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Florida Bank Statement Loans: The Smart Choice for Buying or Refinancing as a Self-Employed Homeowner

Darrin Seppinni
Written by:

 

Are you self-employed in Florida and finding it tough to get approved for a mortgage? Or maybe you already own a home and are looking for a refinancing option that better aligns with your unique financial situation? Whether you’re aiming to buy a new home or refinance your current one, a Bank Statement Loan could be the key to achieving your goals in the Sunshine State. This loan type is designed specifically for self-employed individuals, giving you a flexible path to homeownership and refinancing that doesn’t rely on traditional income documentation.

 

Buying a Home in Florida with a Bank Statement Loan

Self-employed borrowers in Florida often face challenges in qualifying for traditional mortgages, but Bank Statement Loans simplify the process. Instead of relying on tax returns, these loans look at bank deposits over the past 12 or 24 months to assess income, giving self-employed buyers a clear path to homeownership.

Key Benefits of Using a Bank Statement Loan
to Buy a Home

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Income
Flexibility

Qualify based on your bank deposits rather than tax returns, which is ideal for self-employed buyers with varying monthly income.

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High-Value Property Options

Perfect for purchasing homes in Florida’s competitive markets, where high-value properties are common.

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Streamlined Approval Process

Skip the W-2s and traditional income verification that can hold up conventional mortgage applications, making the process faster and more accessible.

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Refinancing Your Florida Home with a Bank Statement Loan

Already own a home in Florida and want to explore better rates, lower monthly payments, or cash-out options? A Bank Statement Loan is also a powerful tool for refinancing, especially if you’re self-employed. This type of loan allows you to leverage your unique cash flow and bank deposits, offering refinancing solutions tailored to your specific financial situation.

Why Consider a Bank Statement Loan for Refinancing

Lower Your
Payments

Take advantage of potentially better terms and reduce your monthly expenses.

Cash-Out
Options

Access the equity in your home to fund renovations, invest in your business, or consolidate other debt.

Flexible Income Requirements

Ideal for self-employed homeowners who may have been turned down for conventional refinancing due to income documentation hurdles.

Jumbo Bank Statement Loans
for High-Value Properties

For self-employed buyers looking at high-value properties, a Jumbo Bank Statement Loan can offer an ideal solution. In Florida, where home values in certain markets can be well above traditional loan limits, a Jumbo Bank Statement Loan provides access to the higher loan amounts needed to secure a luxury or high-value home.

Benefits of a Jumbo Bank Statement Loan

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Higher Loan Limits

Access financing for homes that exceed the conforming loan limits, which is common in upscale Florida neighborhoods.

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Flexible Documentation

Like standard Bank Statement Loans, Jumbo Bank Statement Loans use bank deposits for income verification, bypassing the need for tax returns or W-2s.

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Competitive
Terms

Even with higher loan amounts, you can secure competitive rates that match traditional loan financing.

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Ideal for Investment Properties

Self-employed investors looking to expand their portfolio into luxury properties in Florida can benefit from a Jumbo Bank Statement Loan’s flexibility and high loan limits.

What to Expect with Interest Rates for Bank Statement Loans in Florida

While interest rates for Bank Statement Loans can be slightly higher than traditional loans, they offer flexibility and benefits that conventional loans don’t. Rates may vary depending on factors like your credit score, down payment (for purchases), or equity (for refinances). Florida buyers and homeowners often find that the flexibility Bank Statement Loans provide outweighs the small increase in rates, especially in high-value markets.

Qualifying for a Bank Statement Loan in Florida: What You Need

Whether you’re looking to buy or refinance, the general requirements for a Bank Statement Loan include:

12 or 24 Months of Bank Statements

These verify your cash flow and give the lender insight into your income.

Proof of
Self-Employment

Typically, you’ll need at least two years of self-employment to qualify.

Solid Credit
Score

Generally, a minimum score of around 660, although this may vary.

Down Payment or Equity

For a home purchase, you’ll likely need a down payment of 10-20%. For refinancing, sufficient equity in the home will be needed to meet loan requirements.

 

With these loans, you can make the most of your unique financial picture, gaining access to buying and refinancing options tailored to your needs as a self-employed professional.

Is a Bank Statement Loan
Right for You?

Whether you're looking to purchase your dream home or refinance your current property, a Bank Statement Loan could be the perfect solution. In Florida’s competitive real estate market, self-employed individuals are turning to this loan type to unlock flexible financing for both buying and refinancing. Connect with a mortgage specialist to see how a Bank Statement Loan, including the Jumbo option, can open doors to homeownership and financial freedom in Florida.

Get Started

 

If you’re hungry for more insights, be sure to check out our other blog posts and subscribe to our YouTube channel for even more tips and tricks.

Call HomeLife Mortgage now and let us help you get pre-approved now!

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About HomeLife Mortgage

For more than 25 years, HomeLife Mortgage has built a strong reputation in California and Florida as a leading mortgage broker, servicing the needs of borrowers who have been unable to obtain conventional financing.  HomeLife Mortgage is at the forefront of non-bank lending offering the next generation of mortgages including Jumbo Loans, Real Estate Investor Loans, and Bank Statement Loans.

 

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