Bank statement loans in Florida and Colorado
How does a bank statement loan work?
A bank statement loan is a Non-QM mortgage that calculates your income from 12 or 24 months of personal or business bank deposits instead of tax returns. The lender totals eligible deposits, applies an expense factor for business accounts, and divides by the number of months to get qualifying monthly income. It's built for self-employed borrowers whose write-offs lower taxable income.
- Income comes from 12 or 24 months of bank deposits, not tax returns.
- Business statements usually have an expense factor applied; personal statements generally don't.
- Twelve months is faster to document; 24 months can smooth out uneven income.
- This tool prices Florida and Colorado primary homes and second homes live.
- Rates are typically above conventional and depend on credit, down payment and statement type.
The tool opens on 12-month bank statements. Switch to 24 months to see how the same loan prices with a longer history.
Price a bank statement loan
Self-employed? Qualify on how you actually earn. Live wholesale pricing for Florida and Colorado properties. Not an approval, commitment, or guarantee of financing.
Found a bank statement quote you like?
A licensed loan officer will review your deposits and confirm the best statement period for you.
How a bank statement loan works
- Step 1
Choose 12 or 24 months
Pick the statement period that best reflects steady income.
- Step 2
Total your eligible deposits
Business income deposits count; transfers between your own accounts and one-off non-business deposits usually don't.
- Step 3
Apply the expense factor
For business accounts, the lender applies an expense factor or uses a CPA-verified expense ratio.
- Step 4
Divide into monthly income
The result, divided by the number of months, is your qualifying monthly income.
12-month vs. 24-month bank statements
Both use the same calculation; the difference is how much history the lender averages.
| Factor | 12 months | 24 months |
|---|---|---|
| Documents to gather | Fewer | Twice as many |
| Best for | Growing or steady recent income | Seasonal or uneven income |
| Income average | Most recent year only | Two-year average |
| Pricing | Compare in the tool | Compare in the tool |
How bank statement income is calculated
A sample self-employed borrower using 12 months of business bank statements.
- Total 12-month deposits$240,000
- Sample expense factor50%
- Qualifying annual income$120,000
- Qualifying monthly income$10,000
In this sample, the lender would count $10,000 as monthly qualifying income — even if the tax return shows far less after deductions.
Illustrative only. Expense factors and calculation methods vary by lender and program.
What you'll typically need
- 12 or 24 months of bank statements, 1099s, a P&L or asset statements (depending on the path)
- Government-issued photo ID
- Proof of business ownership or self-employment, such as a business license or CPA letter
- Two months of statements showing down payment and reserves
- Homeowners insurance quote
- Purchase contract or current mortgage statement
12 or 24 months — not sure?
Send your scenario and we'll compare both statement periods for you.
Who uses Non-QM loans
Write-offs reduce taxable income, but deposits show real cash flow.
1099 income qualifies without full tax-return analysis.
Liquid assets can be converted into qualifying income.
Uneven income can be averaged over 12 or 24 months.
Non-QM loans: benefits and trade-offs
- Qualify without tax returns
- Several documentation options to fit your records
- Works for primary homes and second homes
- Live pricing lets you compare paths instantly
- Rates are usually higher than conventional loans
- Larger down payments are often required
- More reserves may be needed
- Fewer lenders offer each program
Bank statement loan questions
How does a bank statement loan work?
The lender averages 12 or 24 months of personal or business bank deposits to calculate qualifying income instead of using tax returns.
12 or 24 months of statements — which is better?
Twelve months is faster to document. Twenty-four months can help when income was uneven. Run both in the tool to compare pricing.
Can I use personal or business bank statements?
Both are commonly accepted. Business statements usually have an expense factor applied; personal statements generally don't, but must show business income deposits.
What is an expense factor?
A percentage the lender subtracts from business deposits to account for operating costs. Some programs accept a CPA or tax preparer letter showing your actual expense ratio instead.
Which deposits don't count?
Transfers between your own accounts, loan proceeds and large unexplained one-time deposits are typically excluded.
Who is a bank statement loan for?
Self-employed borrowers and business owners whose tax returns show lower income after write-offs.
Do I need to be self-employed?
Generally yes. Lenders usually ask for proof of self-employment, such as a business license or CPA letter.
Are bank statement loan rates higher?
They're usually above conventional rates. Your pricing depends on credit, down payment and statement type — see live options in the tool.
Can I buy a second home with a bank statement loan?
Yes. The tool prices primary homes and second homes in Florida and Colorado.
Where is this pricing available?
Florida and Colorado primary homes and second homes.
Simply Approved Mortgages is a mortgage broker, NMLS #2620881, licensed for residential lending in Florida and Colorado. Pricing shown by the tool is from current wholesale schedules, changes without notice, and is not a loan approval, commitment to lend, or rate lock. Program availability, documentation and limits vary by lender and are confirmed in underwriting.
How We Evaluate This Scenario
On a bank statement file, the deposit pattern matters as much as the total. Steady monthly deposits read cleanly; a few very large deposits invite questions and may be excluded if they can't be tied to business income.
If your business runs leaner than the standard expense factor, ask whether a CPA or tax preparer letter showing your actual expense ratio is accepted — it can raise qualifying income meaningfully.
Use the account where your business income actually lands. Moving money between accounts during the statement period can make deposits look like transfers, which are usually excluded.
Reviewed by Simply Approved Mortgages · NMLS #2620881. Business-purpose investor lending only.
Qualify on your deposits
Get a personalized bank statement loan quote for your Florida or Colorado home.
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Pick the loan type that fits your deal and complete a short, tailored pre-qualification. A licensed loan officer follows up with an initial scenario review once we have your credit authorization and supporting documents — usually the same business day. Formal pricing and terms follow underwriting.
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