Bank Statement Refinance – Florida Lender
A Bank Statement Refinance gives self-employed borrowers, entrepreneurs, and independent contractors a flexible way to improve their mortgage terms without relying on tax returns. Instead of traditional income verification, lenders use 12 or 24 months of bank deposits to calculate qualifying income—often resulting in higher approval amounts for business owners who take deductions on taxes.
This program is ideal for those wanting to lower their rate, reduce monthly payments, or tap into home equity through a cash-out refinance. Since qualification is based on real cash flow rather than tax filings, it provides a more accurate picture of income for self-employed borrowers.
At Select Home Loans, we streamline the bank statement refinance process to ensure fast approvals and straightforward documentation, helping Florida borrowers unlock better mortgage terms with confidence.
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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.
