Bank Statement Loans in Michigan

Updated: July 2026

Michigan pairs affordable home prices with growing economies in Grand Rapids, Ann Arbor, and along the lakeshore. For self-employed buyers who haven’t been able to qualify through conventional lending, Griffin Funding’s bank statement loans in Michigan offer a straightforward path to qualification: 12 to 24 months of bank statements instead of tax returns, W-2s, or pay stubs.

  • Access home financing using your bank statements
  • No tax returns or pay stubs required
  • Purchase, refinance, or cash-out options available
  • Enjoy high loan amounts and flexible terms
  • Competitive bank statement loan rates in Michigan
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Table of Contents

Why Bank Statement Loans Matter in Michigan’s Market

Michigan is one of the more affordable states in the country to buy a home, with a statewide average home value of about $266,965, well below the national average of roughly $375,095. That affordability makes Michigan a friendly market for first-time and self-employed buyers alike, whom conventional loans tend to write off. 

Here’s why bank statement loans make sense for self-employed borrowers in Michigan:

  • A deep self-employed and small-business base. Michigan is home to roughly 983,079 small businesses, which make up about 99.6% of all businesses in the state. Michigan’s small-business economy runs deep across professional and technical services, construction, and transportation and warehousing, three industries where self-employment is common and write-offs are significant.
  • Write-offs make qualifying harder than it should be. The same deductions that keep a Michigan small business lean at tax time shrink the taxable income a conventional underwriter sees. A profitable contractor, truck owner-operator, or consultant can appear underqualified on paper despite strong monthly deposits. A bank statement loan uses actual deposit history instead of an adjusted tax figure.
  • Affordability that’s within reach with the right loan. Because Michigan home values sit well below national norms, the deposits needed to qualify are modest by national standards. A self-employed buyer running about $7,800 a month through their business account, roughly $93,000 over 12 months, can qualify for the average Michigan home with a bank statement loan. That’s what actual earnings can do when a tax return isn’t standing in the way.

Sources: Zillow home value data (June 2026) and U.S. Small Business Administration Office of Advocacy.

 

How Michigan Bank Statement Loans Work

Self-employed Michiganders often write off significant business expenses, including equipment, mileage, materials, and overhead. That’s a smart tax strategy, but it reduces the net income traditional lenders use to qualify borrowers. A self-employed borrower with strong cash flow can end up appearing underqualified for a loan they could comfortably repay.

A bank statement loan solves that by qualifying you on the cash flow that actually moves through your accounts. Instead of relying on tax returns, Griffin Funding measures the deposits your business and personal accounts generate over time, giving an accurate picture of what you really earn.

Griffin reviews 12 or 24 months of bank statements and calculates qualifying income directly from your deposit history. Personal account statements typically count 100% of deposits, while business account statements apply an expense factor, usually around 50%, and as low as 10% depending on your business type and margins.

To qualify for a bank statement loan, you’ll need:

  • Credit score: 620 minimum
  • Self-employment history: 2 years minimum (or 1 year if you have prior experience in the same industry)
  • Down payment: 10% with a 680+ score (loans up to $1M); 20% minimum with a 620–679 score
  • Bank statements: 12 or 24 months of personal or business statements showing consistent deposits
  • Property types: single-family, multi-unit, short-term rentals, and long-term rentals are all eligible
  • LLC ownership: properties can be held in an LLC

Prior bankruptcy requires a two-year waiting period before applying.

View Bank Statement Loan Requirements

Today’s Bank Statement Mortgage Loan Rates in Michigan

Griffin Funding is a national, direct-to-consumer lender, which means we cut out the broker markup and keep our non-QM (non-qualified mortgage) rates competitive for self-employed Michigan borrowers. Your rate is shaped by a handful of factors: your credit score, your down payment, your loan amount, and whether you choose to buy down points up front.

 

Michigan Housing Markets for Self-Employed Buyers

From large metros with broad economic activity to some of the most affordable cities in the country and lifestyle-driven communities that balance livability with steady local economies, Michigan has real options for self-employed buyers at every price point. Here’s where borrowers are buying across the state.

Major Metros

  • Grand Rapids: West Michigan’s economic hub, Grand Rapids has built a diversified economy spanning healthcare, manufacturing, and a thriving craft-beverage and design scene, supporting a broad client base for self-employed buyers. Steady construction and a deep small-business community add ongoing demand for contractors and independent operators, keeping it a well-rounded market at a mid-range price point.
  • Ann Arbor: Home to the University of Michigan and a thriving startup and research ecosystem, Ann Arbor draws entrepreneurs, tech founders, and self-employed professionals into one of the Midwest’s most active innovation communities. For self-employed buyers whose work benefits from proximity to that client base and professional network, it’s a market that may pay for itself.

Affordable Markets

  • Detroit: A major city with a deep job base spanning automotive, healthcare, and a growing tech presence, Detroit gives self-employed buyers a metro-scale customer market at one of the lowest price points of any large American city. Ongoing revitalization has fed a growing entrepreneurial scene, though conditions and taxes vary sharply block to block, so location due diligence matters more here than in most markets. 
  • Lansing: The state capital pairs stable government and university employment, with Michigan State just next door in East Lansing, to give self-employed buyers a recession-resistant customer base that keeps spending steady when private-sector work slows. With prices well below Michigan’s suburban and university-heavy markets, it’s a practical, low-cost entry point for a first purchase.
  • Kalamazoo: Home to a major pharmaceutical and medical-device industry presence, including large Pfizer and Stryker operations, along with Western Michigan University, Kalamazoo combines a diversified, recession-resistant economy with a steady base of higher-income professionals. For self-employed buyers, that means reliable local spending and a broad client pool at a more approachable price point than Michigan’s higher-cost markets. 

Lifestyle Markets

  • Traverse City: Northern Michigan’s lifestyle capital, with Grand Traverse Bay, wine country, and a nationally known food scene supporting a strong tourism and second-home economy. At around $436,000, it’s Michigan’s premium lifestyle market, and for self-employed buyers whose income supports it, roughly $12,700 a month in business deposits, it’s the kind of place where the work-from-anywhere math finally favors the buyer.
  • Holland: Sitting on the Lake Michigan shoreline, Holland offers a charming downtown, strong tourism, and a relaxed pace that draws self-employed buyers who want a quieter, close-knit place to live. Roughly 30 minutes from Grand Rapids, it keeps lakeshore living within reach while staying close to a bigger city.

Home value figures reflect average home values as of June 2026. Sources: Zillow.

How much needs to flow through your business account to buy in each of these markets? We ran the same formula Griffin Funding publishes for America’s 50 largest metros on Michigan’s markets. The table below shows the average single-family home value, the estimated monthly payment, and the monthly and 12-month business deposits needed to qualify with a bank statement loan. A lower expense factor may apply with a CPA letter, reducing the required deposits.

Bank Statement Buying Power in Michigan: Monthly Business Deposits Needed to Buy the Average Home

Metro Avg. Home Value Est. Monthly Payment (PITIA) Business Deposits Needed / Month 12-Month Deposit Total
Battle Creek $191,049 $1,253 $5,569 $66,829
Flint $195,618 $1,283 $5,702 $68,427
Lansing $253,198 $1,661 $7,381 $88,568
Muskegon $255,703 $1,677 $7,454 $89,444
Detroit $271,380 $1,780 $7,911 $94,928
Kalamazoo $281,091 $1,844 $8,194 $98,325
Holland $352,814 $2,314 $10,284 $123,414
Grand Rapids $364,649 $2,392 $10,629 $127,554
Traverse City $436,133 $2,860 $12,713 $152,559
Ann Arbor $443,568 $2,909 $12,930 $155,159

*Estimates are hypothetical illustrations based on 12 months of business bank statements with a 50% expense factor (a lower expense factor may apply with a CPA letter), a 20% down payment (available on loan amounts up to $3 million), a 6.99% fixed interest rate (7.102% APR), 30-year amortization, Michigan’s average effective property tax rate of 1.19% as published on our property tax by state page, and homeowners insurance estimated at 0.30% of home value annually. Qualifying assumes a 45% debt-to-income ratio; DTI includes all monthly debt obligations such as auto loans, credit cards, and student loans, and these figures assume no monthly debt other than the mortgage payment. Actual property taxes vary by city and county in Michigan, and actual insurance and HOA dues vary by property. Home values are Zillow ZHVI averages for single-family homes by metro, data through June 2026. This is not a rate quote, an advertisement of currently available terms, a loan offer, a pre-qualification, or a guarantee of approval; actual rates, APRs, and qualifying requirements vary by borrower, property, and program. Try our Bank Statement Loan Calculator to run your own numbers.

Free Tools for Self-Employed Borrowers in Michigan

Run the numbers before you commit. These free tools give you an instant read on your buying power and the Michigan market:

 

Apply for a Bank Statement Home Loan in Michigan

With a Griffin Funding bank statement loan, you can qualify for up to $4.5 million with as little as 10% down, no tax returns or pay stubs required. The table above assumes 20% down, which carries lower rates. Your income is documented through the deposits that already flow through your accounts.

We’ve helped self-employed borrowers, small business owners, freelancers, tradespeople, and independent contractors finance homes across Michigan, from Detroit, Grand Rapids, and Ann Arbor to affordable markets like Lansing and Kalamazoo, and lakeshore communities like Holland.

Reach out to learn how to qualify for a bank statement loan in Michigan. If you’re ready to move forward, you can get pre-approved and lock your rate online today.

Frequently Asked Questions

Griffin Funding looks for positive account balances, minimal overdrafts, and consistent deposit history when reviewing Michigan bank statement loan applications. Funds moved in shortly before applying won’t count, and transfers between accounts or large unexplained cash deposits are excluded from the income calculation. You’ll also need enough reserves to cover your down payment, closing costs, and a few months of mortgage payments.

Griffin Funding accepts both personal and business bank statements for Michigan bank statement loans. To calculate your qualifying income, eligible deposits are totaled over 12 or 24 months and divided by the number of months. Personal statements count 100% of deposits toward income. Business statements apply a 50% expense factor by default, which can go as low as 10% depending on your business type and number of employees. Transfers and unexplained cash deposits are excluded before the calculation runs. 

Griffin Funding requires 12 or 24 months of personal or business bank statements, along with personal ID, proof of Michigan residency, a credit authorization, a completed loan application, business documentation, and a purchase agreement. See our full bank statement loan document checklist to help you prepare ahead of time.

You’ll need a minimum 620 credit score, at least two years of self-employment history, a down payment, and 12–24 months of bank statements showing steady deposits. Beyond your statements, expect to provide personal identification, proof of Michigan residency, credit authorization, a loan application, business documentation, and a purchase agreement.

Griffin Funding’s Michigan bank statement loans cover a broad range of property types: single-family homes, multi-family homes, townhomes, condos, manufactured homes, and rural properties. That flexibility fits everything from a primary residence in the Detroit metro to a lakefront property in northern Michigan.

Griffin Funding typically closes Michigan bank statement loans in 30 days or less. Once closed, funds are usually disbursed the same day or the following business day, once the county recorder confirms the deed. To avoid delays, have your documents ready before you apply and stay responsive to lender requests. Cash-out refinances are subject to a mandatory 3-day waiting period before funding; purchase loans are not.

Yes. If you already own property in Michigan, a bank statement cash-out refinance lets you pull equity from what you have without tax returns, whether you’re funding your next investment or covering improvements. Keep in mind that cash-out refinances require a mandatory 3-day waiting period before funding; purchase loans and investment properties do not.