Thomas Martin – Mortgage Loan Originator – Phone: 954-667-9110 – Rev 3-10-2025 – Subject to change without notice.
DEFINITION:
A bank statement mortgage lender provides a non-qualified mortgage (non-QM) that allows borrowers to qualify for a home loan based on their average bank statement deposits, rather than traditional income verification methods like paystubs, W-2s or tax returns, often used by self-employed individuals that cannot show enough income on their tax returns.
Florida Mortgage Lenders That Use Bank Statements For Income:
This program allows personal or business bank statements to calculate income without requiring tax returns. This program is available for purchase, cash-out refinance, or rate-term refinances. Whether you’re a business owner, freelancer, or contractor, we can help you qualify for a Florida mortgage by averaging your most recent year’s deposits for income.
More Affordable:
- 10% Down Payment Options – 4-6 months reserves + possible seller-paid closing cost.
- A better option than claiming to much income on your tax returns.
- No Need to Amend Your Taxes! Instead average 12/24 months deposits for income.
- No other documents like W2s, tax transcripts, or years of financial history.
- Fewer documents make it easier for self-employed borrowers and business owners to qualify.
Flexible Underwriting:
- Ideal for self-employed, Contractors, Gig workers, and Entrepreneurs.
- Traditional mortgage lenders analyze pages and pages of tax returns, looking for red flags.
- Underwriters focus and simpler documentation.
- Easier for non-traditional borrowers to use more qualifying Income!
Streamlined Process:
12 Or 24 months of Business or Personal
Use the most recent 12 or 24-month business or personal bank statement average deposits to qualify for your next Florida Mortgage!
NSF Overdraft
Florida bank statement mortgage lenders that allow NFS Florida bank statement overdraft is case by case. This situation refers to your bank charging a fee (NSF or overdraft fee) because you don’t have enough funds in your account to cover a transaction, and the bank either declines the transaction (NSF) or pays it and overdraws your account (overdraft).
Personal Bank Statements
If the money deposited into your personal account came from a business account you can use 100% of the deposits. If the money came directly from sales before any expenses the lender will assign an expense ratio to your business depending on the industry you work in.
Alternate Florida Mortgage Options Include:
- NO tax return: Non-QM and Private Lenders offer alternative documentation options for mortgage qualifying.
- 1099 Only: Use 1099 Income up to 100% of income can be used with no verified business expenses.
- VOE Florida: Private Florida Mortgage Lenders will allow your VOE to disregard your tax return write-offs.
- Bank Statement: Use 12 or 24-month average bank deposits for mortgage income qualifying.
- Asset-Based: Assets in your account to cover the purchase price qualify you for enough income to qualify.
- Self-Employed: If you write off too much of your income to qualify for the necessary funds.
- P&L: Use Your licensed Tax preparer to provide a profit and loss statement for mortgage income verification.
- NO Income Verification Investor Loans: Use the subject property’s income to qualify for your next investment property mortgage.
- Foreign National: Nonresidents in the United States can invest using our FN mortgage options to purchase or cash out.
- Commercial: Case-by-case mortgage options for Florida office buildings, shopping centers, and warehouses.
- Condo Reverse Mortgage: 55+ Florida Condo owners can withdraw cash out of their condos without monthly mortgage payments.
- Bad Credit Florida Mortgage: Bad Credit based payment history, not credit score.
