Florida bank statement mortgages: Requirements, Costs and County Detail

What a bank statement loan looks like in Florida

A bank statement loan qualifies a self-employed borrower using 12 or 24 months of personal or business deposits instead of tax returns, applying an expense factor to deposits to arrive at qualifying income.

The underwriter totals eligible deposits over the statement period, removes transfers and non-business deposits, and applies an expense factor or a CPA-supported expense percentage. The resulting monthly figure becomes qualifying income for the DTI calculation.

In Florida specifically, three local inputs move the file: Florida documentary stamp tax on the note (35 cents per $100) and the Florida intangible tax on the mortgage (2 mills); escrow costs driven by windstorm and hurricane coverage, wind mitigation credits, and separate flood insurance in FEMA Special Flood Hazard Areas; and an average effective property tax burden of roughly 0.79% of value per year with statewide average homeowners premiums near $3,600 annually. Title-company closings are customary statewide, and the buyer and seller allocation of title charges is negotiated by county custom. Wind/hurricane deductible and, in coastal zones, flood insurance are separate from the base policy.

Who the Florida bank statement loan fits

Self-employed borrowers, business owners, and contractors whose tax returns show heavy write-offs that understate real cash flow.

Deposit seasonality follows the local economy, so tourism, construction, and agriculture cycles change which 12 or 24 month window presents the strongest file.

Typical bank statement loan requirements

These are the parameters underwriters generally apply. They are program norms rather than a commitment, and every file is subject to lender underwriting and approval.

• Typically 12 or 24 months of consecutive personal or business bank statements.
• Business ownership is usually verified for a minimum period, commonly two years.
• An expense factor is applied to business deposits; a CPA letter can support a lower factor on some programs.
• Transfers between accounts and non-business deposits are excluded from qualifying income.
• Down payment and reserves are higher than agency financing and scale with credit tier.
• Primary, second home, and investment occupancy are all available depending on program.

Florida property and escrow considerations

The qualifying payment on a Florida bank statement loan is not just principal and interest. Property taxes, homeowners insurance, and where applicable HOA dues, windstorm or wildfire coverage, and flood insurance all sit inside the debt-to-income calculation. Because Florida carries windstorm and hurricane coverage, wind mitigation credits, and separate flood insurance in FEMA Special Flood Hazard Areas, two properties at the same price can produce materially different qualifying payments. We underwrite this product against primary residences, second homes, and investment property.

Documentary stamps on the deed and on the note, plus intangible tax on the mortgage. Closing practice: Title company.

How to compare offers on a Florida bank statement loan

Ask every lender for a Loan Estimate on the same day, for the same lock period, using the same tax and insurance assumptions. The interest rate is one line; the APR, Section A origination charges, and prepaid escrow assumptions decide the real cost. Under the CFPB TILA-RESPA Integrated Disclosure rules, only the Loan Estimate carries binding figures.

On eligible residential transactions we generally use a 1.5% lender-paid compensation structure — the lender pays our broker compensation under its lender-paid compensation plan, so you don’t pay us a separate broker fee. It’s disclosed on your Loan Estimate. As a broker we shop your Florida file across wholesale investors rather than pricing it against one retail sheet.

Florida counties and cities we publish for this program

Local pages carry the county loan limits, lending volume, tax and insurance costs, and property issues specific to that market.

• bank statement loan in Miami, FL — High-rise condo warrantability, Florida structural-integrity reserve compliance, and wind insurance drive more decisions here than credit score does.
• bank statement loan in Orlando, FL — Tourism payrolls, short-term rental zoning, and heavy new-construction inventory shape both income documentation and appraisal work.
• bank statement loan in Tampa, FL — MacDill Air Force Base concentrates VA volume, and flood zone status varies block by block near the bay.
• bank statement loan in Jacksonville, FL — Naval Air Station Jacksonville and Naval Station Mayport make this one of the largest VA markets in the country, alongside a deep entry-level resale supply.
• bank statement loan in Miami-Dade County, FL — Florida largest lending county by volume, with condo project review and wind insurance as the two dominant underwriting variables.
• bank statement loan in Broward County, FL — Dense condo and townhome supply with active special assessments following the Florida milestone inspection statute.
• bank statement loan in Orange County, FL — Central Florida employment core with sustained new-construction volume and HOA-heavy subdivisions.
• bank statement loan in Hillsborough County, FL — Tampa Bay employment center with a large military-connected population and meaningful FEMA Special Flood Hazard Area exposure.

Educational information for Florida, not a quote, lock, offer, or commitment to lend. Eligibility, terms, conditions, and availability vary by borrower, property, lender, loan program, and state, and all loans are subject to lender underwriting and approval. Simply Approved Mortgages LLC, NMLS #2620881. Equal Housing Opportunity.