Question 1

I'm self-employed in Fort Lauderdale and my last two tax returns don't reflect what I actually bring in. Does that rule me out?

Accepted Answer

No, that's the exact file this loan is built for. Broward's population is being held up by international arrivals, not domestic movers: net international migration ran plus 24,944 against a domestic outflow of negative 29,517 in the year to July 2025, and a lot of that population runs a business or works trade and tourism income rather than a single W-2. Leisure and hospitality still employed 98,700 people countywide in June 2026 and construction another 54,000, even as both sectors were flat to slightly down for the year. If your tax return understates what actually lands in your account, we work from 12 to 24 months of bank deposits instead.

Question 2

I self-manage a registered vacation rental in Fort Lauderdale and get paid through booking platforms. Do those deposits count?

Accepted Answer

Yes, provided the registration is actually yours. The City of Fort Lauderdale requires a vacation rental certificate of compliance that renews annually by September 30 and is explicitly not transferable to a buyer, so confirm the seller's registration isn't what you're counting on before you close. Once the property is registered in your name, the platform deposits run through your bank statements like any other business income. If the deal is really a buy-and-hold rental play rather than a bank-statement qualification, our DSCR rental loan may fit better, since it qualifies off the property's own rent instead of your personal deposits.

Question 3

My tax returns look thin because of depreciation and write-offs across several Broward rental properties. Will that work against me?

Accepted Answer

No, and it's common in a county where the tax bill resets hard on purchase. Broward's non-homestead assessment cap resets to market value the year after you buy, and the millage itself swings almost 7 mills across the county, from 16.28 in Weston to 23.19 in Lauderdale Lakes, with Fort Lauderdale proper at 18.45. Between that reset, depreciation, and ordinary operating write-offs, a real portfolio can show a thin bottom line on paper while the deposits tell a different story. If you're running several Broward properties and want them underwritten as a set, take a look at portfolio loans as well.

Question 4

How do Broward's insurance costs factor into what my bank statements need to show?

Accepted Answer

Plan on carrying a bigger reserve than the national number suggests. The average Broward homeowners premium including wind ran $6,136 as of March 2026, versus $3,008 without wind coverage, and South Florida property claims get litigated at 27.27 percent against 8.16 percent in the rest of Florida. On a typical Fort Lauderdale rental at $2,794 a month, that premium alone runs about 2.2 months of gross rent a year. We look at what your deposits can actually absorb once that carrying cost is in the picture, not just the income line.

Question 5

I'm buying a Broward condo with strong bank statements, but I've heard about milestone inspections and special assessments. Does that change the underwriting?

Accepted Answer

It can, so we look at the building's status, not just your deposits. Florida requires milestone inspections at 30 years for condo buildings three or more habitable stories tall, and structural integrity reserve studies that were due by December 31, 2025 for existing associations, with reserve waivers on those items no longer allowed. Broward's condo values reflect it: down 8.4 percent year over year and 19.6 percent off their January 2024 peak, the steepest of the three South Florida counties, while single-family is down a comparatively mild 2.9 percent. A building mid-assessment or behind on its inspection can affect resale and refinancing regardless of how clean your own deposits are, so we ask for the association's status alongside your statements.

Question 6

What is a bank statement loan, and how is it different from a no-doc loan?

Accepted Answer

A bank statement loan qualifies you on 12 to 24 months of business or personal bank deposits instead of tax returns, which suits self-employed borrowers whose returns understate their real income. A no-doc (or no-ratio) loan goes further and leans on the property and your reserves rather than any income calculation. Both are business-purpose loans for investment property, not consumer mortgages.

Question 7

Do I really not need tax returns or W-2s?

Accepted Answer

Correct. We do not ask for tax returns, W-2s, or pay stubs on these programs. We verify the deal, your credit, and either your bank-statement cash flow or your reserves, depending on the structure. It is built so write-offs and a complex return do not work against a strong borrower.

Question 8

Who is a bank statement or no-doc loan best for?

Accepted Answer

Self-employed investors, business owners, and 1099 or commission earners whose write-offs shrink their taxable income. If your bank deposits tell a stronger story than your tax return, this is usually the right fit.

Question 9

What credit score and down payment do I need?

Accepted Answer

We lend from a credit score of 640, with the best terms going to stronger credit, and a down payment starting around 20%. Across the market these programs often want 660 or higher and 20% to 30% down. Stronger credit and more equity improve both your rate and your leverage.

Question 10

What rates and terms can I expect?

Accepted Answer

Pricing is higher than a fully documented conventional loan because the lender takes on more uncertainty, and it varies with your credit, leverage, and the structure. We offer both short-term and long-term options, so we match the term to whether you are flipping, bridging, or holding.

Question 11

Can I close in an LLC?

Accepted Answer

Yes. These are business-purpose loans and routinely close in an LLC or other entity. Holding investment property in an entity is standard and often preferred.

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