KEY TAKEAWAYS

  • The best bank statement loan lender depends on your credit score, loan size, property type, and how much of your income shows up in deposits. This guide compares six lenders: Griffin Funding, Farm Bureau Bank, CrossCountry Mortgage, North American Savings Bank, Angel Oak, and Newfi.
  • Bank statement loans allow eligible self-employed borrowers to document qualifying income using personal or business deposit history instead of relying primarily on tax returns. Depending on the lender and program, underwriting may use 12 or 24 months of statements and apply an expense factor to eligible business deposits.
  • Griffin Funding bank statement loans use 12 or 24 months of personal or business bank statements, a 620 minimum credit score, and up to 55% DTI, with loan amounts up to $4.5 million in 47 states plus DC. The standard expense factor is 50%, or as low as 10% with a CPA letter.
  • The number of months of statements required is a key differentiator. Some lenders qualify you on 12 months and accept personal accounts, while others require 24 months of business statements, so matching the program to your records matters.
  • The SAFE Act uses different credentialing systems based on employer type: MLOs at covered depository institutions generally register through NMLS, while MLOs at non-depository institutions generally must obtain and maintain state licenses. Credentials matter, but borrowers should also ask about relevant bank statement loan experience.
  • Rates and terms differ widely between bank statement lenders, so comparing several on rate, expense factor treatment, and loan limits can save thousands over the life of the loan.

Bank Statement Loan Lenders Compared at a Glance

Griffin Funding has the highest maximum loan amount of the six lenders, $4.5 million, with a 620 minimum credit score. All six lenders accept 12 or 24 months of bank statements.

Lender Minimum credit score Maximum loan amount Bank statements Licensing
Griffin Funding 620 $4.5 million 12 or 24 months, personal or business 47 states + DC
Farm Bureau Bank Not published $4 million 12 or 24 months, personal or business Federal savings bank
CrossCountry Mortgage Not published $3 million 12 or 24 months, personal or business 50 states + DC
North American Savings Bank 700 $1.25 million (varies by area) 12 or 24 months Federal savings bank
Angel Oak 640 $4 million 12 or 24 months, personal or business 46 states + DC
Newfi 620 $3.5 million 12 or 24 months, personal or business 48 states + DC

Griffin Funding figures are from Griffin’s bank statement loan program as of November 2026. Competitor figures are from each lender’s published program pages, reviewed November 2026, and can change. Confirm current terms with each lender before you apply.

According to the U.S. Census Bureau, the United States had 30,427,808 nonemployer establishments, meaning businesses without paid employees, in 2023. That was up from 29,811,495 in 2022, and these businesses generated nearly $1.8 trillion in revenue. This large solo-business market helps explain the need for mortgage programs that evaluate deposit history when traditional documentation does not fully reflect a borrower’s cash flow.

This guide compares six bank statement loan lenders in 2026 based on published program features, geographic availability, and licensing.

What to Look for in a Bank Statement Loan Lender

Choosing the best bank statement loan lender for your situation means weighing several factors that directly affect your monthly payment, your approval odds, and how smoothly you get to closing. Here’s what to look for in a bank statement loan lender:

  • Interest rates and loan terms: Compare both fixed and adjustable rate options across different terms. Many lenders offer 30-year fixed rates, but some provide interest-only payment periods and 40-year terms that lower payments during the early years.
  • Maximum DTI requirements: Most lenders cap debt-to-income around 50%, though some flexible lenders will go to 55% for strong borrowers. Griffin Funding allows up to 55% DTI on bank statement loans. Knowing these thresholds helps you target a lender that fits your income.
  • Loan-to-value ratios: LTV ratios typically range from 70% to 80%, but the best mortgage lenders may offer higher ratios up to 90% for exceptional self-employed borrowers.
  • Months of statements required. Some lenders qualify you based on 12 months of bank statements; others require 24; and some accept business or personal accounts. Fewer months and personal-account flexibility make qualifying easier.
  • States serviced: Not all lenders operate nationwide, so verify coverage in your market before you apply.
  • Customer support and loan speed: Self-employed buyers often need to move fast, which makes responsive service and quick closings a real factor in who you choose.
  • Non-QM vs traditional underwriting: Non-QM lenders use more flexible underwriting than traditional mortgage companies, which is what lets them count deposits as income instead of tax returns.

Before you compare lenders, make sure the program fits you. Bank statement loans are built for business owners, so a W-2 employee generally can’t qualify on deposits alone. “Bank statement loans require the borrower to be a business owner,” says Cody Unger (NMLS #1295308), Griffin Funding Loan Officer. Lenders set their own ownership thresholds. Farm Bureau Bank, for example, accepts 50% ownership for business statements and 25% for personal statements.

Licensing and Regulatory Status: A Buying Criterion Most Bank Statement Loan Borrowers Skip

Bank statement loans are consumer mortgages secured by your home, which means the lender’s regulatory standing actually matters to you.

Griffin Funding is fully state-licensed as a non-bank mortgage lender in 47 states plus DC as of September 2026, supervised by state mortgage regulators and the Consumer Financial Protection Bureau (CFPB). We also hold VA-Approved Lender status and HUD FHA Non-Supervised Lender authority, meaning we are authorized by the U.S. Department of Veterans Affairs and the U.S. Department of Housing and Urban Development to originate, underwrite, and close federal mortgage programs directly.

We hold these licenses and approvals because they are required of non-bank lenders for consumer-protection, fair-lending, and disclosure standards. Regulatory accountability is part of the bank statement loan product.

National banks and federal savings associations are supervised by the OCC under a different regulatory framework from state-licensed non-bank lenders.

The Person Handling Your Loan: Registered vs. Licensed Loan Officers

Not every loan officer carries the same credentials, and most borrowers never find out until something goes wrong. The SAFE Act sorts mortgage loan originators (MLOs) into two groups, and which group your loan officer falls into depends entirely on whether they work for a bank or a non-bank lender.

Our loan officers must hold the required state licenses in every state where they originate loans. Under NMLS’s SAFE Act education requirements, state-licensed MLOs must:

  • Pass the SAFE national mortgage exam with a qualifying score
  • Complete at least 20 hours of NMLS-approved pre-licensure education; individual states may require additional hours
  • Complete at least 8 hours of NMLS-approved continuing education annually; individual states may require additional hours
  • Pass an FBI fingerprint background check and a credit review
  • Hold a unique NMLS number tied to an active state license in every state where they lend

A loan officer at a federally chartered bank follows a different qualification framework. Under the SAFE Act, bank MLOs are registered rather than licensed. They submit fingerprints and receive an NMLS number. Their employers must also meet applicable screening and periodic-training requirements.

The practical effect is a different qualification process. Registered bank loan officers are not subject to the SAFE Act’s state-license testing requirements, but they must receive periodic training on applicable laws. That does not make every bank loan officer unqualified, and it does not make every licensed loan officer an expert. Ask about relevant experience as well as credentials.

Bank statement loans are among the most judgment-intensive mortgages a borrower can get. Your income is built from deposits rather than tax returns, which means someone has to correctly identify qualifying deposits, separate business accounts from personal, apply the right expense factor, and document all of it to underwriting standards. A loan officer experienced in reviewing self-employed income is better positioned to get that file structured right the first time. On a bank statement loan, getting it right the first time is often the difference between an approval and a denial.

Licensing requirements also differ at the institutional level. The table below shows how the six lenders compare at the company level, and the same pattern holds: the lenders supervised only at the federal bank level are also the ones whose loan officers are registered rather than licensed.

Methodology: This comparison includes six lenders with published bank statement mortgage programs for self-employed borrowers. We reviewed official lender pages for selected program requirements, loan limits, availability, and application channels. Selected lender information verified as of September 2026. This comparison does not rank lenders using standardized rate and APR quotes.

Here is how the six bank statement loan lenders covered on this page compare on licensing and regulatory status:

Lender State Mortgage Licensing Federal Approvals Loan Officers (MLOs) Primary Regulator
Griffin Funding 47 states + DC VA-Approved · HUD FHA Non-Supervised State-Licensed CFPB
Farm Bureau Bank None VA-Approved · HUD FHA Supervised Registered OCC
CrossCountry Mortgage 50 states + DC VA-Approved · HUD FHA Non-Supervised State-Licensed CFPB
North American Savings Bank None VA-Approved · HUD FHA Supervised Registered OCC
Angel Oak 46 states + DC Verify against HUD/VA lender lists State-Licensed CFPB
Newfi 48 states + DC VA-Approved · HUD FHA Non-Supervised State-Licensed CFPB

Licensing and approvals were reviewed in September 2026, per the NMLS Consumer Access database, lender websites, and HUD definitions. This status can change, so always verify directly through NMLS Consumer Access, the lender’s website, or HUD and the VA before applying. “Supervised” applies to depository institutions such as banks and federal savings banks; “Non-Supervised” applies to independent mortgage companies.

Griffin Funding Overview: 620 Credit, 12 or 24 Months of Statements, Up to $4.5M

Griffin Funding offers bank statement loans for self-employed business owners seeking flexible income documentation without tax returns. Our programs may use business bank statements with expense factors as low as 10% with CPA verification, subject to underwriting. Through October 31, 2026, Griffin Funding has originated $149.6 million in bank statement loans, year-to-date.

We offer 30-year fixed, 40-year fixed, adjustable-rate, and interest-only payment options, with loan amounts up to $4.5 million, subject to program requirements. Our non-QM loans include bank statement home equity and bank statement cash-out refinance options. Our bank statement program lists a 620 minimum credit score, although eligibility and pricing depend on the full application. Griffin Funding bank statement loans cover primary residences, second homes, and investment properties, allow up to 55% DTI, and carry a flat $1,990 lender fee ($795 processing plus $1,195 underwriting).

We originate bank statement loans in 47 states plus DC and operate as a state-licensed non-bank mortgage lender. We are supervised by state mortgage regulators and the CFPB and hold VA-Approved Lender and HUD FHA Non-Supervised Lender authority.

Why Get a Bank Statement Loan With Griffin Funding - flexible expense ratios, 47 states plus DC, 6-day closings

Pros:

  • Fast approvals and fundings: Based on our internal 2026 closing data, our fastest bank statement loan closed in six calendar days, and our median closing time was 35 days across 318 closings through October 2026. Actual timelines depend on file completeness, appraisal timing, underwriting conditions, and other transaction-specific factors.
  • Flexible guidelines: Underwriting considers the full business profile rather than rigid boxes.
  • Diverse terms: 30-year fixed, 40-year fixed, ARM, and interest-only options help optimize payments.

Cons:

  • Limited availability: Not licensed for bank statement loans in Alaska, Missouri, and New York.

The Griffin Gold app streamlines the application process, while our extensive testimonials demonstrate consistent customer satisfaction across different borrower profiles.

Farm Bureau Bank Overview 

Farm Bureau Bank offers a strong bank statement loan program tailored for self-employed borrowers and 1099 contractors who want to qualify based on actual cash flow without tax returns. As a federal savings bank, it provides portfolio flexibility with competitive options for owner-occupied, second homes, and investment properties.

Borrowers can use 12 or 24 months of personal or business bank statements (as little as 50% business ownership for business statements or 25% for personal). Default expense factor is 50%, with lower factors possible via CPA/tax preparer verification (higher for certain industries like restaurants). P&L statements and 1099 options are also available. Loan amounts reach up to $4 million with various term structures.

Pros:

  • Flexible cash-flow qualification: Reviews real deposits and supports lower expense factors with documentation, helping self-employed borrowers maximize qualifying income.
  • Broad property eligibility: Supports owner-occupied, second homes, and investment properties alongside strong government loan options (FHA/VA as a Supervised Mortgagee).
  • Efficient for members: Digital tools and bank integration streamline the process for Farm Bureau members across participating states.

Cons:

  • Expense factor defaults: Starts at a more conservative 50% (vs. more aggressive lenders), requiring extra CPA support for the lowest ratios.
  • MLO licensing limitations: Individual Mortgage Loan Officers operate primarily under the bank’s federal charter and NMLS registration rather than holding traditional state-specific mortgage originator licenses in every jurisdiction, which some borrowers may see as a difference in direct individual-level oversight compared to non-bank lenders.
  • Membership/availability focus: Best for those in participating states; operates under federal charter with NMLS registration (ID 2214437) rather than broad state-by-state mortgage licensing.

CrossCountry Mortgage Overview

CrossCountry Mortgage provides accessible bank statement loans for self-employed borrowers and business owners who need to document income through deposits rather than traditional tax returns or W-2s. As a large national non-bank lender, it emphasizes speed and flexibility in its Non-QM programs.

Its Signature Expanded Bank Statement loan reviews 12 or 24 months of personal or business bank statements to calculate qualifying income based on cash flow. Borrowers can reach up to 90% LTV in some cases, with DTI up to 50%. CrossCountry’s published bank statement program offers loan amounts up to $3 million, subject to qualification. Ask a loan officer to confirm the closing timeline for your bank statement loan.

Pros:

  • Fast processing: Digital tools and streamlined review deliver quick approvals, ideal for self-employed borrowers needing speed.
  • Higher LTV/DTI flexibility: Supports borrowers with solid cash flow but less conventional documentation.
  • Nationwide reach: Licensed in 50 states + DC with CFPB oversight and VA/FHA Non-Supervised approvals for added options.

Cons:

  • Credit and documentation thresholds: While accessible, minimum credit and statement quality requirements can still exclude some edge cases compared to more aggressive specialists.
  • Rate variability: Non-QM pricing (including bank statement) may be higher than prime conventional loans, though competitive within the space.

CrossCountry’s broad licensing (50 states + DC) and full Non-QM suite make it a reliable, scalable option for self-employed borrowers across most of the country.

North American Savings Bank Overview 

North American Savings Bank (NASB) excels in bank statement loans for self-employed borrowers, 1099 contractors, and entrepreneurs who qualify via real cash flow from personal or business bank statements instead of tax returns or pay stubs. As a federally chartered savings bank with portfolio lending capabilities, it offers strong flexibility for non-traditional income.

Programs typically review 12 or 24 months of statements to assess deposits and cash flow. NASB generally requires a minimum credit score of 700 for its bank statement loan program. NASB supports a range of non-QM products alongside bank statement options, with availability subject to location and property restrictions. It combines this with FHA/VA approvals (as a Supervised Mortgagee) for borrowers who may layer programs.

Pros:

  • Portfolio flexibility: As a bank, NASB can accommodate unique self-employed scenarios with in-house underwriting and creative structuring.
  • Strong Non-QM focus: Dedicated bank statement support for entrepreneurs, plus complementary options like 1099 and DSCR for investors.
  • Federal oversight: Operates without heavy reliance on state-by-state mortgage licenses, backed by OCC regulation and explicit FHA approval.

Cons:

  • Underwriting depth: May request additional documentation for thorough review, which can extend timelines compared to fully automated lenders.
  • MLO licensing limitations: Individual Mortgage Loan Officers operate primarily under the bank’s federal charter and NMLS registration rather than holding traditional state-specific mortgage originator licenses in every jurisdiction, which some borrowers may see as a difference in direct individual-level oversight compared to non-bank lenders.
  • Closing variability: Some borrowers report longer-than-expected closings depending on file complexity, though bank resources help mitigate this.

NASB’s combination of bank statement expertise, federal oversight (OCC, Supervised Mortgagee for FHA/VA), and portfolio approach makes it appealing for self-employed borrowers seeking reliable, scalable financing.

Angel Oak Overview

Angel Oak Mortgage Solutions is a leading Non-QM specialist with robust bank statement loan programs designed for self-employed borrowers, investors, and those with complex income who don’t fit traditional guidelines. Through wholesale and consumer-direct channels, it emphasizes flexible documentation and strong tech tools.

Bank statement loans typically require a minimum 640 credit score and review 12 or 24 months of statements (personal or business). Loans up to $4 million are available (minimum ~$150k), with LTVs up to 90% for certain scenarios. Angel Oak’s published guidelines limit 640-FICO loans to 75% LTV; the 90% maximum requires at least 720 FICO. It supports purchase, cash-out refinance, rate-and-term, and delayed financing on owner-occupied, second homes, and investment properties. QuickQuote pricing engine speeds pre-qualification.

Pros:

  • Non-QM expertise: Deep experience with bank statements and alternative documentation leads to creative solutions for self-employed and underserved borrowers.
  • Competitive LTV and amounts: High loan limits and strong LTV options help maximize borrowing power.
  • Tech efficiency: Tools like QuickQuote provide fast insights, backed by licensing in 46 states + DC.

Cons:

  • Application channel: Angel Oak offers wholesale lending and a consumer-direct platform; confirm which channel handles the program you are considering.
  • Limited government options: Focuses on Non-QM; no prominent FHA/VA approvals identified, so best for pure alternative documentation needs.

Angel Oak’s specialization in bank statement and Non-QM lending, combined with broad state licensing (46 states + DC) and CFPB oversight, positions it as a go-to for self-employed borrowers seeking flexible, high-LTV solutions.

Newfi Overview 

Newfi Lending delivers flexible bank statement loans for self-employed borrowers and business owners, leveraging technology like its Income IQ automated bank statement analysis tool to streamline income verification and underwriting.

Programs accept 12 or 24 months of business or personal bank statements (along with 1099 or P&L options), with credit scores as low as 620. Loan amounts range from $100,000 to $3.5 million, supporting purchase, refinance, and cash-out with LTVs up to 90% (purchase/rate-term) or 80% (cash-out). It focuses on real deposit activity rather than taxable income for stronger qualifying power.

Pros:

  • Tech-driven efficiency: Income IQ tool automates bank statement analysis for faster, more accurate reviews and quicker decisions.
  • Documentation flexibility: Loans up to $3.5M with multiple documentation options tailored to self-employed cash flow.
  • Strong regulatory backing: Licensed in 48 states + DC with explicit HUD FHA Non-Supervised (ID 0038900004) and VA approvals.

Cons:

  • Process nuances: While online tools are powerful, final terms may adjust after full review or loan officer consultation.
  • Application channel: Newfi serves borrowers directly and also operates wholesale and correspondent channels. Confirm the available program and fees through the channel you use.
  • Primary focus: Strong on self-employed/Non-QM but may not suit every primary residence scenario because eligibility depends on the borrower and property.

Newfi’s blend of technology (Income IQ), high limits, and solid licensing makes it a competitive choice for self-employed borrowers prioritizing speed and documentation flexibility.

Which Bank Statement Loan Lender Is Right for You?

Griffin Funding’s Specialized Bank Statement Loan Solutions

The best bank statement loan lender depends on your qualified deposits, expense factor, credit score, property type, down payment, and assets. Use this table to match your situation to the right lender.

 

Self-Employed Borrower Situation Best Bank Statement Loan Lender(s) Why
Speed-focused (quick close needed) Griffin Funding or CrossCountry Mortgage Griffin closed some bank statement loans in as few as 6 days in 2026 using its AI-driven LIA underwriting and income calculator; CrossCountry’s closing timeline depends on the file.
Southeast market Angel Oak Strong regional expertise and Non-QM focus in Southeast core markets; flexible bank statement programs with QuickQuote tech for fast pre-qualification.
Self-employed with a growing business North American Savings Bank (NASB) or Newfi NASB’s portfolio lending as a bank allows creative structuring for growing self-employed borrowers; Newfi offers Income IQ automated bank statement analysis and loan amounts up to $3.5M.
Borrowers comparing purchase and refinance options CrossCountry Mortgage Offers bank statement loans for purchases and refinances; request a written quote to compare costs.
Complex borrower profile needing flexible underwriting Griffin Funding or Angel Oak Griffin considers the full business profile with aggressive expense factors (as low as 10% with CPA) and 620 min FICO; Angel Oak excels in Non-QM flexibility for unique self-employed cash-flow situations.
Rate-conscious (want lowest all-in cost) Compare quotes from several lenders Griffin charges a flat $1,990 lender fee ($795 processing plus $1,195 underwriting) and offers 15-, 30-, and 40-year fixed, ARM, and interest-only options; Farm Bureau Bank (as an OCC-regulated FSB) provides stable bank pricing plus access to government programs where applicable.
First-time self-employed buyers Griffin Funding or CrossCountry Mortgage Griffin’s 620 min FICO, bank-deposit income qualification; CrossCountry offers accessible bank statement qualification with broad support.
Investment Properties Angel Oak or Griffin Funding Angel Oak supports flexible Non-QM bank statement programs for investment properties; Griffin bank statement loans cover investment properties, with 15% down available at a 700 or higher credit score on loans up to $1.5 million.
Scaling a rental portfolio (BRRRR or self-employed cash-out strategy) Griffin Funding or NASB Griffin offers bank statement cash-out refinances up to 80% LTV underwritten on individual bank statement profiles; NASB’s portfolio approach as a bank supports volume and creative equity extraction.

Your choice should align with your timeline, geographic focus, and financing complexity. Consider checking Griffin Funding mortgage rates and using our Bank Statement Loan Calculator to compare options before making your final decision.

Why Choose Griffin Funding for Your Bank Statement Loan?

Griffin Funding offers competitive rates, fast closings, and several bank statement programs for self-employed borrowers. You’ll work with a licensed mortgage loan officer who reviews your deposits, helps you choose the right program, and gives you a clearer picture of your purchasing power early in the process.

As a direct lender, we underwrite and fund loans in-house instead of sending your file to another company, as a mortgage broker typically would. That direct access matters when deposits need more explanation or a program does not fit. “Griffin can make a judgment call where it makes sense, and can pivot programs quickly when a file hits a roadblock, plus same or next-day response,” explains Griffin Funding Loan Officer, Kristi Manion (NMLS #1314037). Our loan officers and underwriters work together at Griffin Funding to review your file and find the best fit for your situation. We aim to get back to you the same or next business day.

Ready to see your options? Get pre-qualified today to understand your purchasing power and put Griffin’s self-employed-focused bank statement programs to work.

Explore Bank Statement Mortgage Solutions

The right bank statement lender combines competitive rates, dependable service, and a program that fits how your income actually works. For self-employed borrowers, that last part is what separates an approval from a denial, and it’s where our underwriting is built to help.

Qualifying has also gotten a bit easier. In July 2026, Griffin Funding Loan Officer, Kristi Manion (NMLS #1314037) reported modest changes to bank statement loan programs over the previous 12 to 18 months. Some programs allowed larger loans and gave borrowers more flexibility on credit scores when the rest of their application was strong. Rates have also edged down, narrowing the gap with conventional loans, Manion said. Terms can change, so check our current bank statement loan rates before you apply.

Whether you’re buying your first home, moving up, or downsizing, working with a lender experienced in self-employed income gives you the qualification expertise and the speed that competitive markets demand.

Find the best loan for you. Reach out today!

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Frequently Asked Questions

What is the best bank statement lender in 2026?

The best bank statement loan lender depends on your situation as a self-employed borrower. Griffin Funding leads on speed and flexibility, with aggressive expense factors, a 620 minimum credit score, and coverage in 47 states plus DC. Angel Oak brings deep Non-QM expertise and strength in Southeast markets, CrossCountry Mortgage offers a 50-state footprint with fast decisions, Newfi accepts credit scores as low as 620, and North American Savings Bank and Farm Bureau Bank provide bank-portfolio structuring for borrowers who fit that model.

For most self-employed business owners who want competitive rates, individually licensed loan officers, and fast closings, Griffin Funding offers the strongest combination. Our fastest bank statement loan in 2026 closed in 6 days. Get pre-qualified with us to compare our terms against other lenders.

What expense factor do most lenders require?

For business bank statement loans, lenders may apply an expense factor to eligible deposits when calculating income. For example, Angel Oak publishes a standard 50% expense factor, with adjustments based on supporting documentation and business type. Griffin Funding uses a 50% standard expense factor and accepts an expense factor as low as 10% with a CPA letter, which can allow up to 90% of eligible business deposits to count toward qualifying income. A lower expense factor works in your favor because more of your cash flow counts as income and increases your buying power. The expense factor a lender assigns often depends on your business type, credit score, and the documentation you can provide, such as a signed CPA letter.

Are bank statement loans hard to get?

Bank statement loans can provide an alternative for self-employed borrowers whose conventional documentation does not fully reflect their available cash flow, but they are not automatically easier to qualify for. Our program lists a 620 minimum credit score, and qualification also depends on debts, down payment, reserves, property, and eligible deposits over the statement period.

Bank statements replace traditional income documentation, but lenders may still request business records such as a profit-and-loss statement or CPA letter. Lenders generally review 12 or 24 months of personal or business bank statements to establish qualifying income and may use supporting documentation to determine the applicable expense factor.

What questions should I ask my bank statement loan mortgage lender?

  1. What are the interest rate, loan terms, and fees? Understand the interest rate on the loan, whether it's fixed or adjustable, and how it will affect your monthly payment and the overall cost of borrowing. Ask about the loan term, the repayment schedule, and whether any interest-only, 40-year, prepayment penalty, or balloon options apply, since self-employed borrowers often benefit from the flexibility these terms provide.
To determine the total cost of borrowing, ask about:
  • Origination fees
  • Discount points
  • Closing costs
  • Any other fees associated with the loan
  1. How do you calculate my income, and how many months of statements do you need? This is the question that matters most on a bank statement loan, because the answer determines how much home you qualify for. Ask your lender:
    • Whether they require 12 or 24 months of statements, and whether they accept personal accounts, business accounts, or both.
    • What expense factor they apply, and whether a signed CPA letter can lower it so more of your deposits count as income.
    • Whether you can combine bank statement income with a co-borrower's W-2 income to strengthen the file.
  2. What property types and occupancy options qualify? Eligible property types and occupancy can vary between lenders. Ask whether the loan can be used for a primary residence, second home, or investment property, and confirm any restrictions on condos, townhomes, or multi-unit properties. Also confirm which loan purposes are allowed, such as purchase, rate-and-term refinance, and cash-out refinance.
  3. Are you experienced with bank statement loans and self-employed borrowers? Working with a lender experienced in bank statement loans matters because qualifying self-employed income is judgment-intensive work. Key features of an experienced bank statement lender include:
  • Understanding self-employed borrowers' needs and structuring financing around how business owners actually earn and document income.
  • Expertise in reviewing deposits to accurately calculate qualifying income, separate business from personal accounts, and apply the right expense factor for your business type.
  • A streamlined approval process because the lender understands the documentation, underwriting criteria, and verification steps specific to self-employed income, which speeds up approval and funding.
  • Multiple funding sources with an appetite for all types of bank statement Non-QM loans. The lender should not rely on a single money source with one rigid set of guidelines. Not all self-employed borrowers look the same on paper, so ask which available program fits your income documentation and financial profile.

What is a good rate for a bank statement loan?

As of November 4, 2026, Griffin Funding's 30-year fixed bank statement rate was 7.50% (7.721% APR, 2.125 points). Bank statement loan pricing depends on your credit score, down payment, loan amount, and other underwriting factors. Compare personalized quotes using both the interest rate and APR, along with points and lender fees.

For some self-employed borrowers, the more useful comparison is whether alternative documentation creates a qualifying path that conventional documentation does not. Alternative income documentation does not guarantee approval. Our current bank statement loan rates are available on the rates page.

Do you need 20% down for a bank statement loan?

No. Many bank statement lenders require 20% or more down, but we allow qualified self-employed borrowers to put as little as 10% down, up to 90% loan-to-value. Griffin Funding allows 10% down with a 700 or higher credit score on loans up to $1.5 million, or with a 680 credit score on loans up to $1 million, subject to qualification.

For borrowers with a lower credit score, a higher down payment is more typical. A larger down payment generally lowers your interest rate, reduces your monthly payment, and strengthens your file when your documented income is closer to the qualifying minimum. Lenders may also ask for cash reserves on top of the down payment, with the amount depending on your credit profile, loan size, and the strength of your deposits.

Who is the best bank statement lender for first-time home buyers?

We are one option for first-time home buyers who are self-employed. Our bank statement program lists a 620 minimum credit score and offers down payments as low as 10% for borrowers who meet the applicable credit and loan-size requirements. We evaluate eligible bank deposits instead of relying on tax returns alone, and each borrower works with an individually licensed loan officer. Pre-approval timing and final eligibility depend on the file.

Which bank statement loan lender is best for borrowers with lower credit scores?

For self-employed borrowers with credit scores between 620 and 679, Griffin Funding qualifies bank statement loans with a 620 minimum FICO, though rate pricing improves at 660 and above. Angel Oak Mortgage Solutions specializes in Non-QM lending for borrowers with prior credit events including bankruptcy, foreclosure, or short sale, and may be the better option for someone working through recent credit challenges.

It is worth noting that most bank statement lenders price most aggressively at 720+ FICO, so raising your score before you apply can meaningfully lower your rate, even on a bank statement loan.

Bill Lyons is the Founder, CEO & President of Griffin Funding. Founded in 2013, Griffin Funding is a national boutique mortgage lender focusing on delivering 5-star service to its clients. Mr. Lyons has 25 years of experience in the mortgage business. Lyons is seen as an industry leader and expert in real estate finance. Lyons has been featured in Forbes, Inc., Wall Street Journal, HousingWire, and more. As a member of the Mortgage Bankers Association, Lyons is able to keep up with important changes in the industry to deliver the most value to Griffin's clients. Under Lyons' leadership, Griffin Funding has made the Inc. 5000 fastest-growing companies list six times in its 13 years in business. Follow his updates on LinkedIn.