Florida attracts professionals from across the country who want steady job opportunities and a warm climate with endless sunshine. Many workers relocate from northern states to grow their careers in fields such as healthcare, technology, education, and tourism. From Miami’s fast-paced growing corporate landscape to Tampa’s growing tech corridor and Orlando’s hospitality boom, Florida’s workforce is as diverse as its economy.
Professionals relocating for work often have stable incomes, but with rising living costs and competitive housing markets, many are exploring alternative options to finance their homes. In the latest Florida Department of Economic Opportunity reports, it states that nearly 1.8 million Floridians were self-employed and represents an impressive 19% of the state's workforce.
For many workers, qualifying for a traditional mortgage is not always simple. Some earn extra money through part-time projects or commissions that are not clearly shown on tax returns. Because of this, many self-employed and salaried workers in Florida may find that their reported income does not fully represent their income on their tax returns when applying for a home loan. One option that can help in this situation is a bank statement loan.
Choose a bank statement mortgage loan to include all income
For more details, see the full bank statement mortgage qualification guide
Bank statement loans are especially beneficial for self-employed individuals and small business owners in various fields. Some examples include:
Borrowers who have their business registered through Sunbiz.org for their Fictitious Business Name, Corporation or LLC make the loan prcoess easier on themselves.
Many self-employed professionals in Florida’s growing & thriving regions find these loans helpful for purchasing homes or refinancing. Local lenders such as Seacoast Bank, First National Bank of Florida, Sanibel Captiva Community Bank, Suncoast Credit Union, and Mid Florida Credit Union do not offer these type of loans. A mortgage broker who works with wholesale lenders can. Some of the key neighborhoods we can help include:
Disclosure: Minimum loan amount is $200,000 for residential loans. Loan programs are subject to change per lender at any time until the loan is approved and the rate is locked. Borrowers must be approved by underwriting. Not all applicants will qualify.