Bank statement loans in Florida offer a unique opportunity for self-employed individuals, business owners, and even retirees/investors. Gig economy workers, freelancers, and other self-employed professionals often opt for bank statement loans instead of conventional loan programs because they allow them to show the full scope of their income through bank statements instead of tax returns or other more restrictive income-verification methods.
Without the limitations of traditional income verification, borrowers can use bank statements to show a lender they can afford to pay back a loan over time and secure the financing they need to purchase a home. Find out if a bank statement mortgage in Florida is the right solution for you. Apply now.
Bank statement loans —sometimes referred to as stated income loans — are an alternative type of loan designed for individuals who can’t usually provide proof of income with traditional methods. Considered a type of self-employed mortgage , a bank statement loan allows a borrower to demonstrate their income typically using as little as 12 months of bank statements that show regularly occurring deposits. These types of loans often provide the most convenient option to self-employed workers and business owners who take major deductions for work expenses on their taxes.
We currently offer two loan options for self-employed borrowers:
Bank statement loans can be provided for a minimum loan amount of $100,000 and a maximum of $5,000,000.
Think you qualify for a loan? Contact us today to find out! Contact Us
Think you qualify for a loan? Contact us today to find out!
The opportunity to secure a mortgage with bank statements offers a major advantage to self-employed individuals and business owners who have been excluded from home loans previously. In addition to offering an alternative income verification method, there are several other noteworthy benefits of bank statement mortgages in Florida:
When you apply for a bank statement mortgage loan in Florida with Griffin Funding, you can also benefit from five-star, white-glove customer service and access to competitive interest rates.
To help you better understand how bank statement loans can help you, let’s take a look at a real-world example:
In Miami Florida, Jose owns three tattoo shops in Miami, Tampa, and Fort Lauderdale. Jose had a bankruptcy in 2017, including two foreclosures, so he and his wife did not qualify for a conventional mortgage. Even if they didn’t have the bankruptcy, they were unable to show enough income on their tax returns. Luckily, Jose found Griffin Funding’s bank statement loan program.
As they were getting back on their feet with the new shop in Miami, they were able to show 24 months of very strong income from their bank statements. With their bank statement mortgage loan, they were able to get a home that was beyond their wildest dreams.
When applying for a bank statement loan in Florida, you don’t have to worry about supplying your tax information. Instead, you’ll typically need to provide 12 or 24 months’ worth of bank statements depending on your circumstances.
To qualify for a bank statement loan, you’ll also need to have been a business owner or self-employed for at least two years and have four months of PITI reserves in the bank for loan amounts under $1 million dollars and six months for loan amount s over $1 million.
Your credit score is an important factor when it comes to applying for any type of loan and to be eligible for a bank statement loan with Griffith funding in Florida you must have a credit score of 620 or above. If you have a credit score higher than 660, you can put as little as 10% towards your down payment.
Unsure if you qualify? Use our free online bank statement loan calculator to see how much home you can afford based on factors like monthly income and maximum monthly mortgage payments (the amount you’ll see on your mortgage statements ), or speak with one of our knowledgeable loan specialists by calling 855-698-1098 today.
Bank statement mortgage loans can be a great option for any self-employed worker or business owner in Florida who claims deductions for work expenses on their taxes. This means that the net income detailed on your tax report doesn’t reflect your total income and might not give lenders an accurate sense of how much you can pay back on a monthly recurring basis.
If you fall into one of the following categories, a bank statement loan may be a good option for you:
Download the Griffin Gold app today to review your finances and see if now is the right time to apply for a bank statement loan in Florida.
Bank statement loans offer many borrowers in Florida the chance to secure a home loan when they might not qualify for the other types of Florida home loans . Our team at Griffin Funding has worked hard to streamline the lending process while offering white-glove, five-star customer service to provide a high-quality mortgage experience for our customers.
Need Financial Assistance? See if you qualify for a loan today! See if you Qualify
Need Financial Assistance? See if you qualify for a loan today!
If you’re looking for a bank statement mortgage loan in Florida, look no further than Griffin Funding. We offer bank statement home loans across the state of Florida. Below are just some of the areas we serve within the Sunshine State.
We operate in:Our team also provides bank statement loan services in other states (see full state licensing footprint here).
If it turns out that a bank-statement-only Florida mortgage isn’t the most suitable fit, there are other types of non-QM loan programs available.
For example, asset-based loans allow borrowers to leverage assets such as checking and savings accounts, investment accounts, or money market accounts to secure a loan. Or, there are also DSCR loans , which use the debt service coverage ratio of a property to qualify borrowers. If you’re a veteran or active-duty service member, we even offer Florida VA loans .
Whatever your circumstances, our loan specialists can help you find the right loan to suit your needs.
If you’re a self-employed professional or business owner interested in learning more about how to secure a bank statement loan, our team of experts is here to assist you. We can walk you through the process from our initial discovery call to the application submission, so there are no unanswered questions when you choose a loan program.
Ready to get started with your bank statement loan in Florida? Complete our online application or call us at 855-698-1098 to take the first step towards your new home.
Griffin Funding makes it easy to apply for a Florida bank statement loan online. Just follow these simple steps to get started:
The number of bank statements required for a bank statement loan in Florida can vary. Typically, lenders ask for 12 or 24 months of bank statements to assess your income stability and prove that you’ve been self-employed for at least two years.
While bank statements are the most important documents a lender will use to verify your income, they may also ask for additional documents depending on your unique situation. Tax returns, P&L statements, business licenses, and other financial records may be required to provide a comprehensive view of your financial health. It’s essential to note that each lender has its own set of criteria and the requested documents may vary.
