stubs are needed — just clean, verifiable bank statements that reflect healthy business cash flow.
Who Can Qualify and Property Types
The Bank Statement Program is ideal for self-employed professionals, independent contractors, freelancers, and small-business owners who earn income in non-traditional ways. Eligible properties include primary residences, second homes, and investment properties. Borrowers can also use this program for purchases, cash-out refinances, or rate-and-term refinances.
This loan type is perfect for individuals who have steady business income but write off expenses on their tax returns — reducing their reported income and making it difficult to qualify through standard underwriting.
What's Not Allowed
Bank Statement Loans cannot be used for borrowers who rely solely on W-2 income or government assistance. Loans with negative amortization, interest-only terms (unless program-approved), or balloon payments are typically ineligible. Lenders also require all business accounts to be in good standing, with no overdraft or excessive non-sufficient-funds (NSF) activity.
Why Choose a Bank Statement Loan
A Bank Statement Loan in Florida gives self-employed borrowers the flexibility they deserve. Instead of being limited by tax write-offs, you can qualify based on your true income flow — what actually hits your bank account each month. These loans often feature competitive rates, fast closings, and the ability to finance primary or investment properties with ease.
If you’re self-employed and tired of hearing “no” from traditional lenders, I’m here to help you say “yes” to your next home. As your trusted Florida mortgage broker, I’ll review your financials, help you organize your bank statements, and match you with the right lender for your situation.
Contact me today to get pre-qualified for a Bank Statement Loan and discover how easy homeownership can be when your income works for you.
FAQ
What is the first step in the home purchase process?
The first step is to consult with our mortgage brokers to assess your financial situation and discuss your home buying goals. We'll guide you through your options.
How do I get pre-approved for a mortgage?
To get pre-approved, you’ll need to complete an application and provide documentation such as income verification, credit history, and identification.
What types of loans do you offer for first-time homebuyers?
We offer various loan options, including FHA loans, conventional loans, and VA loans tailored for first-time homebuyers in Miami.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an informal estimate of how much you might borrow, while pre-approval is a formal process involving a credit check and verification of your financials.
Can I still purchase a home with a low credit score?
Yes, there are options available for homebuyers with low credit scores, such as FHA loans, which are designed to accommodate a wider range of credit profiles.
How much of a down payment is required for a first-time homebuyer?
The down payment varies depending on the loan type. FHA loans require as little as 3.5%, while conventional loans may require 5-20%.
How long does the home buying process typically take?
The entire process can take anywhere from 25 to 40 days once you have an accepted offer, depending on factors like inspections and financing.
What should I expect at closing?
At closing, you’ll review and sign documents, pay closing costs, and officially transfer ownership of the property. Our team will guide you through each document.