📑 The Ultimate Guide to Bank Statement Loans in Florida (2025)
Created by Tim Lyons - Senior Mortgage Loan Originator, Certified FHA Mortgage Professional - Licensed in Florida & Ohio | NMLS# 2182927
🏡Introduction: Why Bank Statement Loans Are a Game-Changer in 2025
For self-employed buyers in Florida, traditional mortgages can feel out of reach because tax returns don’t always show your real income. Bank statement loans solve this problem by qualifying you based on deposits, not deductions. This makes them one of the most powerful tools for entrepreneurs, contractors, and freelancers in 2025.
💡 What Is a Bank Statement Loan?
A bank statement loan is a type of mortgage that uses 12–24 months of bank statements to calculate income, instead of relying on tax returns or W-2s.
They’re ideal for:
Self-employed buyers with many write-offs
Business owners with strong revenue but low taxable income
Contractors or gig workers with inconsistent pay
Key Benefits of Bank Statement Loans
No tax returns required
Qualify using business or personal account deposits
Flexible income documentation options
Higher approval odds for self-employed borrowers
Can be used for primary homes, second homes, or investment properties
🧠 How It Works
Gather 12–24 months of bank statements
Lender reviews deposits and averages them to determine monthly income
Approval is based on this calculated income, not your tax-adjusted income
📊 Who Qualifies for a Bank Statement Loan?
Lenders generally look for:
12–24 months of consistent deposits
Credit score of 620–680+ (higher = better terms)
Reasonable debt-to-income ratio (DTI up to ~50%)
Stable business history (often 2 years or more)
🛠 Bank Statement Loans vs Conventional Loans
Income Verification
Bank Statement: Deposits from bank statements
Conventional: W-2s or tax returns
Flexibility
Bank Statement: Designed for self-employed borrowers
Conventional: Best for W-2 buyers with simple income
Documentation
Bank Statement: Heavier upfront paperwork (statements, business info)
Conventional: Standard pay stubs and tax returns
⚖️ Common Myths About Bank Statement Loans
“They’re only for people with bad credit” → False. Many creditworthy borrowers qualify.
“Rates are extremely high” → Not true. Rates are competitive in 2025.
“You can only buy a primary home” → You can also buy second homes or investment properties.
🧮 Ready to Explore Your Options?
I’m Tim Lyons, a Certified Mortgage Advisor who specializes in helping self-employed buyers structure their loans the right way. Whether you’re a contractor, entrepreneur, or 1099 earner, I’ll help you find the program that fits your real financial picture.
📧 [email protected] | 📞 216-496-2375
✍️ Authored by Tim Lyons, NMLS# 2182927 Certified FHA Mortgage Professional. Serving Lakewood Ranch, Manatee County, and all of Florida
Want help figuring it all out? Let’s talk, no pressure, just real answers.
Contact Info
Tim Lyons
Pioneer Mortgage Funding, Inc.
Branch Manager
6901 Professional PKY E, Sarasota, Florida 34240
216-496-2375
813-590-4299
All loan approvals are conditional, not guaranteed, and subject to lender review of all information. A loan is conditionally approved when the lender has issued an approval in writing, but until all conditions are met, a loan cannot be funded. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. Pioneer Mortgage Funding, Inc is an Equal Opportunity Mortgage Broker headquartered in Tampa, Florida. This licensee is performing acts for which a mortgage broker license is required. Pioneer Mortgage Funding, Inc is licensed by the Florida Office of Financial Regulation, NMLS# 1936558. Pioneer Mortgage Funding, Inc. is approved to originate Conventional, FHA, VA, and USDA loans, and has the ability to broker such loans to Conventional, FHA, VA, and USDA approved lenders. Pioneer Mortgage Funding, Inc. is not acting on behalf of or at the direction of HUD/FHA or the VA.