Bank Statement Loans in Florida: 2026 Requirements, Income Math and Down Payment

Short answer: a Florida bank statement loan qualifies you on 12 months of bank deposits instead of tax returns. Lenders want about two years in business, a credit score around 660 or better, cash reserves after closing, and a down payment that usually lands between 10% and 20% depending on your score and the property. Florida adds two things that sink more files than income does: insurance cost and condo rules.

Who a bank statement loan is for

It’s for the business owner whose tax return says they make a lot less than they do. A good accountant writes off everything allowed, and that net number is what a conventional or FHA underwriter has to use. A bank statement lender reads the money coming in instead.

If your returns already show enough income, a conventional or FHA loan is usually cheaper. I price that first, every time. See all loan options.

The requirements, in one table

How the income math works

Here’s the part most people get wrong. On business statements, the underwriter doesn’t use your deposits as income. They use:

qualifying deposits × (1 − expense factor) × your ownership share ÷ 12

• Qualifying deposits: transfers between your own accounts, loan proceeds and refunds come out.
• Expense factor: often a flat 50%. Some lenders scale it by headcount, for example 20%, 40% or 60% for a service business depending on employees. Fewer employees usually means a lower factor and more income. A CPA expense letter can support a lower number.
• Ownership: own 50% of the business and you get 50% of the result.

Personal statements work differently: most lenders count 100% of qualifying deposits with no expense factor, as long as you also show a couple of months of business statements. If you pay yourself regularly from the business, that route can produce more income.

Declining deposits get qualified at the lower, stabilized level, not the 12-month average. A zero-overdraft year helps more than people expect.

The Florida part

Insurance is in your debt ratio

Homeowners insurance, flood insurance where required, and HOA dues all go into the payment the lender qualifies you on. In coastal Florida those can move a file from approved to not. Get a real insurance quote on the actual house early, not an estimate.

Condos decide themselves

Since the post-Surfside condo laws, lenders look hard at the building: milestone structural inspections, reserve funding, special assessments, investor concentration and whether it operates like a hotel. Some bank statement lenders cap Florida condos at 75% loan-to-value; some won’t touch a building with an open assessment. I ask for the condo questionnaire on the specific building before you fall in love with it.

What to have ready

1. 12 months of business bank statements, every page
2. Current statements for the down payment and reserve accounts
3. Proof the business exists: license, state filing or CPA letter
4. Proof of ownership percentage
5. A short letter describing the business and how many employees you have
6. Photo ID and permission for a soft credit check

Related: bank statement loan vs P&L mortgage and the Florida self-employed mortgage guide.

Program guidelines summarized from wholesale lender matrices and guides on file as of November 2026. This is general information, not an offer to lend or a commitment; rates, terms and eligibility change and depend on the full application, the property and the lender's underwriting. Chris Harris, NMLS #2011725 · Best Finance, a DBA of NEXA Mortgage LLC, NMLS #1660690 · 600 Cleveland St Ste 248, Clearwater, FL 33755 · Equal Housing Opportunity.