Introduction
Florida’s housing market remains one of the most dynamic in the U.S. In Q3 2025 the median closed price across the state was about $408,805, down slightly from the previous year, and inventory climbed to over 127,000 units. More listings and longer days on market mean buyers – especially self‑employed entrepreneurs and real‑estate investors – have more negotiating power. Yet traditional lenders continue to demand W‑2s, tax returns and pristine credit histories. For Floridians whose income comes from 1099 work, freelancing or small‑business ownership, bank‑statement loans offer an alternative path to home ownership. These loans allow borrowers to qualify based on the cash flow shown in their bank statements rather than tax documents.
What are bank‑statement loans?
A bank‑statement loan is a non‑qualified mortgage in which lenders verify income by reviewing 12–24 months of personal or business bank statements instead of W‑2s or pay stubs. This approach gives self‑employed borrowers and gig workers the ability to prove their true earning power. Lenders usually count 100 % of deposits in personal accounts and 50 % of deposits in business accounts when calculating income. These loans are especially popular in Florida’s high‑price markets like Miami, Naples and Palm Beach because the underwriting is faster and borrowers can qualify for large loan amounts. Griffin Funding notes that bank‑statement mortgages can offer fixed or adjustable rates, down payments as low as 10 %, cash‑out refinances up to 85 % LTV and loan sizes up to $20 million. Borrowers generally need to be self‑employed for at least two years.
Why Florida buyers need bank‑statement loans
Florida attracts entrepreneurs, retirees and investors. As remote work and the gig economy expand, more residents derive income from multiple clients or seasonal work. Conventional loans often ignore these cash flows, undercounting income after deductions. Bank‑statement mortgages level the playing field by focusing on deposits, enabling borrowers to compete in a market where median prices range from $365,000 in Jacksonville to $560,000 in Miami. The flexibility and speed of these loans are valuable in hot markets such as Tallahassee (prices up 7.4 % YOY) and Naples (up 0.49 %).
Comparing leading lenders
Numerous companies offer bank‑statement loans in Florida. The table below highlights major lenders and summarizes their key criteria. Because requirements change, check each lender’s website or call a loan officer for the latest details.
| Lender (2025) | Min. credit score & down payment | Bank‑statement period | Loan‑to‑value (LTV) & amount | Notes |
| Select Home Loans | Specializes in self‑employed borrowers; offers quick pre‑approvals, competitive rates and average 4‑day closings. No W‑2s or tax returns required; flexible loan amounts. | Accepts 12 or 24 months of statements; dedicated loan officers guide applicants. | Highlights savings of 10 % vs some competitors and has helped 870+ borrowers. | Trusted mortgage experts across Florida; streamlined online application. |
| Griffin Funding | Minimum 620 credit score; borrowers with 660+ FICO may qualify for 10 % down. | Requires 12 or 24 months of personal or business statements. | Down payments from 10 %, cash‑out refinance up to 85 % LTV, loans up to $20 million. | Must be self‑employed at least two years; PITI reserves of 4–6 months. |
| NASB (North American Savings Bank) | Requires 700+ FICO and 10 % down with mortgage insurance. | Must provide 12 consecutive months of bank statements. | Allows up to 90 % LTV; loan amounts $175k–$1.25 M; DTI up to 50 %. | Borrower must be self‑employed for two years; requires escrow for taxes and insurance. |
| Fidelity Home Group | Minimum 660 credit score; 10 % down for primary homes with 700 FICO; 20 % down with 660 FICO. | Offers 12- or 24‑month programs; personal or business statements accepted. | Cash‑out up to 80 % LTV for primary residence; loans up to $5 million; DTI up to 50 %. | Requires two years of self‑employment; no tax returns or W‑2s needed; 5/1 ARM or 30‑year fixed terms. |
| Truss Financial Group | Some programs accept credit scores around 620; down payments can be as low as 5 %. | Lenders typically review 3–12 months of bank statements; some accept just 3 months if income is strong. | Offers low‑down‑payment options and even bank‑statement‑based HELOCs; loans can close in 21–30 days. | Flexible guidelines benefit new business owners; works with various non‑QM lenders. |
| NQM Funding (for doctors/dentists) | Targets medical professionals; credit standards vary. | Reviews 12 or 24 months of statements; lender totals deposits and applies a 30–50 % expense factor. | Financing up to 90 % LTV and loan amounts into the millions; interest‑only options available. | Suitable for high‑income professionals who write off many expenses; can be used for primary residences, second homes or investment properties. |
This table summarises general guidelines; actual rates and terms vary by borrower profile and may change during 2025.
What makes Select Home Loans the best choice
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While several lenders offer bank‑statement programs, Select Home Loans stands out for its borrower‑centric approach and statewide reach. The company specializes in mortgages for self‑employed and alternative‑income borrowers and emphasizes a streamlined online process. Unlike many lenders, Select Home Loans does not require W‑2s, tax returns or pay stubs; instead, it uses 12 or 24 months of bank statements to evaluate income. Key advantages include:
- Trusted expertise across Florida. Select Home Loans’ team has decades of combined mortgage experience and an A‑Plus rating with the Better Business Bureau.
- Fast closings. Their average time to close is four days, which is significantly faster than the 21–30 days typical of other lenders.
- Competitive pricing. The company states that its clients save 10 % more compared with some competitors.
- High customer satisfaction. With over 870 borrowers reporting successful home purchases and a five‑star Google rating, Select Home Loans has a strong reputation.
- Specialization in self‑employed loans. The firm’s loan officers are trained to review gig‑economy income, fluctuating deposits and seasonal earnings. Dedicated specialists guide borrowers from initial consultation through closing.
Because Select Home Loans is headquartered in Daytona Beach and serves customers statewide, borrowers in Miami, Orlando, Tampa, Jacksonville and Fort Lauderdale all have access to the same programs and support. The company’s digital platform allows applicants to upload bank statements securely, receive pre‑approval letters and track loan progress online.
Expert tips for choosing the right lender
- Check credit and reserves. Most lenders require a 620–700 credit score and at least 4–6 months of PITI reserves. Improving your credit before applying can lower your rate.
- Know your bank‑statement history. Lenders usually need 12–24 months of bank statements; some may accept 3–6 months if deposits are strong. Keep your accounts free of overdrafts and document any large deposits.
- Compare down‑payment requirements. Programs vary from 5 % down up to 20 %. A higher credit score often qualifies you for lower down payments.
- Ask about loan limits. If you need a large mortgage (e.g., over $1 million), choose a lender that offers high loan amounts such as Griffin Funding’s $20 million cap.
- Work with a specialist. Partnering with a loan officer experienced in non‑QM loans helps ensure your deposits and expenses are calculated properly. Select Home Loans and NQM Funding both emphasise dedicated specialists.
Conclusion
Bank‑statement loans open the door to homeownership for Florida’s self‑employed professionals, freelancers and real‑estate investors. With median home prices ranging from $365k–$560k in major metro areas, flexible lending options are essential. Among the many lenders available in 2025, Select Home Loans combines statewide expertise, rapid closings and competitive terms. Whether you’re buying in Miami, refinancing in Tampa or investing in Orlando, their tailored bank‑statement program can help you secure the financing you need.
👉 Learn more about flexible bank‑statement loans in Florida at Select Home Loans or click here to get a free quote.
