Florida Self-Employed Mortgage 2026

Florida Agents, Captains, and Contractors: Qualify on What Actually Hits Your Account

Florida has no personal income tax, but your federal write-offs still sink a normal loan. We count your 1099s or deposits, then build a payment that holds up with Florida insurance, condo dues, and closing taxes.

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In Florida the income side is easy to fix with bank statements. The payment side is where Florida files break: wind insurance, condo assessments, and doc stamps.

A Florida self-employed mortgage is a home loan that qualifies business owners on bank statements, 1099s, or a CPA P&L instead of tax returns. It is built for real estate agents in Tampa and Orlando, charter captains in the Keys, contractors in Jacksonville, and tourism businesses from Miami to Fort Lauderdale. Florida has no personal income tax, yet the federal return still shows a fraction of what these owners earn. The JD.Mortgage Team at PRMG counts gross 1099 income or deposits instead, then stress-tests the full Florida payment. 25+ years, 3,100+ closed loans, Scotsman Guide Top Originator 2026. Lending in 49 states. New York excluded.

Last updated: September 24, 2026

Florida Self-Employed Mortgage: The Short Answer

The short version: in Florida, a self-employed mortgage replaces the tax return with proof of cash flow. That proof can be 12 or 24 months of bank statements, 1099 forms, or a CPA P&L. The floor is a 620 credit score and 2 years on your own.

As of Q3 2026 (September 2026): The minimum credit score is 620 on Non-Prime (75% LTV, 43% DTI) and 660 on Expanded Prime (80% LTV, 50% DTI) (PRMG Non-QM Income Qualifying Product Profile, 09/17/2026). Income comes from 12 or 24 months of bank statements, 100% of gross 1099 income, or a 12-month CPA P&L, with 2 years of self-employment (PRMG Non-QM Income Qualifying Product Profile, 09/17/2026). Loan amounts run from $100,000 to $3,500,000 (PRMG Non-QM Income Qualifying Product Profile, 09/17/2026). The 2026 conforming loan limit in Florida is $832,750 in most counties, up to $990,150 in Monroe County (FHFA 2026 conforming loan limits).

Who Uses a Florida Self-Employed Mortgage

Real estate agents and brokers

Florida agents are paid on commission, usually on a 1099 from their brokerage. Their returns carry car costs, desk fees, signs, and ads. On a 1099 loan we count 100% of gross 1099 income plus year-to-date deposits, averaged, and we confirm it with an IRS wage and income transcript. A slow first quarter does not sink you if last year was solid. If you switched brokerages mid-year, bring the 1099 from each one. They add together.

Charter captains and marine trades

Fishing guides, charter operators, boat detailers, and marine mechanics in the Keys, Tampa Bay, and the Panhandle earn most of their money in season. The program requires 24 months of statements when income is seasonal, so we average the busy months with the slow ones. Business bank statements at a 50% expense factor usually beat a return full of fuel and dock costs.

Tourism and short-term rental operators

Leisure and hospitality is one of the major industries the Bureau of Labor Statistics tracks in its Florida economy summary. Around Orlando and the beaches that means tour operators, event vendors, and vacation rental managers. Their deposits climb in peak season and dip in late summer, so we look at the full cycle. For a new rental purchase, a DSCR loan qualifies on the rent, not your income.

Storm-cycle contractors and independent adjusters

Roofers, restoration crews, and independent claims adjusters get huge months after a storm and thin months after that. We use 24 months so one big season does not look like your normal pay, and so a quiet year does not erase you. Adjusters paid on 1099s by several firms can stack them on one 1099 loan. Travel costs for storm deployments do not come off the gross. Veterans can also compare the Florida VA loan.

What We Count Instead of Your Florida Tax Return

Every path below answers one question: how much money does your business really bring in each month? Pick the wrong path and you leave income on the table. We run each one that fits and use the strongest.

Document	How it becomes income
Bank statements (personal)	Deposits averaged over 12 or 24 months, counted at 100%
Bank statements (business)	Deposits minus a 50% expense factor; you must own at least 25%
1099s	Gross 1099 income at 100%, no expense cut, plus an IRS transcript
CPA P&L	12-month P&L from a CPA, EA, or CTEC preparer; you own at least 50%

More on each: bank statement loans, 1099 loans, P&L loans, asset utilization, and DSCR loans for rentals.

Not sure which path reads your Florida income best? We run every path you qualify for and show you the strongest number.

See What I Qualify For

Florida Has No Income Tax. Here Is What Still Shows Up in Your File

The Florida Department of Revenue puts it simply: Florida does not impose personal income tax, inheritance tax, or gift tax. So a Florida self-employed file has no state return. The only return a lender can read is your federal one.

Florida does tax corporations. The state corporate income tax is 5.5% of Florida net income for corporations and entities taxed as corporations. Sole proprietors and individuals are exempt and do not file. Most Florida agents, captains, and trades people run as sole proprietors or pass-through LLCs, so the federal Schedule C or K-1 is the whole story on paper.

Here is where most explanations go wrong. People hear “no income tax” and think Florida lenders ask for less. They ask for the same federal returns as anywhere else. Those returns carry your mileage, marketing, boat costs, and home office. We skip them and count deposits or gross 1099s.

Florida taxes show up at closing and in escrow instead. The state’s documentary stamp tax is $0.35 per $100 on notes and mortgages and $0.70 per $100 on deeds, with a $0.60 rate for single-family homes in Miami-Dade. Mortgages also carry a nonrecurring intangible tax.

Florida rule	What it means for a self-employed buyer
No personal income tax	No state return. We still skip the federal return and use deposits or 1099s.
Doc stamps on the note	$0.35 per $100 borrowed, paid at recording. Bring it into your cash-to-close.
Homestead exemption	Up to $50,000 off assessed value. Apply by March 1.
Save Our Homes	After year one, assessed value can rise no more than 3% a year.
Reassessment on sale	Your tax bill starts over at full value. Do not budget off the seller’s bill.

That last row trips up a lot of buyers. The Department of Revenue says the property appraiser removes exemptions and reassesses when a home sells. We underwrite your real future tax bill, not the seller’s capped one.

A Tampa Example: Real Estate Agent on a 1099

Tax return (example)

Net profit after car, ads, and desk fees: $64,800 a year
Monthly income: $5,400
Housing payment with Florida insurance (example): $3,900
Other debts (example): $650
DTI = 84.3% (declined on a standard loan)

1099 income (example)

Gross 1099 income: $168,000 a year
$168,000 / 12 = $14,000 a month
Housing payment with Florida insurance (example): $3,900
Other debts (example): $650
DTI = 32.5% (fits under the 50% cap)

The 1099 method counts the gross the brokerage paid, not what is left after write-offs. We built the example payment with a heavy insurance line on purpose, because that is where Florida files break. The figures are examples, not a quote.

Florida Self-Employed Mortgage Requirements at a Glance

Requirement	What you need
Time self-employed	2 years (1 to 2 years can work with 2 years in the same line of work)
Credit score	620 Non-Prime, 660 Expanded Prime, 740 for 89.99% LTV
Debt-to-income	43% at 620, up to 50% at 660, 45% at 89.99% LTV
Loan amount	$100,000 to $3,500,000
Reserves	3 months Non-Prime; 6 months Expanded Prime to $2 million
Property	Primary, second home, or investment; up to 15 acres (5 on investment)

Source: PRMG Non-QM Income Qualifying Product Profile, 09/17/2026.

Buying a Florida Home or Condo on Self-Employed Income

Every Florida county sits at the FHFA 2026 baseline of $832,750 except one. Monroe County, the Florida Keys, is $990,150. Our program runs from $100,000 to $3,500,000, so Keys and waterfront prices can still fit.

Condos need extra care in Florida. State law requires milestone inspections for buildings with three or more habitable stories at 30 years of age, or 25 if the local agency decides, and every 10 years after. Associations in those buildings must also finish a structural integrity reserve study at least every 10 years. Repairs and reserve funding can mean special assessments and higher dues. Those costs go into your payment and your DTI.

Our program allows warrantable condos up to 89.99% LTV and non-warrantable condos up to 80% LTV, with no cap on the number of non-warrantable items. That matters for older coastal buildings with litigation, low reserves, or high investor ownership, the kind a standard loan will not touch.

Insurance is the other Florida variable. Wind and flood coverage can change a payment more than the rate does. Get quotes before you write an offer, and we will build the DTI with the real number. Second homes must be single-unit homes, and investment buyers sign a business-purpose certification.

Florida foreclosures run through the courts. State law says all mortgages shall be foreclosed in equity. To pull equity later without refinancing, see our Florida HELOC.

Florida Self-Employed Mortgage Myths, Corrected

❌ Myth: “Florida has no income tax, so lenders don’t really look at my tax returns here.”

✅ Fact: A standard lender reads your federal return in every state, and that return is where your write-offs shrink your income. Florida’s lack of a state return changes nothing. A bank statement or 1099 loan is what takes the return out of the picture.

❌ Myth: “Bank statement loans are only for people with bad credit.”

✅ Fact: They are for people whose tax return undercounts them. Borrowers from a 620 score up use them, and a 740 score reaches 89.99% loan-to-value on a primary home.

❌ Myth: “Writing off expenses ruined my chances.”

✅ Fact: Write-offs only shrink the income on a full-doc loan. On these programs we read deposits, 1099s, or a P&L, so the write-offs stay where they belong.

Turned down in Florida because of your tax return? Send us your statements. We tell you what they support before you make an offer.

Run My Numbers

Florida Self-Employed Mortgage Frequently Asked Questions

Can I get a mortgage if I’m self-employed in Florida?

Yes. Florida agents, captains, and contractors qualify on 1099s, 12 or 24 months of bank statements, or a CPA P&L instead of federal returns. The Florida-specific work is the payment: wind insurance, condo dues, and doc stamps. At 620 you can borrow up to 75% of value with a 43% DTI. At 660 it is 80% and 50%, with that full Florida payment counted.

Can a Florida real estate agent use 1099s to buy a house?

Yes. We count 100% of your gross 1099 income from your brokerage plus year-to-date deposits, averaged over at least 12 months. We verify it with an IRS wage and income transcript. Your write-offs for car, ads, and desk fees do not reduce the number we use.

Can I get a bank statement loan on a Florida condo?

Yes. Warrantable buildings go to 89.99% LTV. Non-warrantable ones go to 80%. Florida’s milestone inspection and reserve study rules can lead to special assessments, so we review the association’s dues and any assessment before we set your payment. Send us the building name early so we can check it before your inspection period ends.

What is the loan limit in the Florida Keys for a self-employed buyer?

The 2026 conforming limit in Monroe County is $990,150, the only Florida county above the $832,750 baseline. On our self-employed program the loan amount runs from $100,000 to $3,500,000. The top amount needs 70% LTV, a 700 score, and 12 months of reserves. Loans over $2,000,000 also need a second full appraisal.

Can I get a mortgage in Florida without tax returns?

Yes. In Florida we qualify self-employed borrowers on 12 or 24 months of bank statements, gross 1099 income, or a 12-month CPA profit and loss statement. Tax returns are not used. You need 2 years of self-employment and at least a 620 credit score.

What credit score do I need for a bank statement loan?

620 is the minimum on Non-Prime terms, capped at 75% loan-to-value and 43% debt-to-income. At 660 you move to Expanded Prime with up to 80% loan-to-value and 50% debt-to-income. A 740 score reaches 89.99% on a primary home.

How do you calculate income from business bank statements?

We average your business deposits over 12 or 24 months and apply a fixed 50% expense factor. If your CPA or tax preparer writes an expense statement showing lower costs, we can use that instead. You must own at least 25% of the business.

How much can I borrow on a self-employed mortgage?

Loans run from $100,000 to $3,500,000. The top amount needs 70% loan-to-value and a 700 score. Your qualifying income, debts, and reserves decide where you land inside that range.

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About the Author

J.D. Peck is an Area Manager and Mortgage Loan Originator (NMLS #314883) with the JD.Mortgage Team at Paramount Residential Mortgage Group, Inc. (NMLS #75243), based in Colorado Springs. 25+ years, 3,100+ closed loans, Scotsman Guide Top Originator 2026. Lending in 49 states. New York excluded.

Last updated: September 24, 2026. Self-employed program facts sourced from the PRMG Non-QM Income Qualifying Product Profile, 09/17/2026. Loan limits from FHFA 2026 conforming loan limit values. Florida tax and property facts from official Florida state sources linked above.

Find Out What Your Florida Deposits Qualify You For

Send your statements, 1099s, or P&L. We run every path that fits and show you the loan amount, down payment, and program before you write an offer.