Bank Statement Loans in Hialeah for Small Business Owners, Cash Businesses and 1099 Workers

Short answer

Yes, if the money is deposited. Hialeah business owners and 1099 workers may qualify with 12 or 24 months of bank statements instead of tax returns, but lenders can only count income that shows up in the bank. In Q3 2026 the median house in Hialeah sold for $570,000 and the median condo or townhouse for $269,900; every loan is subject to credit approval.

Hialeah works for itself

Hialeah is a city of small businesses. Walk down Palm Avenue, West 49th Street or the industrial blocks near the Palmetto and you see bakeries, cafeterías, auto shops, garment and cabinet shops, beauty salons, tire shops, trucking yards and import companies. Many owners also drive trucks, sell on apps or work as 1099 contractors on the side.

Census numbers back that up. Hialeah has 230,968 residents (estimate, July 2025). 95.1% are Hispanic or Latino, 74.5% were born outside the U.S., and 92.6% of people 5 and older speak a language other than English at home. Median household income is $55,594 and only 46.6% of homes are owner-occupied (2020-2024 survey, as of November 2026), so many families are still renting and trying to buy their first place.

Across Miami-Dade, the Census Bureau counts 828,607 nonemployer establishments (businesses with no paid employees, 2024) and 98,394 employer establishments (2023). In plain words: most businesses in the county are one person or one family.

For these owners, the tax return is the obstacle. After deductions, the return may show $30,000 when the business really supports a mortgage. A bank statement loan uses deposits instead. Our Florida self-employed mortgage guide compares it with tax-return and other options.

What a home costs in Hialeah now

Florida Realtors data published by MIAMI REALTORS for the City of Hialeah, Q3 2026 (as of November 2026):

• Single-family homes: 131 closed sales (up 17.0% from a year earlier), median price $570,000 (down 4.8%), 34 median days to contract, 5.3 months of supply. 17 sales were cash.
• Townhouses and condos: 121 closed sales, median price $269,900 (up 1.8%), 45 median days to contract, 5.9 months of supply. 50 sales were cash.

House prices eased a little while sales picked up, which gives financed buyers more room to negotiate than a year ago. Condos are where many first-time buyers start, but 50 of 121 condo sales were cash, partly because some older buildings are hard to finance. Before you offer on a condo, we check the building with the lender; see non-warrantable condo loans if it does not meet standard rules.

Many houses in Hialeah have an efficiency or extra unit built on. A lender can only treat rent from it as income, or even value it, if the unit is legal and permitted. Ask before you count on it.

Cash businesses: the money has to be in the bank

A bank statement loan reads deposits. Cash kept in a drawer, a safe or under the mattress does not exist for the lender. If your cafetería or shop takes cash, the single most useful thing you can do is deposit it regularly into one business account, every week, for at least 12 months before you apply.

Some rules of thumb:

• Deposit the real amount, consistently. A steady pattern is easier to underwrite than big lumps.
• Never split deposits to stay under the bank's reporting threshold. Breaking up cash deposits to avoid bank reports is a federal crime, even if the money is clean, and it can kill a loan.
• Paying employees or suppliers in cash lowers what shows in the account. That is fine, but the lender will only see what is left.
• Large, unusual deposits need a short letter and proof, such as a bill of sale.
• Money you will use for the down payment should also sit in the bank, or come with a paper trail. Cash brought to closing cannot be used.

1099 workers and the 12 vs 24 month choice

If you are paid on a 1099, by a trucking company, a staffing agency, a dealership or an app, your pay usually arrives by direct deposit or check into a personal account. Many lenders will read those personal statements and count most of the eligible deposits, because no business expenses are running through the account. Keep your 1099s; they help show where the money comes from.

You choose 12 or 24 months of statements. Many lenders average the deposits over the period you choose. Pick 12 if you earn more now than a year ago. Pick 24 if last year was strong and this year dipped. We calculate both before you apply. The step-by-step math is in how bank statement income is calculated.

Most lenders want about two years of self-employment or 1099 work. If you were a W-2 employee in the same trade before going independent, for example a mechanic who opened his own shop, some lenders accept a shorter history.

Business accounts, the expense factor and the P&L

When you use business statements, deposits are sales, not profit. Many lenders apply a set expense factor by business type, or a lower one if your accountant signs a letter with your real expense ratio.

Illustration only: a Hialeah bakery deposits an average of $22,000 a month into its business account over 24 months. At a 50% factor, qualifying income is $11,000 a month. With a CPA letter showing 40% expenses, it is $13,200 a month.

Another path is a profit and loss loan: you qualify on a 12- or 24-month P&L prepared or reviewed by a CPA, enrolled agent or licensed tax preparer, and many lenders ask for two or three recent bank statements that match it. It can work well when the business pays real, documented expenses that a flat factor overstates or understates.

Either way, show that the business is active: a City of Hialeah or Miami-Dade local business tax receipt, an active Sunbiz registration, a state license or an accountant's letter. If you file taxes with an ITIN instead of a Social Security number, also see ITIN loans in Hialeah.

Hialeah taxes and what the payment looks like

The Miami-Dade Property Appraiser's 2026 adopted millage for Hialeah totals 18.6134 mills (as of November 2026), including a city rate of 6.3018 mills plus county, school and other district levies.

Examples only, before the homestead exemption:

• $570,000 house: about $10,610 a year, or about $884 a month.
• $269,900 condo: about $5,024 a year, or about $419 a month.

Lenders add taxes, insurance, any HOA dues and the mortgage into one PITI payment and compare it with your bank statement income to get your debt-to-income ratio. Florida home insurance can be a large piece, so get a quote early, especially on an older house.

We do this in Spanish, start to finish

QMS Lending is an independent mortgage broker in Miami, FL, founded in 2018 (NMLS #1781090), with 100+ lenders. Michael Fernandez (NMLS #1491775) and the team handle the whole file in Spanish, from the first call to closing. If your statements or letters are in Spanish, we tell you which ones a lender will need translated.

What to send: 12 or 24 months of statements for each account, proof the business is active, and any 1099s. We show you the income under each method and what you may qualify for. Rates vary daily; call 305-425-1990 for today's pricing. For other loan types in the city, see our Hialeah mortgage broker page.