Florida Bank Statement Loan Rates and Non-QM Mortgage Guide
- Philip Bennett (NMLS # 1098318)
- Feb 25, 2024
- 8 min read
Updated: Feb 1
The current interest rates for bank statement loans in Florida are catching many eyes, ranging from 6.125%* to 6.875%*. This is crucial for homebuyers, real estate investors, and realtors. They rely on bank statement loans to get financing.
These loans offer a rare chance for self-employed borrowers. They also help those with non-traditional income to qualify for a mortgage. Unlike conventional loans, bank statement mortgages allow applicants to use personal or business bank statements. They use these instead of tax returns to prove their income.
This flexibility means more people can get into the home of their dreams or invest in valuable property ventures. However, interest rates vary widely. So, shopping around and finding a lender offering competitive rates is important.
Choosing the right interest rate can greatly impact your monthly mortgage payments. It also affects the total cost of your loan over time.
Key Takeaways
✅ Current Florida Bank Statement loan rates range from 6.125 (APR: 6.238%) - 6.875% (APR: 6.938%)* as of February 1st, 2026.
✅ Factors that affect Bank Statement loan rates include the lender, down payment, credit score, and loan term.
✅ Calculating Bank Statement income involves steps such as adding up all business deposits the last 12 - 24 months.
✅ Bennett Capital Partners works with top lenders offering competitive Bank Statement loan rates in 2026
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Understanding Bank Statement Loan Rates
Bank statement loan rates often start higher than those for traditional mortgages. This is because lenders see these loans as riskier. They use your personal or business bank statements to figure out how much you can borrow, instead of looking at tax returns or W-2 forms.
Since this method doesn't give a full picture of your financial stability, banks charge more to cover their risks.
Rates for bank statement loans adjust every few months or depending on market changes based on the SOFR. So, it's crucial to understand how future payments might change. If the rate goes up, so does the cost of your loan; if it drops, you pay less.
Working with a mortgage lender who offers low rates and understands the self-employed market can help keep costs low.
The thought of buying a home seemed daunting, especially as a freelancer with a non-traditional income. However, Bennett Capital Partners turned this dream into a reality by securing a bank statement loan with a rate that fit my unique financial situation perfectly. Their guidance and support throughout the process were invaluable." Alex R., Orlando, FL
📞 Give Us A Call Today 1-800-457-9057
Exploring the Best Bank Statement Loan Rates for Florida 2026
Finding the right bank statement loan rates in Florida for 2026 requires knowledge and strategy. Homebuyers, real estate investors, and realtors should know that the DSCR loan interest rates currently range between 6.125% to 6.875%*.
This variance shows there's room to navigate for better deals. Lenders in Florida offer bank statement loans for self-employed people. They provide stated income loans and reduced documentation mortgages.
These options make it easier to qualify based on your bank statements rather than traditional income proofs.
To secure the best rate, use tools designed to explore mortgage interest rates you can expect during the homebuying process. Comparing these offerings helps find where value meets opportunity. This is a crucial step in getting low bank statement mortgage loan rates.
Remember, each lender evaluates risk differently. So, showing many months of personal and business bank statements could greatly affect your offered rate.
Working with a good mortgage broker expands options. They use their network and expertise to find competitive offers that fit your finances.
Tips for Finding the Best Bank Statement Loan Rates Today
Getting the best bank statement loan rates requires a mix of strategy and keen insight. Explore our guide for tips to secure your optimal rate.
Researching and comparing loan offerings
Finding the best bank statement loan rates involves careful research and comparison. Homebuyers, real estate investors, and realtors should look at different lenders' offerings. They should do this to find the best terms.
Tools and expert evaluations provide insights into mortgage and refinance rates in Florida. Use these resurces to compare loans based on interest rates, loan amounts, and other crucial factors.
Working with reputable mortgage brokers can also streamline this process. They know about many mortgage programs. This includes ones for self-employed people. They are a valuable asset in your search.
Brokers can help you qualify for a bank statement loan. They do this by using personal or business bank statements instead of traditional income documents. This way, you get access to competitive non-QM (non-qualified mortgage) options tailored to your financial situation.
Working with a reputable mortgage broker
A reputable mortgage broker can make a big difference. They have experience and connections with various lenders offering bank statement loans. This means they can help you find the best rates for your home loan based on your unique situation, such as being self-employed or needing a non-qm loan.
They know about many mortgage options. These include ones based on personal and business bank statements. Their knowledge is invaluable.
These brokers also help navigate the application process for a bank statement loan. This makes it smoother and faster. Using their services increases your chances of getting approved for a mortgage. You use bank statements, not traditional income verification methods.
They understand the good and bad of bank statement loans. They will ensure you get a deal that fits your needs. They will do this while considering top-rated Florida lenders.
These lenders are recognized by U.S. News for being credible and reliable.
Conclusion
Finding the right bank statement loan in Florida doesn't have to feel like a treasure hunt. Interest rates for May range from 6.125% to 6.875%*, appealing to both self-employed individuals and those seeking nontraditional mortgages.
Remember, the best rate depends on comparing offers. Work closely with trusted professionals who understand your needs. Dive deep into your research and choose wisely; after all, the perfect loan could be just around the corner, ready to make your Florida home dreams come true.
Your ideal mortgage awaits!
As a real estate investor, I'm always looking for efficient financing options. Bennett Capital Partners exceeded my expectations by offering me a bank statement loan with an excellent rate, facilitating my latest investment in Tampa. Their expertise and personalized approach made all the difference." Samantha P., Tampa, FL
📞 Give Us A Call Today 1-800-457-9057
FAQs
What is a bank statement loan?
A bank statement loan is a type of non QM mortgage that allows borrowers to qualify using bank deposits instead of traditional income documents like tax returns or W2s. These loans are commonly used by self employed borrowers, business owners, and independent contractors in Florida who have strong cash flow but write off expenses on their tax returns.
How do bank statement loan rates compare to conventional mortgage rates?
Bank statement loan rates are typically higher than conventional mortgage rates because they use alternative income documentation and fall outside standard qualified mortgage guidelines. The exact rate depends on credit profile, down payment, loan structure, and overall market conditions.
Who qualifies for a bank statement loan in Florida?
Borrowers who qualify for bank statement loans in Florida are typically self employed individuals, business owners, or borrowers with non traditional income. Lenders review bank deposits, credit history, assets, and overall risk profile rather than relying solely on tax returns.
How many months of bank statements are required for a bank statement mortgage?
Most bank statement mortgage programs require either 12 or 24 months of personal or business bank statements to calculate qualifying income. The specific requirement depends on the lender, loan program, and borrower profile.
Can I use business or personal bank statements to qualify?
Yes, bank statement loan programs may allow the use of personal bank statements, business bank statements, or a combination of both. Business bank statements typically include an expense factor, while personal bank statements may use a higher percentage of deposits.
Do bank statement loans require tax returns?
Bank statement loans generally do not require tax returns for income qualification. Instead, lenders analyze consistent bank deposits to determine qualifying income, making these loans attractive to self employed borrowers who minimize taxable income.
What credit score is needed for a bank statement loan?
The minimum credit score for a bank statement loan varies by lender and program, but higher credit scores typically result in better pricing and more flexible terms. Credit profile is one of the key factors influencing bank statement loan rates.
Are bank statement loans considered non QM mortgages?
Yes, bank statement loans are classified as non QM mortgages because they do not meet standard qualified mortgage income documentation requirements. However, non QM does not mean subprime, as these loans still require full underwriting and borrower verification.
Can bank statement loans be used for investment properties or second homes?
Yes, bank statement loans can often be used to finance primary residences, second homes, and investment properties in Florida, depending on lender guidelines and property eligibility.
What factors affect Florida bank statement loan rates?
Florida bank statement loan rates are influenced by factors such as credit score, down payment amount, loan size, property type, income stability, and overall market conditions. Strong borrower profiles generally receive more competitive pricing.
Do bank statement loans require larger down payments?
Bank statement loans typically require larger down payments than conventional mortgages due to the alternative income documentation used. Down payment requirements vary by lender and loan structure.
Why do self employed borrowers use bank statement loans instead of traditional mortgages?
Self employed borrowers often use bank statement loans because traditional mortgages rely heavily on tax returns, which may not reflect true cash flow due to business deductions. Bank statement loans allow income qualification based on actual deposits rather than reported taxable income.
How do lenders calculate income using bank statements?
Lenders calculate income by reviewing consistent deposits over the required statement period and applying an expense factor if business statements are used. The resulting average monthly income is used for mortgage qualification.
Are bank statement loans available throughout Florida and Miami?
Yes, bank statement loans are widely available throughout Florida, including Miami and South Florida markets, through lenders that specialize in non QM mortgage programs.
Philip Bennett
(NMLS # 1098318)
Philip is the owner and Licensed Mortgage Broker at Bennett Capital Partners, LLC (NMLS #2046862). He earned a Bachelor’s degree in accounting and finance from Binghamton University and a Master's in finance from Nova Southeastern University. With more than two decades of industry leadership, Philip has successfully guided thousands of clients through complex mortgage transactions.
Learn more about Philip Bennett’s background on our Founder’s page. Whether you’re a first-time homebuyer or a seasoned real estate investor, we are here to help you reach your goals. Don’t wait - contact us today and let us help you find the right mortgage for your needs.
*APR Disclosure
The provided scenarios are based on a set of parameters including a loan amount of $600,000, a purchase price and appraised value of $1,000,000 which translates to 60% Loan-To-Value (LTV), a credit score of 800. The property in question is a single-family residence investment property. The interest rates cited, ranging from 6.125% to 6.875% with an APR of 6.238% to 6.938%, respectively, are accurate as of February 1st, 2026, and exclude broker compensation from Bennett Capital Partners. It is vital to recognize that mortgage rates are subject to daily changes based on market dynamics. Your actual payments may vary based on your specific circumstances and the prevailing rates during your agreement. Some mortgage products may not be available across all states due to diverse regulations. Additional restrictions may apply based on various factors. It’s imperative to note that Bennett Capital Partners may not have all your pertinent information; hence, the rate and payment results generated from this calculator may not accurately represent your actual scenario. At Bennett Capital Partners Mortgage, we extend a vast array of loan options to cater to different needs. There’s a possibility you may still qualify for a loan even if your situation diverges from our assumptions. For more accurate and personalized results, we strongly recommend reaching out to converse with one of our mortgage experts.
