Self-employed & bank statement loans in Florida
It is estimated that 13.2% of Florida’s population has started or owns a small business, ranking the state #1 in the nation for entrepreneurship.
It is a fact that Florida runs on business owners, freelancers, and 1099 earners but here’s the deal: your tax returns rarely tell the whole story of your income. At Andes Mortgage, we qualify you on the income your business actually generates, using 12–24 months of bank statements. If a bank or a lender has turned you away because of a lack of income shown on taxes, you’ve come to the right place.
Here is everything about our bank statement loan in Florida and one of our most popular self-employed programs at Andes.
Self-employed mortgage options we offer across Florida
Your income type decides the best loan. We structure all three in-house and help you pick the one that qualifies you for the most home and best terms.
Bank statement loan
You are here now.
We qualify you based on 12-24 months of business and personal bank statements. Built for business owners whose tax returns don't reflect what they actually make.
1099 income loans
Built for freelancers, contractors and gig earners. Your 1099 income does the qualifying, not your tax returns. Our programs only require a 1 year 1099 for qualification and multiple 1099s can be used.
Profit & Loss statement loans
Newer to a business or complicated bank statements? A CPA-prepared P&L can document your cash flow in lieu of tax returns. Our most flexible self-employed mortgage loan.
How we turn your deposits into qualifying income
Many Florida business owners earn a great living but show far less on their tax returns after write-offs, depreciation, and deductions. Banks, credit unions and large mortgage lenders underwrite based on taxes and liquidity tests. This rigorous way of underwriting is what causes many self-employed Florida borrowers to get declined.
Meanwhile, a bank statement loan takes a different approach — we look at the cash flowing through your accounts, not your taxable net income shown on your taxes.
We review 12 or 24 months of personal or business bank statements, calculate your average monthly deposits, and apply a business expense factor to arrive at your qualifying income. Our default factor is 50% — and with a CPA letter, we can go as low as 10%, which means more qualifying income and more buying power.
- 12 or 24 months of personal or business statements.
- 50% default expense factor — no extra paperwork.
- As low as 10% with a CPA letter — a bigger loan.
- Multiple income streams welcome — distributions, 1099s, side income.
Bank statement loan vs traditional financing
Side-by-side comparison between bank statement loans and agency loans.
|
Feature
|
Bank Statement Loan
|
Conventional
|
FHA
|
|---|---|---|---|
|
Tax Returns Required
|
❌ No
|
✅ Yes
|
✅ Yes
|
|
Uses Bank Deposits
|
✅ Yes
|
❌ No
|
❌ No
|
|
Down Payment
|
10-20% Minimum
|
3-5%+
|
3.5%
|
|
Minimum Credit Score
|
620
|
620
|
580
|
|
Investment Properties
|
✅ Yes
|
✅ Yes
|
❌ No
|
|
Mortgage Insurance
|
❌ Never
|
Yes with <20% down
|
Mandatory
|
|
Best For
|
Self-Employed Borrowers
|
W2 Employees
|
Lower Credit Scores
|
Florida bank statement loan requirements
credit score
620+
minimum down payment
10% with ≥ 700 FICO
20% with ≥ 620 FICO
Debt-to-income ratio
Up to 49.9%
Mortgage insurance
Not Required
Occupancy
Primary, vacation and investment
Loan limits
Up to $3 Million+
A bank statement loan in Florida is a good fit if...
- You're self-employed, 1099, or a freelancer in Florida or from out of state looking to buy in Florida.
- Your tax returns are too lean to qualify for a conventional or jumbo loan.
- You have strong cash flow but significant business write-offs.
- You want to qualify on your true business income — and keep your tax strategy.
Check your bank statement loan qualifications
See roughly how much of your monthly deposits count toward a bank statement loan.
Different types of bank statement loans we offer in Florida
We don’t just offer the bank statement loan program strictly for home purchases. We deploy this loan for different purposes depending on who you are.
Home purchase
The most typical option. Buy a home, whether it's for primary occupancy, vacation or investment through our bank statement program.
Rate-term refinance
Lower the rate, payments or change the terms of your current mortgage through a bank statement loan refinance.
Cash-out refinance
Tap equity out of your home with a Florida bank statement cash-out refi. Up to 80% Loan-To-Value for primary homes.
Bank statement HELOC
Access equity out of your home with a bank statement home equity line of credit without affecting your current mortgage
Bank statement loan rates
Explore bank statement mortgage rates for different scenarios on our dedicated bank statement loan rate page.
$750k cash-out for a Palm Beach business owner — closed in under 20 days
$1.9M
Home Value
$450k
Balance
$750k
Cash out
$1.3M
Annual deposits
<20 days
Closing time
Paul came to us as a mechanic shop business owner who wanted to access $750,000 from his Palm Beach home to fund the construction of a luxury home. While his business generated strong revenue, write-offs on his tax returns reduced the income shown on his tax returns, making conventional financing impossible.
Using a bank statement loan, we reviewed 12 months of business bank statements showing approximately $1.3M in annual deposits and qualified him based on his business cash flow instead of taxable income.
The result was a successful cash-out refinance that closed in less than 20 days.
Serving self-employed buyers across Florida
Wherever your business is, we lend there. A few of the Florida markets we work in:
South Florida
Miami · Fort Lauderdale · West Palm Beach · Boca Raton · Florida Keys
Central Florida
North Florida
The Gulf Coast & Emerald Coast
Looking to qualify for a bank statement loan?
Self employed borrowers can finally qualify for a mortgage loan without having to show tax returns for income. Instead, 12 or 24 months of bank statements, personal or business will help you qualify.
Other resources similar to bank statement loans
How bank statement loans work
The full program. Qualifying requirements, and who they are built for.
Bank statement loan rates
We post bank statement mortgage rates on our dedicated rate page.
Florida Bank statement loan FAQ
What is a bank statement loan?
A bank statement loan is a portfolio type of mortgage known as a non-QM mortgage that lets self-employed borrowers qualify using personal or business bank statements instead of tax returns.
How many months of bank statements do you need to qualify?
Either 12 or 24 months, depending on your profile and the structure that qualifies you for the most home. We’ll tell you which is better for your file up front.
Can I use a bank statement loan in Florida to qualify for a house?
Yes. Bank statement loans are built specifically for borrowers who don’t qualify well on traditional tax-return income. We lend on them across Florida.
What is the minimum down payment for a bank statement mortgage in Florida?
The minimum down payment is 10% with a credit score of at least 700. With a 620+ score, plan on 20%.
Can I use a bank statement loan for an investment property?
Yes. Primary homes, second homes, and investment properties all qualify.
Let's see if you qualify for a bank statement loan
No credit check required. Start with the Mortgage Match™ and we’ll route you to the right self-employed program. Or book a call with us and tell us your scenario.
Andes Mortgage LLC · NMLS #2187991 · Marcos Zambrano MLO NMLS #988935. Licensed for consumer lending in Georgia, Florida, Texas, South Carolina and Alabama. Business-purpose (DSCR) lending available in additional states.
This page is for informational purposes only and is not a commitment to lend, an offer of credit, or a guarantee of any rate, term or program. Loan approval, loan-to-value limits, credit-score minimums, reserve requirements are subject to full underwriting, current lender and agency guidelines, and verification. Rates and programs are subject to change without notice. Equal Housing Lender.