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Florida Bank Statement Mortgage Lenders Summary
As a Florida mortgage Loan organization headquartered serving all of Florida, Florida Mortgage Lenders specializes in securing bank statement mortgage loans for self-employed individuals and small business owners who cannot use their tax returns to qualify for a mortgage. Our Florida Bank Statement Lenders provide alternative options for those without traditional income documents, such as W-2s or tax returns. Whether you’re a business owner, freelancer, or contractor, we help you qualify for a Florida mortgage based on your personal or business bank statements for income.
Other No Tax Return Florida Mortgage Programs Include:
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1099 Only – Florida Mortgage Lenders With No Tax Returns Required!
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W2 Only – Florida Mortgage Lenders WIth No Tax Returns Required!
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Rental Income Only – Florida Mortgage Lenders Rental Income With No Tax Returns Required!
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Stated Income – Florida Mortgage Lenders Use Credit, Income, and Reserves with No Tax Returns Needed!
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Asset Depletion– Florida mortgage lenders use savings with No Tax Returns Needed!
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Bank Statement Only – Florida Mortgage Lenders with No Tax Returns Required!
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Stated Income – Florida Mortgage Lenders with No Tax Returns Required!
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Profit and Loss – Florida mortgage lenders will Use Profit and Loss with No Tax Returns Needed!
How Do Florida Bank Statement Mortgage Lenders Work?
Bank statement Florida mortgage lenders offer home loans designed for Florida mortgage applicants who have non-traditional income sources or those who are self-employed and rely on tax returns and W-2s to verify income. Bank statement mortgages use your bank statements prove your financial ability to make the payments.
Here’s how they generally work:
1. Bank Statement Mortgage Lenders Average Your Deposits:
- Bank Statements: You’ll provide 12-24 months of bank statements (either personal or business but not both) to the Florida mortgage lender.
- Income Calculation: Bank statement Florida mortgage lenders will analyze your deposits to calculate your average monthly income. They will blackout any irregular payments.
2. Bank Statement Mortgage Lenders Loan Qualifications:
- Credit Score: While requirements vary, a decent credit score is usually needed.
- Down Payment: Expect to make a down payment, which might be higher than traditional loans.
- Debt-to-Income Ratio (DTI): Lenders will assess your DTI, though they might be more flexible than with traditional mortgages.
- Other Factors: Lenders may also consider your assets, employment history, and overall financial profile.
3. Loan Terms For Florida Bank Statement Mortgage Lenders:
- Interest Rates: Interest rates on bank statement mortgages might be slightly higher than traditional loans due to the perceived higher risk.
- Loan Types: You can typically use bank statement mortgages for purchasing a home or refinancing an existing mortgage.
Who might benefit from a bank statement mortgage?
- Self-Employed Borrowers: Those with fluctuating income or significant tax write-offs.
- Gig Workers: Individuals with non-traditional employment.
- Small Business Owners: Whose income might not be fully reflected in tax returns?
- Investors: Those with rental income or other investment earnings.
Bank Statement Mortgage Lenders Considerations:
- Not all Florida Mortgage Lenders offer bank statement mortgages. You come to the right place!
- Requirements can vary between Florida BS Mortgage Lenders. It’s crucial to compare terms and conditions.
- Bank statement mortgages are considered (non-QM) non-qualified mortgages. This means they don’t adhere to the same strict regulations as qualified mortgages.
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12-Month Bank Statement Florida Mortgage Lenders
Our 12-month program is ideal for self-employed individuals with non-traditional income sources. Rather than tax returns, you qualify using 12 months of personal or business bank deposits.
For personal bank statements, 100% of the deposits are used to calculate income. For business bank statements, an expense factor based on the nature and size of the business is applied to determine qualifying income. This program requires a minimum credit score of 620 and allows loan amounts ranging from $150,000 to $5 million.
With competitive bank statement mortgage interest rates and down payments as low as 10% this option simplifies the process by not requiring a profit and loss statement, making it perfect for freelancers, small business owners, and contractors with variable income.
24-Month Bank Statement Florida Mortgage Lenders
Our 24-month program offers additional flexibility for borrowers with more complex financial situations or fluctuating income. This option uses up to 24 months of personal or business bank statements for income verification, providing a longer review period for those whose income varies.
For personal bank statements, 100% of deposits are considered, while for business bank statements, an expense factor is applied based on business type, size, and employees. This program also offers loan amounts ranging from $100,000 to $5 million with a minimum 10% down payment.
Whether purchasing a primary residence, second home, or investment property, the 24-month program is designed to provide stability and flexibility to meet your financial needs.
Both Programs Offer Personalized Guidance
Our Bank Statement No Tax Return Mortgage Lenders Options Include:
- Bank Statement Loans: 90% LTV no MI. We can use 2, 12, or 24 months of business or personal bank statements based off up to 100% of deposits only.
- No tax returns, no 4506T, and no P&L required!
- 1099 Only Used For Income: Average your last 2 years’ 1099 income and your year-to-date income deposits for Gross income calculation.
- P&L-only options instead of bank statements
- Liquid Asset Products: No tax returns or employment required! We derive an income based on your liquid assets. Lenders will usually divide 60 or 84 months depending on the lender.
- 1 year Self-Employed: If you have 2 years plus experience as a w2 and you just became self-employed this mortgage program could be a good option for you.
What is a Bank Statement Mortgage?
At Florida Mortgage Lenders Mortgage Brokers, we provide bank statement mortgages that assist self-employed individuals in purchasing a house without standard income documents. Our program utilizes your bank account statements to confirm earnings, simplifying the mortgage approval process.
How Bank Statement Loans Work?
Bank statement loans use your personal or business bank statements to verify your income, making them an ideal solution for self-employed individuals with fluctuating earnings. We typically review bank statements from the last 12 months, which allows for a more streamlined process without the need for a profit and loss statement.
Since these are non-qualified mortgages, interest rates may be slightly higher than traditional loans, but they offer much more flexibility for borrowers who do not have traditional income documentation.
To qualify, borrowers need a minimum credit score of 620. Down payments can start as low as 10%, depending on your credit score and financial profile.
Loan amounts range from $100,000 to $5 million, and sufficient cash reserves will also be considered during the application process.
Who Qualifies with a Bank Statement Mortgage Lender?
We help self-employed Florida mortgage applicants qualify for self-employed mortgage loans by averaging their personal or business bank deposits. Our team ensures you meet the key requirements and eligibility to secure the right loan for your needs.
Requirements and Eligibility Requirments
To qualify, borrowers need a minimum credit score of 600. In some cases, lenders may have additional requirements depending on your financial profile.
Borrowers can average between 12-month or 24-month bank statement programs. The 12-month program qualifies as a low doc loan by requiring less documentation and no profit and loss statement, making it a streamlined option for self-employed borrowers
For those with more complex financials, the 24-month program offers a broader review period, which can provide more flexibility for borrowers with fluctuating incomes.
A down payment of at least 10% is possible with better credit Scores, and sufficient cash reserves will also be considered. If you have experienced a foreclosure or bankruptcy, a waiting period of at least two years is required before you can qualify for a bank statement mortgage
Business vs. Personal Bank Statements
We need both business and personal bank statements for self-employed mortgage applications. This helps us use bank statements to qualify borrowers who might not have regular income documents.
Lenders look at your deposits to find your income. They adjust business statements for expenses based on your business type and size.
You also need proof of self-employment, like business licenses or tax filings. Using bank statements helps us check your creditworthiness. This method helps self-employed homebuyers by offering flexible ways to buy a house without standard income records.
Bank Statement Loan Rates Today
Our bank statement mortgage rates are competitive and customized to fit your needs. At Florida Mortgage Lenders Mortgage Brokers, we offer the best terms available today.
Current Market Mortgage Rates
Mortgage rates change quickly. Conforming loans follow market trends. FHA, VA, and USDA loans have more stable, government-backed rates. Jumbo loans, which are for larger amounts, usually have slightly higher rates.
Knowing the current market rates can give you a general idea of where bank statement loan rates fall. Bank statement loans have different pricing due to the flexible income documentation, which makes them a bit riskier for lenders.
Check the live data feed below to see the latest rates for conventional, FHA, VA, USDA, Jumbo Loans. Keep checking for updates!
Factors Affecting Florida Bank Statement Mortgage Lenders Interest Rates
Many factors influence bank statement mortgage rates, with the most important being your credit score, property type, down payment, and loan term (such as interest-only or principal and interest). You need a minimum credit score of 620 to qualify, but higher scores generally result in better interest rates.
While you can put down as little as 10%, lower down payments typically lead to higher interest rates.
For investment properties, a standard 3-year prepayment penalty usually applies, while there are no prepayment penalties for primary residences or second homes. Additionally, longer prepayment periods can result in fewer negative adjustments to your rate, helping you secure better terms.
Ready to Explore Your Florida Mortgage Options?
Contact us today to discuss which bank statement loan program is right for you and get personalized guidance on the best rates available for your financial situation. Whether you’re interested in the 12-month or 24-month option, our team is ready to provide you with competitive rates and tailored solutions.
Florida Bank Statement Mortgage Lenders Benefits
Bank statement mortgages let self-employed borrowers qualify without personal or business tax returns. They offer flexible terms and competitive rates, helping you achieve your homeownership goals.
Ideal for Self-Employed Borrowers
Our bank statement loans let self-employed people qualify without traditional income papers. We offer loans from $20,000 to $5 million. Borrowers provide 12 or 24 months of bank statements to show income.
With bank statement loans better credit scores are needed. These loans are flexible for those with uneven income. You can use them for homes you live in, second homes, or investment properties. This program is perfect for freelancers, gig workers, small business owners, and contractors with variable incomes, providing tailored mortgage options for all non-traditional earners.
Flexible Terms and Competitive Rates
We offer flexible terms on bank statement loans. Choose 12 or 24 months of statements to verify your income. Loans go up to $5 million to give you the financing you need. Our competitive rates make it easier for self-employed people and small business owners to qualify.
Even with changing incomes, we help you get the right mortgage. Although interest rates are higher than standard mortgages, our options fit your unique financial situation.
No Tax Return Mortgage Loans
No tax return mortgage loans let self-employed people get a mortgage without traditional income documents. We require a minimum credit score of 620 and as little as a 10% down payment.
Borrowers submit two years of personal and business bank statements. Loan amounts range from $150,000 to $4 million. These loans can be used to buy new homes or refinance existing mortgages.
Bank statement loans allow self-employed borrowers flexibility. At Florida Mortgage Lenders Mortgage Brokers, we help you qualify using bank statements. With over 20 years of experience, we offer competitive rates on bank statement loans customized to your financial situation.
Our loan programs review your business and personal deposits to determine income. We guide you through the mortgage process.
“After being turned down by other lenders, I found Florida Mortgage Lenders, and they were able to help me secure a bank statement loan for my new home in Florida. As a self-employed small business owner, I didn’t have the traditional tax documents that most lenders ask for, but they made it work by using my 24-month bank statements. Philip and his team provided excellent guidance, and I got a great rate on my mortgage.” — Sarah M., Fort Lauderdale, FL
The Florida Real Estate Market & Bank Statement Loans for Self-Employed
Florida’s real estate market offers self-employed buyers unique opportunities with bank statement mortgages—explore how we can help you succeed.
Opportunities for Self-Employed Homebuyers in Miami
Bank statement mortgage programs are an excellent option for financing non-warrantable condos, investment properties, and closing in LLCs. These loans offer the flexibility needed to work around the restrictions that often come with traditional mortgage programs.
Whether you’re purchasing a property that doesn’t meet standard condo criteria or investing through a business entity, investment property loans for LLCs provide an adaptable solution.
For borrowers looking for alternatives, see the FHA loan requirements in Florida to explore government-backed loans for primary residences, which may offer more flexible terms for eligible buyers.
These programs are particularly well-suited for the Miami and Florida real estate markets, where there is a high volume of condos and a significant number of self-employed borrowers.
Florida’s favorable business climate attracts many entrepreneurs, making it an ideal location for individuals who rely on alternative income documentation. Bank statement loans allow borrowers to qualify without tax returns, which is a major benefit for small business owners, freelancers, and contractors.
Why Choose Florida Mortgage Lenders?
With over two decades of experience, we guide you through every step of securing a bank statement loan. Our strong partnerships with top lenders allow us to offer the best loan options, customized to fit your needs
Expert Guidance and Personalized Service
We specialize in helping self-employed individuals secure bank statement loans through personalized service. Our team works closely with you to ensure your bank statements meet all requirements, drawing on our solid relationships with private wholesale mortgage lenders who provide flexible options tailored to self-employed borrowers.
Whether you are a freelancer or a small business owner, we make the process simple. We explore a variety of mortgage options, including refinancing, buying property, and financing unique property types. If you’re looking to purchase non-warrantable condos or investment properties that don’t meet traditional lending criteria, we offer tailored solutions through our flexible loan programs.
Our expert team ensures you find the right mortgage that fits your specific financial needs, no matter the complexity of the property type.
Our Track Record of Success
With years of experience, we help self-employed borrowers get bank statement loans. Our connections with wholesale lenders, private lenders, and community banks enable us to provide flexible mortgage products at competitive rates.
Many homebuyers, real estate investors, and realtors in Florida have have benefited from our Bank statement mortgage solutions. By using bank statements to verify income, we help clients qualify without the need for traditional income documentation.
We manage the entire loan process, from reviewing closing costs to customizing the loan for each borrower’s specific needs. Our commitment is to make the lending process smooth and efficient, whether you’re purchasing a home or investing in real estate.
What are bank statement loans and how do they work?
Bank statement loans are a type of mortgage that uses your bank statements to show income instead of traditional documents like paychecks or tax forms. This option is designed for self-employed individuals who may not have a steady paycheck. Lenders review several months’ worth of bank statements to determine your ability to repay the loan. This makes it easier to apply for a home loan without traditional income verification.
Who is eligible for a bank statement Mortgage?
To be eligible for a bank statement loan in Miami and Florida, you need to be self-employed for at least two years. Lenders will look at your deposit accounts and net income from your bank statements. A good credit score and a higher down payment can also help you qualify. These loans are ideal for self-employed workers who have difficulty qualifying for conventional loans.
How do bank statement loans compare to traditional mortgages?
Unlike traditional mortgages that require forms like W-2s and tax returns, bank statement loans allow you to apply using your bank statements. This type of mortgage is a non-qualified loan that offers more flexibility for self-employed individuals. However, bank statement loans may come with higher interest rates and fees compared to conventional loans. They also require a thorough review of your bank statements to ensure you can repay the loan.
What are the pros and cons of bank statement loans?
Bank statement loans offer several benefits, such as allowing self-employed borrowers to qualify for a mortgage without traditional income documents. You can benefit from a bank statement by showing consistent deposits that demonstrate your income. However, there are cons, including higher interest rates and the need for a larger down payment. Additionally, lenders may charge extra fees, and the loan limits might be lower compared to conventional loans.
How do I apply for a bank statement loan in Florida?
Applying for a bank statement loan in Florida involves several steps. First, gather your bank statements for the past 12 to 24 months. You’ll need to provide identity documents like a driver’s license and possibly tax forms. Next, choose a lender that offers bank statement mortgage programs. The lender will use your bank statements to assess your net income and credit risk. Working with a Certified Public Accountant can also help ensure your income is accurately represented.
What benefits do self-employed individuals gain from bank statement loans?
Self-employed individuals benefit from bank statement loans by having a flexible way to qualify for a mortgage. These loans allow you to personalize your mortgage application by using your own bank statements to show income. You can get a loan with bank statements without needing traditional paychecks or tax returns. This option enables you to pursue real estate investing, debt consolidation, or buy a home with more ease, making it a practical choice for entrepreneurs
