Bank Statement Loans in Florida for the Self-Employed

A market of many kinds of owners

Tampa Bay has finance, healthcare and a growing downtown. Orlando is driven by hospitality, tourism and the businesses that serve them. Miami is international, with real estate, trade and a large community of entrepreneurs. Jacksonville has a port, military bases and financial services. Along the way are retirees who run small companies and remote workers who moved with their businesses.

Condos and insurance

Florida has a large condominium market, and lenders look at the health of the building as well as the borrower. After the Surfside collapse in 2021, the state passed condo safety legislation that requires milestone structural inspections for older buildings of three or more stories and structural integrity reserve studies, and many lenders review project finances, inspections and special assessments more closely. Homeowners insurance and flood coverage can also be significant in Florida, and the cost is part of the monthly obligation a lender reviews.

Who borrows with statements here

Real estate professionals, hospitality owners, boat and marine businesses, healthcare practitioners, trades and online sellers are common. International clients and income in different currencies can complicate a file, and a lender will want to trace the source of foreign deposits.

Taxes and closing costs

Florida has no state personal income tax, but it does charge documentary stamp and intangible taxes on certain mortgage transactions. Your loan estimate will itemize these. A loan officer can explain what applies to your transaction.

Florida by the numbers

The American Community Survey shows 1,365,376 self-employed workers statewide, a 13.0 percent share. The incorporated group is 665,900 people and the unincorporated group is 699,476. By headcount the biggest self-employed groups are in professional and business services (318,701), construction (224,054) and personal and repair services (161,809). Statewide the median home is valued near $359,000 and 68 percent of households own. Renters pay a median of $1,669 a month, and the median household income is about $75,000. About 15.7 percent of workers work from home, 34 percent of adults hold a bachelor's degree or higher, and the median age is 43.

Source: Census Bureau American Community Survey, 2020 to 2024. See the data sources page.

Metros in Florida

The basics apply here too

Income is averaged from your statement deposits after an expense factor, and a lender will want your business history and ownership. Details are in the proof guide. The credit report and the property get the standard review.

Availability varies by program, property and state. Company details are on the disclosures page.

Other states

• Bank statement loans in North Carolina
• Bank statement loans in South Carolina
• Bank statement loans in Virginia
• Bank statement loans in Texas