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Bank statement mortgages · Florida
Self-Employed Mortgage Loans
Your tax return is built to lower your taxes, not to show what your business really earns. A bank statement loan qualifies you on the deposits that actually come in, so a strong business with smart write-offs can still buy or refinance the home it can afford.
Why self-employed borrowers get turned down, and how this fixes it
A traditional mortgage underwriter averages the net income on your last two tax returns. For a business owner who deducts vehicles, equipment, travel, a home office and depreciation, that number can be a fraction of what the business actually produces. The bank sees a modest income, and the loan amount you need does not fit.
A bank statement loan starts somewhere else: the money that lands in your accounts. We average your deposits over 12 or 24 months, apply a standard allowance for business expenses, and use the result as your qualifying income. Your deductions stay on your tax return where they belong, and they no longer count against you on the mortgage.
These are non-QM loans, which means they are not sold to Fannie Mae or Freddie Mac and each lender sets its own guidelines. That is exactly why a broker helps here: guidelines, expense factors and pricing vary a lot from one lender to the next, and we match your file to the lender that reads it most favorably.
Program highlights
Loan size
From $150,000 up to $3 million, for purchases, rate-and-term refinances and cash-out refinances.
Statements
12 or 24 months of business or personal bank statements, from the same account or accounts, in place of tax returns.
Ownership
You do not need to own 100% of the business: as little as 50% when using business statements and 25% when using personal statements.
Time in business
Two years of self-employment, verified by a CPA letter, business license or similar record.
Credit history
Two years since a foreclosure, short sale, bankruptcy or deed-in-lieu, far shorter than most conventional waiting periods.
Property and occupancy
Primary homes, second homes and investment properties, including non-warrantable condos that conventional lenders decline.
Loan options
30, 20 and 15-year fixed rates, adjustable-rate loans, and interest-only payment options.
Expense factor
Most business-statement loans use a 50% expense factor. A lower factor is possible with a statement from your CPA or tax preparer; some higher-expense industries use 70%.
Down payment funds
Money for the down payment and closing costs generally needs to sit in your account for at least 60 days, or be documented if it arrived more recently.
How bank statement income is calculated
Here is a Florida contractor whose business deposits average $32,000 a month over the last 12 months. Her tax return shows $68,000 of net income after deductions, because she wrote off two trucks, equipment and a home office. The same business, read three ways:
| Method | Qualifying monthly income | Rough housing payment at a 45% debt ratio, no other debts | How it is figured |
|---|---|---|---|
| Tax returns (traditional loan) | $5,667 | $2,550 | Two-year average of net income after deductions |
| Business statements, 50% expense factor | $16,000 | $7,200 | Deposits less a standard 50% allowance for business costs |
| Business statements, CPA letter at 35% expenses | $20,800 | $9,360 | A CPA confirms her actual expense ratio is lower |
On her tax return she qualifies for a housing payment around $2,550 a month. On her bank statements, the same business supports roughly three to four times that. Neither number is a promise, since debts, credit and reserves all matter, but it shows why so many Florida business owners who were told no by a bank are approved here.
Personal statements work differently. If your business pays you by transfer to a personal account and business costs are paid elsewhere, a larger share of personal deposits can usually count as income, often all of the regular deposits. We look at both and use whichever reads your situation best.
Bank statement loans typically price above a conventional loan. As a rough guide, expect a rate somewhat above today’s conforming 30-year fixed of 6.625%, depending on credit, down payment and loan size. We compare several non-QM lenders to narrow that gap.
What helps your file move smoothly
- Consistent deposits. Keep business income flowing into the same account and avoid shifting it around during the months we review.
- No NSFs or overdrafts. A few insufficient-funds charges in the review period can limit lender options.
- Traceable large deposits. Be ready to show an invoice or contract for anything unusually large.
- Seasoned funds. Down payment and closing cost money should sit in your account for about 60 days.
- A CPA or tax preparer letter. It confirms you have been self-employed for two years and, if your costs are low, supports a lower expense factor.
Documents we will ask for
12 or 24 months of statements for the accounts we use, two months of statements for down payment and reserve accounts, proof of business ownership (CPA letter, articles of organization or a business license), a photo ID and authorization to pull credit. No tax returns, W-2s or pay stubs.
Other ways to qualify when tax returns do not tell the story
Self-employed FHA loan (P&L only)
Buying a home to live in? Get FHA’s 3.5% down with a CPA-prepared profit and loss statement instead of tax returns.
DSCR investor loans
Buying a rental? Qualify on the property’s rent instead of any personal income at all.
Sports and entertainment
Contract, bonus, royalty and endorsement income, evaluated by people who understand it.
Bank statement HELOC
Already own? Tap equity with a line of credit qualified on bank statements.
See if you qualify with bank statements
Tell us a little about the loan. We will look at which statement option fits your business and what loan amount your deposits support, with no credit pull to start.
- A detailed sheet with the rate and terms we can offer
- A pre-approval letter if you are approved and need one
- No obligation
Prefer to talk it through? Call 954-494-7288.
Tell us about the loan
No credit pull. A loan officer follows up, usually the same day.
Self-employed mortgage questions
Can I get a mortgage without tax returns in Florida?
Yes. A bank statement loan qualifies you on 12 or 24 months of business or personal bank statements instead of tax returns, W-2s or pay stubs. It is designed for self-employed borrowers whose returns show less income than the business produces.
How much do I need to put down on a bank statement loan?
It depends on credit, loan size and property type. Primary homes often start around 10% to 20% down, while larger loans, investment properties and non-warrantable condos usually need more. We price several lenders to find the lowest down payment your file supports.
Do I need to own 100% of my business?
No. With business statements you can own as little as 50%, and with personal statements as little as 25%. Your share of ownership is used when calculating income.
What is an expense factor?
It is the share of business deposits assumed to go to running the business. Most loans use 50%, so half your deposits count as income. A CPA letter can support a lower factor, and some industries with higher costs use 70%.
Are bank statement loans more expensive?
Usually the rate is somewhat higher than a conventional loan because these loans are not sold to Fannie Mae or Freddie Mac. Credit score, down payment and loan size narrow the gap, and many borrowers refinance into a conventional loan later once their returns support it.
Can I use a bank statement loan for an investment property?
Yes. Primary homes, second homes and investment properties are all eligible. For rentals, a DSCR loan that qualifies on the rent can be an even simpler option.
From business owners we have helped
What Florida borrowers say after closing with On Mortgage. Five stars on Google (130 reviews) and Zillow (92 reviews).
“Caroline Da Silva from Miami Mortgage Brokers just got us approved for our first mortgage, and we would definitely work with her again after this experience! From the moment our broker connected us with Caroline, she was always several steps ahead throughout the process. We were impressed that Miami Mortgage Brokers had us clear to close a week early,...”
“Chris was outstanding throughout the entire transaction! Always accessible and was able to provide the best financing option when others could not! I would highly recommend him and hope to do more transactions with him.”
“I recently had the pleasure of working with Chris as my loan officer, and I cannot speak highly enough of his exceptional service. He guided me through every step with clarity and patience. What truly sets Chris apart is his remarkable efficiency: not only was he incredibly responsive to my inquiries, but he also expedited the loan process, resulting in the...”
Your business earns it. Let the loan show it.
Send us 12 months of statements and we will show you what your deposits support, which lenders read your file best and what the payment looks like.