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 Conforming Loan amounts up to $766,550 | FHA Loan Limits are specific to each Florida County
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12 Months Bank Statements Mortgage

Bank Statement for Loan

Self-Employed and Business Owners, as well as those who earn seasonal income, are finally starting to have access to excellent mortgage options. This includes mortgage products that do not require you to submit any tax returns, but rather allow you to use bank statements to verify your income instead.

Bank Statement Loan Program Options:

12-Months Bank Statement Loan Program

  • Minimum of 20% down payment
  • Self prepared P & L
  • 2 years of self-employment history
  • 2 years seasoning Foreclosure, Short Sale, Bankruptcy, or  Deed in Lieu
  • Loans up to $5 million (minimum loan $200,000)
  • Credit scores starting at 660 (no multi-family properties)
  • No tax returns required
  • No 4506T required
  • Debt to Income up to 50% considered
  • Owner-occupied and investment properties
  • 5/1 ARM, 7/1 ARM or 30-year fixed terms available
  • Property Types: Single Family, Town Homes, Condos, Non-Warrantable Condos, and Condotels
  • No reserves required at 65% or less LTV

Frequently Asked Questions

What types of properties can be bought using this program?
Nearly all home types are eligible.  This includes primary residences, second homes, investment properties, condominiums, and vacation homes.

What other documents and loan conditions are usually required to obtain the loan?
You should expect to also be required to at least submit a business license and appraisal.

Is it possible to have a W-2 co-borrower?
Yes, you can have a co-borrower who uses their W-2 tax returns and income. They will be verified in a traditional manner, along with your income that is verified through bank statements.

How long does the process usually take to close the loan once approved?
If you move quickly providing everything that is required of you, a 30 day closing time is realistic. However, many loans will take 45 days (and in rare cases even longer) to close due to various reasons.

Do you accept income received through credit card clearing houses?
Yes, income that is received through a credit card clearing house, such as PayPal, AMEX, or Square may be used. All income sources are received on a case by case basis, but as long as the income you receive makes sense for your type of business, you may be able to use income from sources such as PayPal.

I only receive income part of the year (seasonal income), how might I qualify?
If you only receive income for part of the year, you may still qualify for a bank statement loan program. Your total income will be averaged out for either 12 or 24 months, so as long as the monthly average meets the necessary income requirements for your loan, you may qualify.

Can you use retirement income for these programs?
Any retirement income that is deposited into your bank account can be used as qualifying income.

Will having any NSF (non sufficient funds) or overdrafts on my bank account affect my chances of qualifying?
We will only allow you to have up to 3 total NSF / overdrafts on your account in a 12 month period. You may receive an exception, but it will ultimately be up to the underwriter to decide.

When your ready to get started on your bank statement loan, we are experts to guide you through the entire process, the first step is getting you pre-approved. You can click on the button below or apply online; if you prefer to speak with one of our Mortgage Experts, we would be happy to speak with you at 407-955-4575.

Bank Statements Mortgage Program