Self-employed business owners — Florida’s hospitality economy, construction industry, retail sector, and technology community produce a massive self-employed workforce whose tax returns consistently understate their actual income. The restaurant owner depositing $95,000/month doesn’t qualify on a $215,000/year tax return. The bank statement loan qualifies on the deposits.

Real estate investors — Florida is one of the most active investment property markets in the US. Tampa Bay, Jacksonville, Central Florida, and the Space Coast produce viable DSCR ratios. South Florida is predominantly no-ratio DSCR. Every investment property qualifies on its own rental income — the investor’s personal income never enters the file.

Retirees — Florida is the country’s top retirement destination. The state’s large and growing retiree population often holds millions in investment accounts with no W-2. Asset utilization converts those assets into qualifying income.

Foreign national buyers — South Florida’s luxury real estate market attracts significant foreign national buyer volume from Latin America, Europe, and beyond. Foreign nationals with US-held liquid assets qualify through asset utilization without any foreign income documentation.

Mbanc is licensed in Florida under Mortgage Lender License #MLD1287 and closes Non-QM loans throughout the state.

Florida Non-QM Loan — Same-Day Pre-Qualification, No Tax Return.

Mbanc NMLS #38232 | FL #MLD1287 | Equal Housing Opportunity Lender

Florida Non-QM State Overlay

Florida has specific program overlays that apply to all Mbanc Non-QM programs on primary residence and second home financing:

Maximum loan amount: $2,000,000.
Maximum purchase LTV: 85%.
Maximum refinance LTV: 80%.
Minimum credit: 640 (consistent with national program).

Investment property DSCR loans in Florida are not subject to the $2,000,000 overlay. National DSCR program parameters apply to Florida investment property financing.

Practical implication: A Florida self-employed borrower purchasing a $1,200,000 primary residence on a bank statement loan: fully within overlay parameters. A Florida investor purchasing a $2,800,000 multi-unit investment property via DSCR: national parameters, no overlay constraint.

Program 1: Bank Statement Loans — Florida Self-Employed Borrowers

Florida’s self-employed economy is enormous. The state consistently ranks among the top three for per-capita self-employment. Every sector produces Non-QM bank statement borrowers: hospitality, construction, technology, real estate, healthcare, and retail.

How it works in Florida:
12 or 24 months of personal or business bank deposits. Standard 50% expense ratio or CPA-certified lower ratio. No tax return. No W-2. Qualifying income from actual cash flow.

Florida-specific bank statement considerations:

Restaurant and hospitality: Florida restaurant owners processing $80,000–$250,000/month in deposits are among the most active bank statement borrowers in the state. A Tampa Bay restaurant owner averaging $110,000/month in business deposits qualifies at $55,000/month at 50% — or $82,500/month with a CPA letter certifying 25% expenses. The tax return showing $185,000/year never enters the file.

Real estate professionals: Florida real estate agents generate 1099 commission income — but if it deposits consistently into a personal or business account, bank statement documentation captures it fully. A top Miami agent depositing $35,000/month in net commissions qualifies at $17,500–$28,700/month depending on expense documentation. Their Schedule C is irrelevant.

Technology entrepreneurs: Florida’s growing tech sector (particularly Miami’s tech corridor and Tampa Bay’s Embarc Collective ecosystem) produces LLC and S-Corp owners with strong deposit histories. The gap between gross business income and Schedule C net profit is often 40–60% due to retirement contributions, equipment, and R&D expenses.

Florida bank statement rate ranges (2026 approximation):

ARM products (5/6, 7/6) price 50–75 basis points below the 30-year fixed equivalent. For borrowers planning to sell or refinance within 5–7 years, the ARM captures significant rate benefit.

Program 2: DSCR Loans — Florida Investment Properties

Florida is one of Mbanc’s most active DSCR states. The program applies throughout the state with no $2M overlay on investment property — the national program parameters govern.

The Florida insurance variable — what every investor must know:

Florida homeowners insurance costs are the highest in the continental US due to hurricane exposure, flood risk, litigation environment, and insurer market disruption following multiple major storm seasons. This is the defining variable in every Florida DSCR calculation.

National average estimate for a $350,000 SFR: $1,200/year ($100/month). Actual Florida inland quote on similar property: $1,800–$2,400/year ($150–$200/month). Actual Florida coastal quote: $3,600–$6,000+/year ($300–$500+/month).

The difference between a national estimator ($1,200/year) and an actual coastal Florida quote ($4,800/year) is $300/month in PITIA — approximately 12 DSCR basis points on a $2,500/month rent property. Always get an actual Florida insurance quote before modeling DSCR on any Florida property. This is not optional.

Florida DSCR by market:

Duval County (Jacksonville): Florida’s best DSCR county. Effective property tax rate 1.2–1.4% — the lowest of any major Florida metro. Combined with accessible property prices ($255,000–$380,000 for SFRs in Mandarin, Southside, and Clay County), standard DSCR at 80% LTV is achievable in multiple submarkets. NAS Jacksonville military tenant demand provides stable, BAH-supported rental income.

Hillsborough County (Tampa): Active DSCR market. Taxes slightly higher than Duval (1.4–1.6%), strong rental demand from the healthcare and financial services workforce. Brandon, Riverview, Ruskin, and Seffner produce viable DSCR at accessible price points.

Orange County (Orlando): Tourism and convention economy supports both long-term and short-term rental demand. STR DSCR available at 75% LTV with appraiser market income analysis. Kissimmee and Osceola County near Disney: active STR DSCR market — confirm permissibility by specific address before contract.

Palm Beach and Broward: Price compression makes standard DSCR uncommon. No-ratio DSCR (0.75–0.99) at 70% LTV is the dominant program for South Florida investors. High insurance costs are the primary DSCR headwind.

Sarasota and Charlotte Counties: Growing market, more favorable than coastal Broward/Miami. Properties $280,000–$450,000 with manageable insurance and Sarasota County taxes (1.1–1.3%) produce DSCR ratios closer to standard.

Program 3: 1099 Loans — Florida Independent Contractors

Florida’s independent contractor population is substantial across multiple industries:

Healthcare: Florida’s large healthcare sector employs thousands of locum tenens clinicians and travel nurses who receive 1099 income from staffing agencies. A 1099-NEC physician earning $420,000 annually from locum contracts qualifies at $420,000 × 90% ÷ 12 = $31,500/month. Tax return after SEP-IRA and expenses: $280,000. The 1099 program produces $8,500/month more qualifying income.

Real estate professionals: Florida real estate agents who prefer the 1099 documentation path over bank statements can use their 1099-NEC commission forms directly at 90% qualifying. Simpler documentation, same outcome.

Technology contractors: South Florida’s tech corridor and remote work community produce IT contractors with clean 1099-NEC documentation from multiple enterprise clients.

1099 program requirements in Florida:
Same as national: 640 minimum credit, 85% LTV primary residence (within FL overlay), 2 years independent contractor history, no tax return.

Program 4: Asset Utilization — Florida Retirees and Foreign Nationals

Florida’s asset utilization market splits into two dominant profiles:

Florida retirees: A retired executive in Sarasota or Naples with $3.5M in a Fidelity brokerage and $680,000 in an IRA holds approximately $4,176,000 in eligible assets (brokerage at 100%, IRA at 70%). After down payment, closing costs, and reserves on a $1,200,000 primary purchase, net eligible assets of approximately $3.7M produce $44,048/month in qualifying income. No W-2. No tax return. Social Security of $3,800/month supplements: combined $47,848/month qualifying.

Foreign national buyers (South Florida): Miami’s Brickell and Coral Gables markets attract Brazilian, Colombian, Venezuelan, and Argentine buyers with significant US-held liquid assets. The asset utilization program qualifies on US-domiciled assets directly — bypassing foreign income documentation entirely. Requirements: valid US visa, ITIN or SSN, US-held liquid assets in USD-denominated accounts, and minimum 640 US credit score (or qualifying credit history).

Foreign national path to US credit: Many South Florida foreign national buyers establish US credit through a secured credit card at their US banking institution 12+ months before purchase. A relationship with Citibank, HSBC, or a Latin American-focused US bank is often the fastest path to a qualifying US credit score.

Real Florida Non-QM Transactions

Transaction 1 — Doral self-employed business owner (bank statement):
Colombian-American logistics company owner, Doral. LLC structure, 8 years in business. 24-month average business deposits: $1,940,000/year = $161,667/month. CPA-certified expense ratio: 22%. Qualifying income: $161,667 × 78% = $126,100/month. Tax return net: $245,000 = $20,417/month. Purchased $1,650,000 Coral Gables primary within FL $2M overlay. 80% LTV ($1,320,000 loan). Close: 27 days. Tax return: not submitted.

Transaction 2 — Jacksonville DSCR investor (DSCR):
Out-of-state investor from Illinois purchasing 3rd investment SFR. Southside Jacksonville, $285,000. Tenant at $1,950/month. Duval taxes (1.3%): $309/month. Insurance (actual FL quote): $148/month. 80% LTV ($228,000 loan): P&I $1,714. PITIA: $2,171. DSCR: $1,950 ÷ $2,171 = 0.90. No-ratio at 70% LTV ($199,500): PITIA $1,996. DSCR: $1,950 ÷ $1,996 = 0.98. Accepted no-ratio. 22 days. His Illinois income: never discussed.

Transaction 3 — Naples retiree (asset utilization):
Retired physician, Naples FL. No W-2, no active income. Portfolio: Vanguard brokerage $2.9M, Fidelity IRA $1.1M. Eligible: $2,900,000 + ($1,100,000 × 70%) = $3,670,000. After $420,000 deductions: $3,250,000 ÷ 84 = $38,690/month. Plus Medicare-age SS: $3,400/month. Combined: $42,090/month. Target: $1,750,000 primary in Naples, 80% LTV ($1,400,000 loan). Estimated PITIA: $10,400/month. DTI: 24.7%. Approved within FL $2M overlay. Close: 29 days.

Florida Non-QM Frequently Asked Questions

What is the maximum Non-QM loan amount in Florida?

$2,000,000 for primary residence and second home. DSCR investment property loans follow national program parameters with no state cap.

Does Florida insurance make DSCR harder?

Yes — significantly. Florida insurance runs $300–$500/month more than national estimators predict on coastal properties. Always get an actual insurance quote before modeling Florida DSCR. This is the single most common source of DSCR surprise in Florida investment deals.

Can a foreign national buy property in Florida with a Non-QM loan?

Yes — via asset utilization. Requirements: valid US visa, ITIN or SSN, US-held liquid assets (USD-denominated, in US financial institutions), and minimum 640 US credit score.

What credit score for Florida Non-QM?

640 minimum. 660 for 85% LTV access. 720+ for best pricing.

Not a commitment to lend. FL Mortgage Lender License #MLD1287 | Mbanc NMLS #38232 | Equal Housing Opportunity Lender

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