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Bank Statement Mortgages

Welcome to our Bank Statement Programs page, where we are dedicated to helping self-employed and small business owners get the financing they need to achieve their dreams. We understand that for many entrepreneurs, obtaining a traditional mortgage can be difficult, if not impossible. That's where our Bank Statement Programs come in.

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Our Bank Statement Programs offer a unique solution for those who may not have traditional income documentation, such as W-2s and tax returns, to qualify for a mortgage. Instead, we use bank statements to verify income and determine creditworthiness. This allows us to provide financing options for those who may have been turned down by traditional lenders.

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We offer a range of Bank Statement Programs to fit your specific needs. Whether you're looking to purchase a new home, refinance your existing mortgage, or invest in a rental property, we have a program that can help. Our experienced team will work with you every step of the way to find the best program for your unique situation.

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Our Bank Statement Programs are designed to be flexible and accommodating. We understand that self-employed and small business owners often have unique income streams and financial situations. That's why we offer programs with different income documentation requirements and credit score minimums. We want to help as many entrepreneurs as possible achieve their dreams of homeownership or investment properties.

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At our company, we pride ourselves on providing exceptional service and personalized attention to every client. We understand that obtaining a mortgage can be a stressful and confusing process, but we're here to make it as easy and painless as possible. Contact us today to learn more about our Bank Statement Programs and how we can help you achieve your goals.

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Understanding Bank Statement Mortgages 

Bank Statement Mortgage Programs

Bank Statment Program Use Cases 

Our bank statement mortgage programs include the 1-3 month, 12 month, and 24-month bank statement programs. The 1-3 month bank statement program is perfect for individuals with inconsistent deposits in their bank accounts, but have been maintaining them for the last 3 months. The 12-month program is great for borrowers with consistent business deposits over the last 12 months, but had a decrease in income over the previous year or lack a good financial history. Lastly, the 24-month program is best suited for borrowers with consistent deposits over the last 24 months.

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At Bennett Capital Partners, we have helped countless customers through these bank statement mortgage programs. Please see the use cases below on how we were able to use the Bank Statement programs to help borrowers.

 

1-3 Month Bank Statement Program

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This program is designed for borrowers with inconsistent deposits over the last few months. If you're a freelancer, self-employed, or work on commission, you may not have a steady stream of income coming in each month. In this case, the 1-3 month bank statement program can be a great option for you. It allows you to use your most recent bank statements to verify your income and does not require personal or business tax returns.

 

Use Case 1: A freelance web designer approached me for a mortgage, but he faced difficulty in providing traditional income documentation as his income varied depending on the number of clients he worked with each month. Fortunately, he had been maintaining his personal bank account for the last three months and had regular deposits. Using the 1-3 month bank statement program, I was able to verify his income using his bank statements and help him qualify for a mortgage without having to provide tax returns or other traditional income documentation.

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Use Case 2: A sales executive who recently started her own business was struggling to get a mortgage because she had only been operating her business for a few months and didn't have a full year of financial history. However, she had been maintaining her personal bank account and had regular deposits. By using the 1-3 month bank statement program, I was able to verify her income using her bank statements and help her qualify for a mortgage without having to provide tax returns or other traditional income documentation.

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12 Month Bank Statement Program

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If you have consistent business deposits over the last 12 months but did not have a good prior year or experienced a decrease in income over the previous 12 months, this program may be ideal for you. It allows you to use your bank statements to verify your income and does not require personal or business tax returns. Lenders typically look at the last 12 months of eligible business deposits and divide the total by 12 months to calculate the borrower's income.

 

Use Case 1: A small business owner approached me for a mortgage but was unable to provide traditional income documentation due to a decrease in income over the last year. However, he had been maintaining his business bank account and had consistent deposits over the last 12 months. Using the 12 month bank statement program, I was able to verify his income using his business bank statements and help him qualify for a mortgage without having to provide tax returns or other traditional income documentation.

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Use Case 2: A self-employed real estate agent with a variable income each month approached me for a mortgage. However, she had been maintaining her personal bank account and had consistent deposits over the last 12 months. Using the 12 month bank statement program, I was able to verify her income using her personal bank statements and help her qualify for a mortgage without having to provide tax returns or other traditional income documentation.

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24 Month Bank Statement Program

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This program is designed for borrowers with consistent deposits over the last 24 months. It allows you to use your bank statements to verify your income and does not require personal or business tax returns. Lenders typically look at the last 24 months of eligible business deposits and divide the total by 24 months to calculate the borrower's income. Use Case 1: A self-employed individual who has been consistently earning for the past 24 months can benefit from this program. Use Case 2: A small business owner with a successful business for the past 2 years but has been unable to show their income using tax returns can use this program to verify their income.

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Use Case 1: A business owner approached me for a mortgage and was unable to provide traditional income documentation due to the nature of his business. However, he had been operating his business for the last two years and had consistent deposits in his business bank account. Using the 24 month bank statement program, I was able to verify his income using his business bank statements and help him qualify for a mortgage without having to provide tax returns or other traditional income documentation.

 

Use Case 2: A freelance writer with a variable income each month approached me for a mortgage but was unable to provide traditional income documentation due to the inconsistent deposits in her personal bank account. However, she had been maintaining her personal bank account and had consistent deposits over the last 24 months. Using the 24 month bank statement program, I was able to verify her income using her personal bank statements and help her qualify for a mortgage without having to provide tax returns or other traditional income documentation.

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Bank statement mortgages are becoming increasingly popular among self-employed and small business owners in Florida and Miami. By offering these flexible programs with varying options, we at Bennett Capital Partners are committed to helping borrowers find the best loan program to suit their unique financial situation.

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Eligibility Requirements

 

Eligibility requirements for Bank Statement Mortgages in Florida can vary by lender, but here is a list of general requirements that may be considered:

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  1. Credit Score: While there are lenders who may approve a bank statement mortgage with a credit score as low as 500, most lenders require a minimum credit score of 600.

  2. Bank Statement History: Typically, lenders require at least 12-24 months of bank statements to verify the income of the borrower. The more cash reserves the borrower has, the more favorable the loan terms may be.

  3. Down Payment: Generally, a minimum of 10% down payment is required for a bank statement mortgage. However, some lenders may require more.

  4. Debt-to-Income Ratio: The debt-to-income (DTI) ratio measures how much of your monthly income goes toward debt payments. Most lenders require a DTI of 43% or lower, though some lenders may go up to 50% DTI with compensating factors.

  5. Residency Status: Some lenders require the borrower to be a U.S. citizen or permanent resident. Others may accept a borrower with a valid work visa or other legal documentation.

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It's important to note that these requirements can vary by lender, and there are many other factors that can impact your eligibility for a bank statement mortgage. That's where Bennett Capital Partners comes in - we specialize in finding the right lender for each borrower's unique situation, whether you're looking to buy a home or invest in real estate in Florida. Contact us today to learn more about how we can help you secure a bank statement mortgage.

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How to find out if you qualify

 

At Bennett Capital Partners, we offer three convenient ways for borrowers to get pre-approved for our mortgage programs.

 

1.) You can call us directly at 305-407-0747 to speak with one of our experienced mortgage specialists who can guide you through the process.

2.) You can use our free quote button to request a quote, one of our mortgage specialists will then reach out to you with the next steps. 

3.) Click on the "Apply Now" link at the top of the page to expedite the pre-approval process. 

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Once you have submitted your application for pre-approval, our team will review it and get back to you with the requirements specific to your scenario.

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For a Purchase pre-approval, the following documents are needed:

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  • Bank statements

  • Drivers License

  • Copy of the executed sales contract or the property address and purchase that you would like to make an offer on. 

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For a Refinance pre-approval, the following documents are needed:

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  • Bank Statement

  • Most recent mortgage statement(s) for the property you want to refinane

  • Homeowners insurance declaration page

  • Most recent HOA or condo association monthly billing statement (if applicable)

  • Driver's license

 

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Understanding Bank Statement Mortgages

 

What are bank statement mortgages?

 

Bank statement mortgages are a type of mortgage loan that are specifically designed for self-employed individuals and entrepreneurs who may not have traditional income documentation, such as pay stubs or tax returns. Instead, these borrowers can use their bank statements to demonstrate their income over the past 12-24 months. This can be an attractive option for those who have income from multiple sources or who have a fluctuating income.

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When applying for a bank statement mortgage, borrowers will typically need to provide their bank statements from the past 12-24 months as proof of income. The lender will then review the statements to determine the borrower's average monthly income. The lender may also review the borrower's credit score, employment history, and other financial information to assess their overall creditworthiness.

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Bank statement mortgages are often considered a type of alternative documentation mortgage, as they do not rely on the same traditional documentation as other types of mortgages. However, these loans may come with higher interest rates or require a larger down payment, as they may be considered riskier by lenders. Nonetheless, they can be a great option for self-employed individuals who may have difficulty qualifying for a traditional mortgage based on their income documentation.

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Who can benefit from a bank statement mortgage?

 

Bank statement mortgages can be a beneficial option for many borrowers who have difficulty providing traditional income documentation or don't meet the strict income requirements of traditional mortgage lenders. Some examples of who can benefit from a bank statement mortgage include:

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  • Self-employed individuals who don't have a consistent salary and may have difficulty providing W-2s or tax returns as proof of income

  • Small business owners who have recently started their business and don't have a lengthy track record of consistent income

  • Commission-based employees who have variable income that fluctuates from month to month

  • Seasonal workers who have significant income during certain times of the year, but not consistent income year-round

  • Real estate investors who may have multiple properties and streams of rental income, but may not meet the strict debt-to-income requirements of traditional lenders

  • Retirees who may have significant assets but limited income


With a bank statement mortgage, these borrowers can use their bank statements to demonstrate their income and qualify for a mortgage loan. This can be a great option for those who may not meet the strict income requirements of traditional mortgage lenders. Additionally, borrowers can use these loans to purchase a variety of different properties, including primary residences, second homes, and investment properties.

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In conclusion, if you're in one of these situations or have difficulty meeting traditional income requirements, a bank statement mortgage may be a great option for you. Contact a reputable mortgage broker like Bennett Capital Partners to learn more about your options and find the best mortgage product to meet your needs. We can help guide you through the lending process and ensure that you find the right mortgage product to help you achieve your homeownership goals.

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How does the bank statement verification process work?

 

The bank statement verification process for a bank statement mortgage is a bit different than the process for a traditional mortgage. Rather than relying solely on W-2s or tax returns to verify a borrower's income, lenders will look at the borrower's bank statements to assess their ability to repay the loan. Here's how the bank statement verification process typically works:

 

  1. Lenders will ask borrowers to provide several months' worth of bank statements, typically 12 to 24 months. The exact number of months required may vary depending on the lender and the specific loan program.

  2. Lenders will review the bank statements to determine the borrower's average monthly income. They may also look for large deposits or other unusual activity that could impact the borrower's ability to repay the loan.

  3. Lenders will calculate the borrower's debt-to-income ratio using the income information from the bank statements and any other debts or financial obligations the borrower has. This ratio is a key factor in determining whether the borrower is eligible for the loan.

  4. If the lender is satisfied with the borrower's income and debt-to-income ratio, they may issue a pre-approval letter or move forward with underwriting the loan.

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Overall, the bank statement verification process is designed to give lenders a more complete picture of a borrower's financial situation, particularly for those who may not have traditional income documentation. As a mortgage broker, my team and I work closely with our clients to ensure they provide all necessary documentation and help guide them through the lending process. With our expertise and experience, we can help borrowers find the best bank statement mortgage product to meet their needs and achieve their homeownership goals.

 

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What are the requirements for a bank statement mortgage?

 

Bank statement mortgages are an excellent option for borrowers who are unable to provide traditional income documentation like W-2s or tax returns. However, it's essential to note that the requirements for a bank statement mortgage may vary from lender to lender. At Bennett Capital Partners, we specialize in finding the right bank statement lender that best suits your unique scenario. We have an extensive network of lenders that offer bank statement mortgages for condos, low credit scores, low down-payments, and non-US residency status.

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While there are no hard and fast rules for bank statement mortgages, here are some general requirements that lenders may consider:

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  • A minimum credit score of 600 (Some lenders allow lower FICO scores)

  • At least 12-24 months of bank statements

  • A minimum of 10% down payment with higher FICO scores

  • Proof of income through bank statements 

  • A debt-to-income ratio of less than 50% (Some lenders allow up to 55%)

  • Proof of Self Employment

  • Verification of a borrowers credit report and score

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It's crucial to keep in mind that these requirements are just generalizations, and different lenders may have different requirements. It's essential to work with an experienced mortgage broker who can help you navigate the requirements and find the right lender for your needs. At Bennett Capital Partners, we pride ourselves on finding the best lender for each of our clients to ensure their success in obtaining a bank statement mortgage.

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How much can I borrow with a bank statement mortgage?

 

With a bank statement mortgage, the maximum amount that you can borrow depends on several factors, including your income, credit score, and the lender's policies. While some lenders may have a cap on the amount they will lend, others may be willing to offer higher amounts.

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At Bennett Capital Partners, we have access to lenders who can provide bank statement mortgages up to $10 million. However, it's important to note that the amount you can borrow will also depend on other factors such as your debt-to-income ratio, the property's value, and your down payment.

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To determine how much you can borrow with a bank statement mortgage, our team will review your bank statements to verify your income and expenses. We'll also consider your credit score, employment history, and any outstanding debts. By analyzing your financial situation, we can help you find a lender who will provide a loan amount that suits your needs and fits within your budget.

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Overall, the amount you can borrow with a bank statement mortgage is not fixed and can vary based on multiple factors. At Bennett Capital Partners, we specialize in finding the right lenders who can offer the maximum loan amount for your unique financial situation. Contact us today to learn more about your options for a bank statement mortgage.

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How long does it take to get approved for a bank statement mortgage?

 

Getting approved for a bank statement mortgage can take as little as a few days or as long as several weeks, depending on several factors, including:

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  1. Completeness and accuracy of your application: Ensuring that your application is complete and all necessary documentation is included can expedite the approval process.

  2. Complexity of your financial situation: If your financial situation is complex, it may take longer for a lender to verify your income and assets through your bank statements.

  3. The lender’s workload: If the lender is busy, it may take longer for them to review and approve your application.

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At Bennett Capital Partners, we work with multiple lenders who specialize in bank statement mortgages and have streamlined processes in place to expedite the approval process. Our team of experienced mortgage brokers can help you find the right lender for your unique financial situation and guide you through the application process, helping you gather and submit all necessary documentation. We understand that time is of the essence and work diligently to ensure a smooth and timely approval process for our clients. Contact us today to get started.

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Why are mortgage brokers best for bank statement loans?

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Mortgage brokers can be a great option for borrowers seeking bank statement loans in Florida, particularly in large metro areas like Miami. As brokers, companies like Bennett Capital Partners can help borrowers navigate the complex lending process and find the best mortgage options available to them.

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One of the key benefits of working with a mortgage broker is access to a wider variety of loan products. Brokers have relationships with multiple lenders and can shop around on behalf of their clients to find the best rates and terms. This is particularly important for borrowers seeking bank statement loans, which may be more difficult to find through traditional lenders. As a broker, Bennett Capital Partners has access to a range of bank statement loan products and can help borrowers compare their options and find the best fit for their needs.

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Another advantage of working with a mortgage broker is personalized support throughout the lending process. Brokers can help borrowers prepare their application, gather the necessary documentation, and navigate any potential roadblocks along the way. At Bennett Capital Partners, we take pride in providing exceptional customer service and support to all of our clients. Whether you are a self-employed entrepreneur or simply looking for a non-traditional mortgage option, we can help guide you through the process and ensure that you are well-informed every step of the way.

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In conclusion, if you are a borrower seeking a bank statement loan in Florida, working with a mortgage broker like Bennett Capital Partners can be an excellent choice. With our extensive experience and access to a wide range of loan products, we can help you find the best mortgage options available and guide you through the lending process with personalized support and exceptional customer service. Contact us today to learn more about how we can help you achieve your homeownership goals in Miami or other large metro areas in Florida.

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Can I use bank statement mortgages for a second home or investment property?

 

Yes, bank statement mortgages can be used to finance a second home or investment property. In fact, they can be a great option for borrowers who are self-employed or have irregular income streams, as they allow for more flexible income verification requirements.

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At Bennett Capital Partners, our 22 years of experience in the mortgage industry in Florida, including Miami, Tampa, Orlando, and other metropolitan areas, make us the best choice for out-of-state borrowers looking to purchase a second home or investment property in Florida. We have a vast network of lenders and access to many different bank statement mortgage products, which means we can find the best solution to meet our clients' specific needs and unique situations.

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Whether you're looking to purchase a second home or investment property in Florida, Bennett Capital Partners can help you secure the financing you need with the best interest rates and terms available. Contact us today to learn more about our bank statement mortgage options and to get started on your path to property ownership in Florida. With our expertise and personalized approach, we're confident that we can help you achieve your real estate goals.

 

 

Can I refinance my bank statement mortgage?

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Yes, you can refinance your bank statement mortgage just like any other type of mortgage. Refinancing your bank statement mortgage can help you obtain a better interest rate or term, or allow you to access equity in your home for other financial needs.

To refinance your bank statement mortgage, you will need to follow a similar process as you did when you initially applied for the mortgage. This will include submitting a new application, providing documentation of your income and assets through bank statements, and undergoing a credit check.

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It's important to work with an experienced mortgage broker like Bennett Capital Partners, who can help you navigate the refinancing process and find the right lender for your unique financial situation. Our 22 years of experience in the Miami and other metropolitan areas of Florida make us the best choice for anyone looking to refinance their bank statement mortgage. Contact us today to discuss your refinancing options and see how we can help you save money and achieve your financial goals.

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How do bank statement mortgages work?

 

Bank statement mortgages work by using a borrower's bank statements to verify their income and ability to repay the loan. Instead of traditional income documentation such as W-2s or tax returns, lenders will look at the borrower's bank statements to see if there is consistent income coming in to support the monthly mortgage payments. Here is a more detailed explanation of how bank statement mortgages work:

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  1. Income Verification: Unlike traditional mortgages that require tax returns and W-2s, bank statement mortgages rely on the borrower's bank statements to verify their income. Lenders will typically look for a minimum of 12-24 months of bank statements to determine the borrower's average monthly income.

  2. Down Payment: Bank statement mortgages typically require a minimum down payment of 10% of the home's purchase price. However, some lenders may require a higher down payment, depending on the borrower's credit score, debt-to-income ratio, and other factors.

  3. Interest Rates: Bank statement mortgages often come with higher interest rates than traditional mortgages, as they are considered riskier by lenders due to the lack of traditional income documentation.

  4. Credit Score: While credit scores are still considered in the approval process for bank statement mortgages, lenders may be more lenient with lower credit scores than they would be with traditional mortgages.

  5. Residency Status: Bank statement mortgages may also be available to borrowers who are not U.S. citizens or permanent residents, depending on the lender's requirements.

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It's important to note that requirements for bank statement mortgages can vary by lender and state. In Florida, Bennett Capital Partners is a top-rated mortgage broker that specializes in bank statement mortgages. As experts in the industry with over 22 years of experience, we can help guide borrowers through the process and find the right lender for their unique situation.

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What are lending criteria for bank statement mortgages?

 

The lending criteria for bank statement mortgages can vary by lender, but there are some common requirements that borrowers should be aware of. One of the main criteria is the number of months of bank statements that lenders will require. Typically, lenders will ask for bank statements from the past 12-24 months to verify a borrower's income. Additionally, lenders may require a minimum credit score to qualify for a bank statement mortgage. Borrowers should check with their lender to see what their specific requirements are.

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Another important lending criteria for bank statement mortgages is the down payment. Like traditional mortgages, borrowers will need to make a down payment to purchase a home. The down payment required for a bank statement mortgage can vary, but it's typically higher than the down payment required for a traditional mortgage. Borrowers should work with their lender to determine what their down payment requirements are and what they can afford.

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Finally, borrowers should be aware that bank statement mortgages may have higher interest rates and fees compared to traditional mortgages. This is because they are considered higher risk loans due to the alternative income documentation used to verify a borrower's income. Borrowers should carefully consider the costs associated with a bank statement mortgage and work with their lender to find the best mortgage for their needs.

 

Does Bennett Capital Partners offer bank statement mortgages for self-employed individuals in Miami, FL?

 

Yes, Bennett Capital Partners offers bank statement mortgages for self-employed individuals in Miami, FL. As a mortgage lender specializing in alternative income documentation, we understand the unique needs of self-employed individuals and offer a range of mortgage products to help them achieve their homeownership goals. Our bank statement mortgage program allows borrowers to use their bank statements to verify their income, rather than relying on traditional income documentation like W-2s or tax returns.

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To qualify for a bank statement mortgage with Bennett Capital Partners, borrowers must provide bank statements from the past 12-24 months and have a minimum credit score of 580. We also require a down payment of at least 10% and may ask for additional documentation depending on the borrower's situation. Our team of experienced loan officers can guide borrowers through the application process and help them find the best mortgage product for their needs.

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If you're a self-employed individual looking for a mortgage in Miami, FL, contact Bennett Capital Partners today to learn more about our bank statement mortgage program and how we can help you achieve your homeownership goals.

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What are the requirements for Bank Statement Mortgages in Florida?

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Bank statement mortgages are a popular option for borrowers in Florida who have difficulty providing traditional income documentation. However, requirements for bank statement mortgages can vary depending on the lender. As a result, it's important to work with a mortgage broker who can help you find a lender that is the best fit for your unique situation. At Bennett Capital Partners, we specialize in bank statement mortgages in Florida and have access to a network of lenders that offer this type of loan.

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Here are some general requirements for bank statement mortgages in Florida that lenders may consider:

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  • A minimum credit score of 600, although some lenders may allow lower scores

  • At least 12-24 months of bank statements to verify income

  • A minimum down payment of 10%, although some lenders may require more

  • Debt-to-income ratio of less than 43%

  • Residency or citizenship status in the United States


It's important to note that these are general requirements and each lender may have their own specific criteria. Additionally, requirements can vary based on factors such as the type of property being financed (e.g., primary residence, investment property), the amount of the loan, and other unique circumstances.

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At Bennett Capital Partners, we understand the nuances of bank statement mortgages in Florida and can help you navigate the process. Our experienced mortgage brokers can guide you through the requirements and connect you with a lender that is the best fit for your needs. Contact us today to learn more and get started on your bank statement mortgage journey.

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What Our Clients Say

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Alex S. 

Philip was highly recommended to me and he did not disappoint. He was incredibly helpful and honest throughout the entire process, getting us the best program that matched our needs. We really didn't think we had a chance and luckily Philip …
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