Bank Statement Home Loans In Florida
Bank Statement Home Loans In Florida
Bank Statement Home Loans VS. FHA
Bank Statement Loans are different from FHA loans in various ways. FHA mortgages are insured by the Government, specifically the Federal Housing Administration (FHA), which bank statement loans are not. FHA loans are available to buyers who may possess lower credit scores or be interested in low down payment options. In contrast, a bank statement loan is typically for someone (often self-employed) who wants to secure a mortgage without traditional financing paperwork.
Not sure which option makes the most sense for your unique financial situation? That’s what we’re here to help you with. Contact our team at Leopard Lending SI today to learn more about Bank Statement Loans and if they’re the right fit for you.
FAQ's About Bank Statement Loans
How do Bank Statement Loans work?
Unlike traditional mortgages that require buyers to meet certain thresholds on a significant amount of financial documentation, Bank Statement loans don’t necessarily demand tax returns, W-2s, pay stubs, or employer verification forms in the same way. Lenders like us that offer bank statement loans are different from conventional loans because we won’t ask for those classic proofs of income. Instead, we’ll take a look at your personal bank accounts, or personal and bank accounts together, to determine whether you have the income, cash flow, and other criteria to qualify.
Of course, you’ll still need to provide lenders with a handful of critical pieces of information. These items may include:
Proof of a consistent income stream in the form of paychecks, royalties, court-ordered payments such as child support/alimony, and more..
If you made any large purchases recently (in the last 60-90 days). Our team will review any significant changes to your income or spending.
You should have a stable savings account balance with as few sudden influxes of cash or overdrafts as possible. You should have enough in your savings account to cover several months' worth of mortgage payments.
One to two years' worth of personal or business bank statements so we can verify stability and consistency.
A solid credit score (speak with your lender to verify which credit score they’re looking for)
Two years’ or more self-employment history if you own your own business
Proof of any liquid assets, such as a 401(k) or investments
How to Get a Bank Statement Loan in Florida?
First, you want to reach out to a qualified lender like us at Leopard Lending SI. Navigating your bank statement loan application can be difficult without the correct information, support, and guidance, so we’re here to help answer any questions you have along the way. If you’re a resident of Florida, looking for a bank statement loan or general mortgage lending advice, you’ve come to the right place.
Find Mortgage Lenders for Bank Statement Loans In Florida
Look no further than our team here at Leopard Lending SI for your bank statement loan needs. While there are plenty of national lenders out there to help you with your bank statement loan process, our team of experts is here to help our Florida customers navigate the challenges of securing a mortgage for your next home with a custom-tailored and customer-first approach.
Bank Statement loans for Independent Contractors
Since bank statement loans are built for individuals who don’t have traditional W2 jobs, these types of mortgages are perfect for independent contractors and small business owners. Bank statement loans allow independent contractor homebuyers to use their own personal or business bank statements as their proof of income rather than traditional documentation.
Are interest rates higher for Bank Statement loans?
Every applicant is different, but typically speaking, bank statement loans have higher interest rates and down payment requirements than alternatives such as FHA or VA loans. There is additional risk in offering bank statement loans without thorough documentation, so extra costs may be associated with this type of mortgage. The exact interest rate and necessary down payment for your bank statement loan will be based on your personal situation and, in particular, your credit scores
Bank Statement loans requirements
To secure a bank statement loan, we require:
At least two years of self-employment verified through CPA or business license
Low number of non-sufficient fund notices (NSF) or overdrafts (O/Ds)
At least twelve months of mortgage or rental history
At least three months worth of cash reserves to make mortgage
payments
Get a Mortgage Rate Quote Today
These calculations are estimates and are not guaranteed for any particular loan.
Get the mortgage you deserve today.
License Info
FL NMLS: #LO115222
AZ NMLS: #1019689
Groves Capital Inc. NMLS: #1678775
Licensed In: FL, AZ
For licensing information, go to NMLS Consumer Access Portal
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License Info
FL NMLS: #LO115222
AZ NMLS: #1019689
Groves Capital Inc. NMLS: #1678775
Licensed In: FL, AZ
For licensing information, go to NMLS Consumer Access Portal