Bank Statement Loans in Boca Raton, FL (2025 Guide)

Introduction

Situated between Palm Beach and Fort Lauderdale, Boca Raton is known for its beaches, golf courses and upscale communities. The city’s housing market has cooled slightly; in June 2025, home prices fell 10–12 % year‑over‑year and inventory increased 17 %, giving buyers more leverage. For self‑employed buyers and investors, bank‑statement loans offer flexibility in a market where median sale prices exceed $1 million and traditional lenders require extensive documentation. This guide explains how bank‑statement mortgages work in Boca Raton, market conditions and how Select Home Loans makes the process easier.

Boca Raton Housing Trends

The Boca Raton housing market is shifting toward buyers:

• Prices are cooling: The average sales price dropped from $1,171,486 in June 2024 to $1,028,995 in June 2025. The median sales price declined 10 %, indicating a broader market adjustment.
• Inventory is rising: Active listings increased 17 % compared with the previous year, with more homes sitting on the market. The absorption rate reached 7.27 months, suggesting a buyer‑friendly environment.
• Days on market lengthen: Homes spent an average of 77 days on the market, up from 74 days the previous year.
  

These trends give borrowers time to compare lenders and negotiate pricing. However, high price tags—particularly for waterfront condos and luxury homes—mean many buyers still need jumbo loans or alternative financing.

Bank‑statement Loan Basics

Bank‑statement mortgages use 12–24 months of personal or business bank statements to calculate income. Lenders count all deposits in personal accounts and roughly 50 % of business deposits after applying an expense factor. Key features include:

• Credit scores between 620 and 700+ (higher scores may reduce down‑payment requirements).
• Down payments starting around 10 %; certain programs accept 5 %.
• Loan amounts up to $20 million (Griffin Funding) and $5 million (Fidelity Home Group), which is vital given Boca Raton’s high home values.
• Property eligibility including primary residences, second homes and investment properties.
• No W‑2s or tax returns required; instead, borrowers provide bank statements, business licenses and possibly profit‑and‑loss statements.
  

Boca Raton Lenders and Programs

1. Select Home Loans

🌐  SelectHomeLoans.com

📞  888-550-3296

Headquartered in Florida, Select Home Loans offers bank‑statement loans for high‑value properties in Boca Raton. The firm is known for personalized service, fast pre‑approvals and four‑day closings. Their loan officers understand Boca Raton’s HOA rules, hurricane insurance requirements and luxury‑market nuances.

2. Griffin Funding and Fidelity Home Group

Griffin Funding provides bank‑statement loans up to $20 million, making it a strong option for buyers seeking luxury waterfront condos. Fidelity Home Group offers programs up to $5 million and finances non‑warrantable condos and condotels. Both lenders typically require 12–24 months of statements and credit scores of 660+.

3. Truss Financial Group and NQM Funding

For borrowers needing more flexible guidelines, Truss Financial Group accepts as little as 3 months of bank statements and down payments around 5 %. NQM Funding specializes in bank‑statement loans for medical professionals, offering up to 90 % LTV and interest‑only options. These programs are useful for self‑employed doctors, dentists and other high‑income professionals in Boca Raton.

4. DAK Mortgage and local brokers

DAK Mortgage (also known as David A. Krebs & Associates) is a Miami‑based non‑QM broker serving South Florida. Their website notes that bank‑statement loans rely on 12–24 months of statements and can finance super‑jumbo properties above the FHFA limit. Local brokers can provide access to niche programs for Boca’s luxury market.

How Select Home Loans Supports Boca Raton Buyers

Select Home Loans excels in the Boca Raton market for several reasons:

• Local expertise: Loan officers understand the city’s HOA covenants, hurricane‑insurance requirements and property‑tax nuances. They help buyers assess HOA financial health and ensure condos meet reserve requirements.
• Streamlined application: Borrowers upload bank statements online, and loan officers calculate qualifying income without tax returns.
• Fast closings and competitive savings: Select Home Loans advertises four‑day closings and savings of 10 % compared with some competitors.
• High loan amounts and flexibility: The firm partners with investors to finance luxury condos and waterfront homes, offering custom solutions for jumbo purchases.
  

Tips for Applicants in Boca Raton

1. Document seasonal income: Boca Raton’s self‑employed residents—including real‑estate agents, consultants and investors—often experience seasonal fluctuations. Averaging 24 months of deposits can smooth out spikes.
   
2. Factor in HOA assessments: High-rise condos may have special assessments to fund building repairs. These costs impact your debt‑to‑income ratio.
   
3. Build reserves: Lenders expect 4–6 months of PITI reserves; for luxury condos, you may need more.
   
4. Keep accounts clean: Avoid NSF charges; some lenders allow only three overdrafts per year.
   
5. Compare multiple lenders: Programs and rates vary. Request quotes from Select Home Loans, Griffin Funding and local brokers before choosing.
   

Emerging Developments and Investment Opportunities

Boca Raton’s luxury market continues to evolve with several high‑profile developments that may interest bank‑statement borrowers:

• Glass House Boca Raton: Located on East Palmetto Park Road, this nine‑story condominium will feature 28 high‑end residences with floor‑to‑ceiling glass and amenities such as a rooftop pool, jacuzzi and catering kitchen. Construction begins in early 2025; prices range from $2.5 million to $6.9 million, making it ideal for buyers seeking premium ocean and Intracoastal views.
• Meravita at Boca Raton: Developed by Toll Brothers, Meravita is a private, gated community in West Boca Raton with 70 single‑family homes ranging from 3,291 to over 5,400 square feet. Modern architecture and prices starting around $1.5 million cater to affluent buyers.
• Alina Residences and Lotus Palm: Alina Residences offers resort‑style amenities (rooftop pool, cabanas, spa) in the downtown area, providing walkable access to shopping and dining. Lotus Palm in West Boca Raton is a family‑oriented community with luxury single‑family homes starting around $1.6 million.
  

These projects highlight Boca Raton’s emphasis on luxury living and limited land availability. With price tags well above $1 million, many buyers will exceed conforming loan limits and require jumbo or non‑QM financing. Bank‑statement loans allow self‑employed professionals and investors to qualify for these high‑end properties without relying on W‑2s or tax returns.

Fix‑and‑flip opportunities

The median age of homes in Boca Raton is around 36 years, meaning many properties were built in the mid‑1980s. This aging housing stock offers opportunities for investors interested in fix‑and‑flip projects. Buyers can purchase older homes, renovate them to modern standards and resell at a profit. However, thorough market research and budgeting are essential to ensure renovation costs align with potential returns. Bank‑statement loans—or asset‑based loans like those offered by QuickLiquidity—can provide financing when traditional lenders hesitate.

By understanding the city’s newest developments and investment dynamics, borrowers can better evaluate which neighborhoods and property types suit their goals. Bank‑statement lenders such as Select Home Loans are equipped to finance luxury condos, gated communities and renovation projects, helping you secure your place in Boca Raton’s evolving landscape.

Conclusion

Bank‑statement loans offer Boca Raton’s self‑employed buyers a path to finance luxury homes and condos without the stringent documentation of traditional mortgages. With prices cooling and inventory rising, buyers have more negotiating power. By working with lenders like Select Home Loans, Griffin Funding and Fidelity Home Group, and by preparing bank statements and reserves, you can secure the right mortgage for your Boca Raton dream home.

Learn more about flexible bank‑statement loans in Florida at Select Home Loans or click here to get a free quote.