Guides · Self-Employed
Bank Statement Loans in Florida: a guide for self-employed borrowers
If you're self-employed in Florida and the bank looked at your tax return and said no, you're not out of options. Bank statement loans use the deposits in your business or personal accounts — not your write-off-heavy 1040 — to qualify you for a mortgage.
What is a bank statement loan?
A bank statement loan is a Non-QM (non-qualified) mortgage built for self-employed buyers — 1099 contractors, business owners, Realtors, freelancers, restaurant owners, and gig workers. Instead of W-2s and tax returns, the lender averages 12 or 24 months of bank deposits to calculate your qualifying income.
That single change unlocks financing for thousands of Florida borrowers who run healthy businesses but show low taxable income after legitimate deductions.
Who qualifies in Florida
- Self-employed for at least 2 years (CPA letter or business license accepted as proof).
- 12 or 24 months of consistent business or personal bank deposits.
- Credit score of 620+ — better pricing above 680.
- Down payment starting at 10% for primary residences (more for investment).
- Properties in Florida: single-family, condo, townhome, 2–4 unit, or investment.
How income is calculated
Personal statements
100% of qualifying deposits are typically counted as income.
Business statements
An expense factor (often 50%) is applied, or your CPA can submit a P&L for a custom ratio.
Averaging period
12 or 24 months. A longer history can mean better rates and higher loan amounts.
Example: a Miami contractor deposits an average of $25,000/mo into a business account. With a 50% expense factor, that's $12,500/mo of qualifying income — enough to support a loan in the $500K–$600K range with the right down payment and credit.
Bank statement loan vs. conventional
| Bank Statement | Conventional | |
|---|---|---|
| Income proof | 12–24 mo bank statements | 2 yrs tax returns + W-2/1099 |
| Min credit | 620 | 620 |
| Min down payment | 10% | 3–5% |
| Self-employed friendly | Yes — designed for it | Often penalized by write-offs |
| Rate range | Slightly above conventional | Lowest available |
Why use Casa Nova Lending as your broker
We're not a single lender — we shop your bank statement loan across a network of wholesale lenders that specialize in self-employed Florida borrowers. That means better rates, more program options (12-mo, 24-mo, P&L only, 1099-only), and a faster path from quote to closing.
Our pre-approval is free, soft-credit, and built for borrowers who've been told "no" by a traditional bank.