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Bank Statement Loans in Orlando for Self-Employed Borrowers

ou run a real business and make real money, and a bank still said you don’t qualify. The problem usually isn’t your income. It’s your tax return. Your CPA wrote off every dollar the law allows, and the underwriter saw only the small number on the bottom line. Meanwhile, the rent check keeps going out.

A bank statement loan in Orlando fixes that. It qualifies self-employed borrowers on 12 or 24 months of bank statements instead of tax returns.

Bruce Woodburn, The Loan Arranger, and the Woodburn Team arrange these loans for Central Florida business owners, contractors and 1099 earners. Call 407-869-8830 to find out what your statements qualify you for.

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What Is a Bank Statement Loan?

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A bank statement loan is a mortgage for self-employed borrowers that uses 12 or 24 months of personal or business bank statements to document income, instead of tax returns, W-2s or pay stubs. Lenders call it a non-qualified mortgage (non-QM) or alternative-documentation loan. It’s built for business owners whose write-offs make their income look smaller than it is.

How Bank Statement Loan Income Is Calculated

  • Personal bank statements: eligible deposits are averaged over the statement period.
  • Business bank statements: deposits are averaged, then an expense factor is applied, or a CPA-prepared profit and loss statement is used instead.
  • What doesn’t count: transfers between your own accounts and one-time non-business deposits.
  • Self-employment history: typically two years, verified by a CPA letter or business license.

Why Do Self-Employed Borrowers Get Denied by Banks?

What The Bank Uses

Conventional underwriters qualify you on the net income from your tax return, after write-offs.

Where It Breaks

When deductions shrink that number, your debt-to-income ratio climbs past the limit and the file gets denied.

What Was True All Along

Your business deposits easily cover the payment.

A bank statement loan measures DTI against your actual deposits instead.

Bank Statement Loan Requirements and Options

Loan Amounts Up To

$3.5M

From a starter condo to a Winter Park estate

How The Loan Can Be Structured

  • Property types: primary home, second home or investment property. Buying a rental that should qualify on its rent instead? See DSCR loans →
  • Personal or business statements: the two can produce very different qualifying incomes, so it’s worth running both.
  • Supplemental income: W-2, 1099, rental or other income can be added when it strengthens the file.
  • Loan purpose: purchase, rate-and-term refinance or cash-out refinance.

Bank Statement Loan vs. Conventional Loan

Bank Statement Loan vs. Conventional Loan

Bank Statement Loan Conventional Loan
Built For Self-employed, 1099, business owners, gig and hospitality pros W-2 earners, and self-employed borrowers with strong taxable income
Income Documentation 12 or 24 months of bank statements; no tax returns, W-2s or pay stubs Pay stubs and W-2s; tax returns for self-employed borrowers
How Income Is Figured Averaged deposits, with an expense factor on business accounts Gross pay (W-2) or net income after write-offs (self-employed)
Down Payment Typically 10%–25%, based on credit and occupancy As little as 3% on a primary home
Interest Rate Higher, because you’re paying for the documentation flexibility Lower for borrowers who qualify
Mortgage Insurance Typically none Required under 20% down
Seller-Paid Closing Costs Up to 6% of the purchase price Investment: 2%; under 10% down: 3%; 10% or more down: 6%
Best When Write-offs make your income look small Your tax return or pay stub shows your full income

Program terms vary by borrower profile, credit and property. All loans subject to underwriting approval. Certain restrictions apply.

Should I Use Personal or Business Bank Statements?

It depends on where your income lands, and the wrong choice can cost you an approval.

Business Statements

Get an expense factor applied before deposits count as income.

Personal Statements

Usually count eligible deposits in full.

Same borrower, same year, and the two qualifying incomes can land far apart.

Personal Often Wins When

You pay yourself from the business into a personal account you keep separate.

Business Often Wins When

Most of your income stays in the business, or a CPA can document real expenses below the standard factor.

A loan officer who doesn’t know this program grabs the business statements by default. The Woodburn Team starts by working out which set makes your file strongest, then pulls the statements.

Not sure which fits your business?

Call Bruce Woodburn — 407-869-8830

How Does the Bank Statement Loan Process Work?

The bank statement loan process has four steps, from the first call to closing.

  1. Free consultation. Call 407-869-8830, or 407-250-9144 after hours and weekends, or apply online at webringyouhome.com. A short conversation about your business shows whether a bank statement loan is the best path or whether another loan fits better.
  2. Income mapping. Before any statements are pulled, the team works out which ones, personal or business, give you the strongest qualifying income.
  3. Documents. You send the statements plus proof of two years of self-employment, such as a CPA letter or business license. Large or unusual deposits get a short explanation up front so underwriting doesn’t stall.
  4. Underwriting through closing. Once you’re under contract, you and your agent get Tuesday Updates, a weekly status on the loan, all the way to the closing table.
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Self-Employed Mortgage Options: Which One Fits?

Business owners and freelancers buying a primary or second home

A bank statement loan qualifies them on 12 or 24 months of deposits.

Call 407-869-8830 →

1099 contractors with consistent 1099 income

A 1099 loan can qualify them on 90% of their 1099 income, with no bank statement analysis.

Ask about the 1099 option →

Gig workers and hospitality pros with deposits across multiple platforms

Bank statements capture income that a W-2 or a single 1099 would miss.

See if you qualify →

Self-employed buyers purchasing a rental

A DSCR loan can qualify on the property’s rent alone, with no personal income documents.

Compare DSCR loans →

Self-employed borrowers whose tax returns show strong income

A conventional loan will likely cost less.

See conventional loans →

Common Questions About Bank Statement Loans in Orlando

How many months of bank statements do you need for a bank statement loan?

Either 12 or 24. The 12-month option averages only your most recent year, so it usually works better when income is growing. The 24-month option smooths out a slow year, so it usually works better when last year dipped. We compare both before choosing.

How much down payment does a bank statement loan require?

Usually more than a conventional loan, often 10% to 25% depending on credit, loan amount and property. Call 407-869-8830 for the figure on a specific purchase.

Can you refinance a bank statement loan into a conventional loan later?

Often, yes. Once your tax returns show enough income to qualify, refinancing into a conventional loan can lower your rate. It’s a common plan: buy now with a bank statement loan, then refinance once your tax picture catches up.

Do bank statement loans have prepayment penalties?

Not on a primary or second home. Federal rules bar prepayment penalties on non-QM loans for homes people live in. Investment property loans can carry one, so ask about the terms before you lock.

How long does a bank statement loan take to close in Orlando?

It depends mostly on how quickly your statements and any deposit explanations come in. Files that arrive complete, with large deposits already explained, move fastest

Who offers bank statement loans for self-employed buyers in Orlando?

The Woodburn Team at CrossCountry Mortgage, based in Winter Park, works with self-employed buyers across Orlando and nearby cities, including Winter Garden, Lake Mary, Oviedo and Clermont. See all Florida service areas.

Becoming a homeowner when you're self-employed shouldn't be hard.

You’ve built the business. Let’s build the wealth that comes next — because every month you rent is a month you’re building someone else’s. Let’s look at your bank statements together, find the right loan (not just any loan), and get you home.

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