Bank Statement Mortgage Loans in Tampa & Florida

A bank statement loan is a type of alternative documentation mortgage designed primarily for self-employed borrowers. Instead of using tax returns and W-2s to verify income, bank statement programs allow eligible borrowers to use personal or business bank statements to demonstrate their ability to repay the loan.

Self-employed borrowers often have income that looks different on paper than their actual cash flow — business deductions, depreciation and other write-offs can reduce taxable income significantly, which may make it difficult to qualify for a conventional mortgage using tax returns. Bank statement programs are designed to address this challenge by looking at actual deposits rather than taxable income.

Most bank statement programs require 12 or 24 months of bank statements, depending on the lender and program. Lenders typically apply an expense factor to business bank statements to estimate the borrower's net income. The specific methodology varies by lender and program.

Bank statement loans may be used for purchase transactions and refinances, subject to lender and program guidelines. They are available for primary residences, second homes and investment properties depending on the program.

Florida has a large population of self-employed business owners, entrepreneurs and independent contractors. Bank statement mortgage programs can be a valuable option for eligible self-employed borrowers throughout Tampa Bay and across Florida who want to purchase or refinance a home.

Mortgage Approval Group works with wholesale lenders to help self-employed borrowers throughout Florida compare bank statement mortgage options. Our mortgage professionals can help you understand available programs and evaluate whether a bank statement loan may be a good fit for your situation.