Why Choose a Bank Statement HELOC in Florida
A Bank Statement HELOC gives self-employed borrowers a flexible way to access home equity without relying on traditional income verification. Instead of tax returns or W-2s, lenders evaluate 12–24 months of bank deposits to determine qualification—offering a more accurate picture of your financial strength as a business owner or independent contractor.
This second-mortgage option provides a revolving credit line you can draw from as needed, making it ideal for covering business expenses, funding renovations, consolidating debt, or expanding investment opportunities. Because it is a stand-alone second mortgage, your existing first mortgage remains untouched—especially valuable for borrowers who want to keep their low rate.
At Select Home Loans, we streamline the HELOC approval process for self-employed Floridians, offering flexible terms, competitive limits, and fast funding.
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Bank statement loans qualify self-employed borrowers on 12 or 24 months of bank deposits rather than tax returns. They exist because many self-employed borrowers legitimately reduce their taxable income through deductions but still have strong real cash flow — and traditional underwriting unfairly disadvantages them.
We accept personal bank statements, business bank statements, or a combination. The lender averages qualifying deposits over the look-back period and uses an expense ratio (typically 50%) for business statements to arrive at qualifying income. The result: many borrowers qualify for substantially more than their tax returns would suggest.
Florida has one of the largest self-employed populations in the country — service business owners, consultants, contractors, real estate professionals, healthcare providers, and small-business owners — and bank statement loans are written here every day.
No — bank statement loans skip tax returns entirely. We use 12 or 24 months of bank statements to verify income.
Most programs start at 660; pricing improves at 700+ and 740+.
Loan amounts up to $3 million on most programs, with stronger borrowers eligible for higher limits.
Yes — we have non-QM HELOC and fixed second programs for self-employed borrowers.
Rates run modestly higher than conventional, but the trade-off is real: you qualify for the loan you actually need.
