Bank Statement Loans | Flexible Mortgage Loans For The Self-Employed
Bank Statement Loans for Self-Employed Borrowers Across Florida
As a top mortgage broker headquartered in Miami and serving all of Florida, Bennett Capital Partners specializes in securing financing for self-employed individuals and small business owners. Our Bank Statement Loan Options provide a streamlined alternative for those without traditional income documents, such as W-2s or tax returns. Whether you’re a freelancer, contractor, or run your own business, we help you qualify for a mortgage based on your personal or business bank statements.
With over 20 years of experience in the mortgage industry, we have built strong relationships with a diverse network of wholesale mortgage lenders and private lenders. This allows us to offer competitive rates and terms on bank statement loans that are tailored to your unique financial situation. We take the complexity out of the process, providing personalized guidance every step of the way.
Our Bank Statement Programs are designed to accommodate the needs of self-employed borrowers, offering both 12-month and 24-month bank statement mortgage options. Lenders review your business deposits or personal deposits to determine income.
Whether you’re purchasing a new home, refinancing, or investing in real estate, our team is here to assist you in navigating the mortgage process. Contact us today to learn how we can help you secure a mortgage tailored to your financial needs—whether you're self-employed in Miami or anywhere across Florida.
📞 Call us now at 1-800-457-9057 or apply online to start your journey.
Key Takeaways
✅ Flexible Solutions: Bank statement loans allow self-employed borrowers in Miami and Florida to qualify for mortgages without traditional income documentation like W-2s or tax returns.
✅ No Tax Return Required: Bennett Capital Partners Mortgage Brokers help freelancers, contractors, and small business owners secure financing using personal or business bank statements, offering a simplified approval process.
✅ Competitive Rates for Non-Traditional Borrowers: Our 12-month and 24-month bank statement loan programs provide competitive rates, helping self-employed borrowers get favorable mortgage terms tailored to their financial situation.
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What is a Bank Statement Mortgage?
At Bennett Capital Partners Mortgage Brokers, we provide bank statement mortgages that assist self-employed individuals in purchasing a house without standard income documents. Our program utilizes your bank account statements to confirm earnings, simplifying the mortgage approval process.
Flexible Mortgage Options for Non-Traditional Income in Florida
We offer alternative income options for people with non-traditional income. Self-employed borrowers can use personal or business bank statements instead of tax returns. This helps freelancers, small business owners, and gig workers with varied incomes get a home loan. Discover more about qualifying for a mortgage without tax returns here
With credit scores starting at 620 and down payments as low as 10%, buying a house is easier.
Our programs provide loans up to $5 million for purchasing homes or securing bank statement refinance loans for those looking to restructure their current mortgage.. These non-qualified mortgages may have higher interest rates, but they fit unique financial situations.
Choose our 12-month or 24-month bank statement programs to find a mortgage that suits you. We help you navigate the loan application process easily.
How Bank Statement Loans Work
Bank statement loans use your personal or business bank statements to verify your income, making them an ideal solution for self-employed individuals with fluctuating earnings. We typically review bank statements from the last 12 months, which allows for a more streamlined process without the need for a profit and loss statement.
Since these are non-qualified mortgages, interest rates may be slightly higher than traditional loans, but they offer much more flexibility for borrowers who do not have traditional income documentation.
To qualify, borrowers need a minimum credit score of 620. Down payments can start as low as 10%, depending on your credit score and financial profile.
Loan amounts range from $150,000 to $5 million, and sufficient cash reserves will also be considered during the application process.
Our Bank Statement Loan Programs
Our Florida bank statement loan programs make it easy for self-employed buyers to qualify for a mortgage, with tailored options for Miami and other local markets. Gain access to flexible financing customized to your unique financial needs.
12 Month Bank Statement Program
Our 12-month program is ideal for self-employed individuals with non-traditional income sources. Rather than tax returns, you qualify using 12 months of personal or business bank deposits.
For personal bank statements, 100% of the deposits are used to calculate income. For business bank statements, an expense factor based on the nature and size of the business is applied to determine qualifying income. This program requires a minimum credit score of 620 and allows loan amounts ranging from $150,000 to $5 million.
With competitive rates and down payments as low as 10% (with a 680 FICO score), this option simplifies the process by not requiring a profit and loss statement, making it perfect for freelancers, small business owners, and contractors with variable income.
24 Month Bank Statement Program
Our 24-month program offers additional flexibility for borrowers with more complex financial situations or fluctuating income. This option uses up to 24 months of personal or business bank statements for income verification, providing a longer review period for those whose income varies.
For personal bank statements, 100% of deposits are considered, while for business bank statements, an expense factor is applied based on business type, size, and employees. This program also offers loan amounts ranging from $150,000 to $5 million with a minimum 10% down payment and a 680 FICO score.
Whether purchasing a primary residence, second home, or investment property, the 24-month program is designed to provide stability and flexibility to meet your financial needs.
Both Programs Offer Personalized Guidance
Both programs are personally guided by Philip Bennett, ensuring a seamless loan process and customized financing that fits your financial profile. With our expertise, you’ll receive competitive rates and terms designed to help you achieve your homeownership or investment goals.
Ready to Explore Your Mortgage Options?
Contact us today to discuss which bank statement loan program is right for you. Whether you’re interested in the 12-month or 24-month option, our team is ready to provide you with personalized guidance and competitive rates.
📞 Call us at 1-800-457-9057 or Apply Online to get started!
Who Qualifies for a Bank Statement Mortgage?
We help self-employed borrowers qualify for self-employed mortgage loans by reviewing their personal or business bank deposits. Our team ensures you meet the key requirements and eligibility to secure the right loan for your needs.
Key Requirements and Eligibility
To qualify, borrowers need a minimum credit score of 620. In some cases, lenders may have additional requirements depending on your financial profile.
Borrowers can choose between 12-month or 24-month bank statement programs. The 12-month program qualifies as a low doc loan by requiring less documentation and no profit and loss statement, making it a streamlined option for self-employed borrowers.
For those with more complex financials, the 24-month program offers a broader review period, which can provide more flexibility for borrowers with fluctuating income.
A down payment of at least 10% is possible with a 680 FICO Score, and sufficient cash reserves will also be considered. If you have experienced a foreclosure or bankruptcy, a waiting period of at least two years is required before you can qualify for a bank statement mortgage.
Business vs. Personal Bank Statements
We need both business and personal bank statements for self-employed mortgage applications. This helps us use bank statements to qualify borrowers who might not have regular income documents.
Lenders look at your deposits to find your income. They adjust business statements for expenses based on your business type and size.
You also need proof of self-employment, like business licenses or tax filings. Using bank statements helps us check your creditworthiness. This method helps self-employed homebuyers by offering flexible ways to buy a house without standard income records.
Can I Get a Bank Statement Mortgage with Bad Credit?
Even with bad credit, including bankruptcies, foreclosures, short sales, or deed in lieu of foreclosure, you may still qualify for a bank statement mortgage. Explore more about bad credit home loans and how we can assist you.
Borrowers can qualify two years after a Chapter 7 bankruptcy or foreclosure. In cases of a short sale, the waiting period may be shorter, depending on the circumstances.
Late mortgage payments may impact your eligibility, but many lenders will consider recent improvements in your payment history.
Our bank statement mortgage programs are highly flexible. We work with a variety of lenders to find the best possible terms for self-employed borrowers and those with non-traditional income documentation.
"As a self-employed real estate investor with bad credit, I had trouble getting traditional financing for my condo. Bennett Capital Partners helped me secure a bank statement loan using my business bank statements. Despite my credit challenges, they guided me through the process smoothly, and I was able to close quickly with competitive rates. Highly recommend their bank statement mortgage programs!" — John D., Miami, FL
📞 Give Us A Call Today 1-800-457-9057
Bank Statement Loan Rates Today
Our bank statement mortgage rates are competitive and customized to fit your needs. At Bennett Capital Partners Mortgage Brokers, we offer the best terms available today.
Current Market Mortgage Rates
Mortgage rates change quickly. Conforming loans follow market trends. FHA, VA, and USDA loans have more stable, government-backed rates. Jumbo loans, which are for larger amounts, usually have slightly higher rates.
Knowing the current market rates can give you a general idea of where bank statement loan rates fall. Bank statement loans have different pricing due to the flexible income documentation, which makes them a bit riskier for lenders.
Check the live data feed below to see the latest rates for conventional, FHA, VA, USDA, Jumbo Loans. Keep checking for updates!
Current Interest Rates for Bank Statement Mortgages
As non-QM loans funded by private capital, bank statement loans offer flexibility but don’t follow conventional mortgage guidelines. This gives borrowers more flexibility, though the rates can vary based on your specific situation.
The spread between conforming mortgage rates and bank statement mortgage rates can range anywhere from 0.5% to 2% higher, depending on the loan terms. For example, conventional loan rates might hover between 6% and 7%, while bank statement loans could range from 7% to 9%, offering options for those with non-traditional income.
Bank statement loans provide flexibility for self-employed borrowers and those without traditional income documentation. However, the rates reflect the added risk and custom nature of these loans. Learn more about current bank statement loan rates blog post to see what options are available for you.
If you’re considering an investment property, check out our DSCR loan rates for more tailored financing options.
Contact us today to find out the rates for your bank statement loan. We offer 1-hour pre-approvals, so you can get started on your mortgage journey quickly!
Factors Affecting Bank Statement Mortgage Rates
Many factors influence bank statement mortgage rates, with the most important being your credit score, property type, down payment, and loan term (such as interest-only or principal and interest). You need a minimum credit score of 620 to qualify, but higher scores generally result in better interest rates.
While you can put down as little as 10%, lower down payments typically lead to higher interest rates.
For investment properties, a standard 3-year prepayment penalty usually applies, while there are no prepayment penalties for primary residences or second homes. Additionally, longer prepayment periods can result in fewer negative adjustments to your rate, helping you secure better terms.
Ready to Explore Your Mortgage Options?
Contact us today to discuss which bank statement loan program is right for you and get personalized guidance on the best rates available for your financial situation. Whether you’re interested in the 12-month or 24-month option, our team is ready to provide you with competitive rates and tailored solutions.
📞 Call us at 1-800-457-9057 or Get Your Custom Rates to get started!
Benefits of Bank Statement Mortgages
Bank statement mortgages let self-employed borrowers qualify without personal or business tax returns. They offer flexible terms and competitive rates, helping you achieve your homeownership goals.
Ideal for Self-Employed Borrowers
Our bank statement loans let self-employed people qualify without traditional income papers. We offer loans from $20,000 to $5 million. Borrowers provide 12 or 24 months of bank statements to show income.
A credit score of at least 620 is needed. These loans are flexible for those with uneven income. You can use them for homes you live in, second homes, or investment properties. This program is perfect for freelancers, gig workers, small business owners, and contractors with variable income, providing tailored mortgage options for all non-traditional earners.
Flexible Terms and Competitive Rates
We offer flexible terms on bank statement loans. Choose 12 or 24 months of statements to verify your income. Loans go up to $5 million to give you the financing you need. Our competitive rates make it easier for self-employed people and small business owners to qualify.
Even with changing incomes, we help you get the right mortgage. Although interest rates are higher than standard mortgages, our options fit your unique financial situation.
No Tax Return Mortgage Loans
No tax return mortgage loans let self-employed people get a mortgage without traditional income documents. We require a minimum credit score of 620 and as little as a 10% down payment.
Borrowers submit two years of personal and business bank statements. Loan amounts range from $150,000 to $4 million. These loans can be used to buy new homes or refinance existing mortgages.
Bank statement loans allow self-employed borrowers flexibility. At Bennett Capital Partners Mortgage Brokers, we help you qualify using bank statements. With over 20 years of experience, we offer competitive rates on bank statement loans customized to your financial situation.
Our loan programs review your business and personal deposits to determine income. We guide you through the mortgage process.
"After being turned down by other lenders, I found Bennett Capital Partners, and they were able to help me secure a bank statement loan for my new home in Florida. As a self-employed small business owner, I didn't have the traditional tax documents that most lenders ask for, but they made it work by using my 24-month bank statements. Philip and his team provided excellent guidance, and I got a great rate on my mortgage." — Sarah M., Fort Lauderdale, FL
📞 Give Us A Call Today 1-800-457-9057
The Florida Real Estate Market & Bank Statement Loans for Self-Employed
Florida's real estate market offers self-employed buyers unique opportunities with bank statement mortgages—explore how we can help you succeed.
Opportunities for Self-Employed Homebuyers in Miami
Bank statement mortgage programs are an excellent option for financing non-warrantable condos, investment properties, and closing in LLCs. These loans offer the flexibility needed to work around the restrictions that often come with traditional mortgage programs.
Whether you're purchasing a property that doesn’t meet standard condo criteria or investing through a business entity, investment property loans for LLCs provide an adaptable solution.
For borrowers looking for alternatives, see the FHA loan requirements in Florida to explore government-backed loans for primary residences, which may offer more flexible terms for eligible buyers.
These programs are particularly well-suited for the Miami and Florida real estate markets, where there is a high volume of condos and a significant number of self-employed borrowers.
Florida's favorable business climate attracts many entrepreneurs, making it an ideal location for individuals who rely on alternative income documentation. Bank statement loans allow borrowers to qualify without tax returns, which is a major benefit for small business owners, freelancers, and contractors.
Why Choose Bennett Capital Partners?
With over two decades of experience, we guide you through every step of securing a bank statement loan. Our strong partnerships with top lenders allow us to offer the best loan options, customized to fit your needs.
Expert Guidance and Personalized Service
We specialize in helping self-employed individuals secure bank statement loans through personalized service. Our team works closely with you to ensure your bank statements meet all requirements, drawing on our solid relationships with private wholesale mortgage lenders who provide flexible options tailored to self-employed borrowers.
Whether you are a freelancer or a small business owner, we make the process simple. We explore a variety of mortgage options, including refinancing, buying property, and financing unique property types. If you're looking to purchase non-warrantable condos or investment properties that don’t meet traditional lending criteria, we offer tailored solutions through our flexible loan programs.
Our expert team ensures you find the right mortgage that fits your specific financial needs, no matter the complexity of the property type.
Our Track Record of Success
With over 20 years of experience, we help self-employed borrowers get bank statement loans. Our connections with wholesale lenders, private lenders, and community banks enable us to provide flexible mortgage products at competitive rates.
Many homebuyers, real estate investors, and realtors in Miami and Florida have have benefited from our mortgage solutions. By using bank statements to verify income, we help clients qualify without the need for traditional income documentation.
We manage the entire loan process, from reviewing closing costs to customizing the loan for each borrower’s specific needs. Our commitment is to make the lending process smooth and efficient, whether you're purchasing a home or investing in real estate.
Contact Us Today
We are ready to assist you with personalized financing solutions tailored to your real estate needs. Visit us at our office in the heart of Miami, located at 1101 Brickell Ave STE 800, Miami, FL 33131. You can also reach us by phone at 800-457-9057
Whether you prefer a face-to-face consultation or a quick phone call, we're here to help you navigate the Bank Statement Mortgage lending process with ease.
"I wanted to refinance my investment property in Miami, but being self-employed made it tough to qualify through regular lenders. Bennett Capital Partners used my 12-month business bank statements to secure the loan, which allowed me to avoid the hassle of providing tax returns. Their flexibility and deep knowledge of the Florida real estate market made the process easy. I highly recommend their bank statement mortgage programs for self-employed borrowers."
— Carlos R., Miami Beach, FL
📞 Give Us A Call Today 1-800-457-9057
Bank Statement Mortgage FAQs
What are bank statement loans and how do they work?
Bank statement loans are a type of mortgage that uses your bank statements to show income instead of traditional documents like paychecks or tax forms. This option is designed for self-employed individuals who may not have a steady paycheck. Lenders review several months’ worth of bank statements to determine your ability to repay the loan. This makes it easier to apply for a home loan without traditional income verification.
Who is eligible for a bank statement loan in Miami and Florida?
To be eligible for a bank statement loan in Miami and Florida, you need to be self-employed for at least two years. Lenders will look at your deposit accounts and net income from your bank statements. A good credit score and a higher down payment can also help you qualify. These loans are ideal for self-employed workers who have difficulty qualifying for conventional loans.
How do bank statement loans compare to traditional mortgages?
Unlike traditional mortgages that require forms like W-2s and tax returns, bank statement loans allow you to apply using your bank statements. This type of mortgage is a non-qualified loan that offers more flexibility for self-employed individuals. However, bank statement loans may come with higher interest rates and fees compared to conventional loans. They also require a thorough review of your bank statements to ensure you can repay the loan.
What are the pros and cons of bank statement loans?
Bank statement loans offer several benefits, such as allowing self-employed borrowers to qualify for a mortgage without traditional income documents. You can benefit from a bank statement by showing consistent deposits that demonstrate your income. However, there are cons, including higher interest rates and the need for a larger down payment. Additionally, lenders may charge extra fees, and the loan limits might be lower compared to conventional loans.
How do I apply for a bank statement loan in Florida?
Applying for a bank statement loan in Florida involves several steps. First, gather your bank statements for the past 12 to 24 months. You’ll need to provide identity documents like a driver’s license and possibly tax forms. Next, choose a lender that offers bank statement mortgage programs. The lender will use your bank statements to assess your net income and credit risk. Working with a Certified Public Accountant can also help ensure your income is accurately represented.
What benefits do self-employed individuals gain from bank statement loans?
Self-employed individuals benefit from bank statement loans by having a flexible way to qualify for a mortgage. These loans allow you to personalize your mortgage application by using your own bank statements to show income. You can get a loan with bank statements without needing traditional paychecks or tax returns. This option enables you to pursue real estate investing, debt consolidation, or buy a home with more ease, making it a practical choice for entrepreneurs.
What Our Clients Say
Alex S.
Philip was highly recommended to me and he did not disappoint. He was incredibly helpful and honest throughout the entire process, getting us the best program that matched our needs. We really didn't think we had a chance and luckily Philip was able to help us get our dream home!