What is a Michigan Bank Statement Home Loan?

To learn a little bit about bank statement loans, you have to understand conventional loans first. Conventional loans verify income through W2s, tax returns, and pay stubs.

However, self-employed borrowers or anyone who receives money via non-traditional avenues have had problems securing conventional loans because they can’t verify their income through these traditional methods.

Self-employed individuals and retirees don’t have pay stubs. While they do have tax returns, these tax returns may not paint an accurate picture of net income. This is because, during tax season, self-employed individuals are entitled to tax deductions. They can deduct anything from office supplies to freelancers on their tax returns to make their taxable income lower. This net income is not a proper net income because of these deductions, which makes underwriting tricky when it comes to conventional loans.


Luckily, we can verify your income in other ways thanks to non-qualified mortgage (non-QM) loans that allow us to better serve the self-employed, like Michigan stated income loans. These loans use bank statements to verify income, so there’s no need for our underwriters to look at tax returns or ask for pay stubs. Instead, they verify your income by looking at the deposits going into your personal or business bank account and see that as your monthly income.

By allowing the verification of income through this alternative method, we’ve helped more people secure a home loan. Griffin Funding can help you secure a Michigan self-employment mortgage loan through our non-QM products, whether you’re a freelancer or run your own business.

Who Qualifies for a Bank Statement Loan?

Borrowers who are best suited for bank statement loans include:

  • Business owners
  • Freelancers, Consultants, Independent Contractors
  • Gig Workers
  • Retirees

If you fall into one of these categories, consider applying for a Michigan bank statement mortgage.

Michigan Bank Statement Loans from Griffin Funding

We offer Michigan bank statement loans for borrowers all over the state, including: Bank Statement Loan Benefits

Where We Serve
  • Detroit
  • Ann Arbor
  • Grand Rapids
  • Lansing
  • Troy
  • Warren
  • Farmington Hills
  • Rochester Hills
  • Kalamazoo
  • And More

Whether the home is located in the suburbs of Farmington Hills or the City of Detroit, we can help you secure a loan.

Benefits of Michigan Bank Statement Loans

There are several notable benefits of Michigan bank statement mortgages:

Bank Statement Loan Benefits
  • No tax returns, pay stubs, or W2s required.
  • Choose between a 12-month bank statement loan program or a 24-month program.
  • Down payments as low as 10% accepted (660+ credit score required for 10% down)
  • Allows for a higher debt-to-income (DTI) ratio (possibly up to 55%)
  • Both fixed-rate mortgage and adjustable mortgage options are available.

You either have to be self-employed, a business owner, or a retiree to qualify for bank statement home loans. If you have W2 income from an employer along with self-employment income, you may qualify for either a bank statement loan or a conventional mortgage loan.

Our Bank Statement Loan Solutions

Our mortgage programs for Michigan bank statement loans include:

  • Personal Bank Statement Loans: You can qualify with 12 to 24 months’ worth of bank statements. For personal bank statement loans, we count 100% of your deposits as income.
  • Business Bank Statement Loans: As a business owner, you can qualify with 12 or 24 months worth of bank statements. For business bank statement loans, we count 50% of the deposits as income.

Eligibility Criteria for Michigan Bank Statement Loans

In order to qualify for a bank statement loan, we will need to verify information about you, including:

  • You have been self-employed for at least two years.
  • You can provide a 10% down payment or more (10% down requires at least a 660 credit score)
  • You have four months of mortgage loan payments in your bank account for loan amounts under $1 million.
  • You have a credit score of at least 620.
  • You are able to provide Profit and Loss (PL) statements for your business.

Frequently Asked Questions

Do you have to be self-employed to qualify for bank statement loans?

You either have to be self-employed, a business owner, or a retiree to qualify for bank statement home loans. If you have W2 income from an employer along with self-employment income, you may qualify for either a bank statement loan or a conventional mortgage loan.

Can I finance investment property?

Yes, you can use your Michigan bank statement loan to invest or purchase a second house.

Can I use personal bank statements for a bank statement loan?

Yes, you can use your personal bank statements or business bank statements, but not both.

Are There Other Types of Home Loans for Self-Employed Borrowers?

Self-employed individuals in Michigan may qualify for a number of different home loans, depending on their unique situation. Some may still qualify for a conventional loan, while others only qualify for bank statement loans. Some other mortgage programs you may want to consider include:

If you’re self-employed and not sure which type of loan is right for you, contact us today to speak to one of our loan officers.

Apply for a Bank Statement Loan in Michigan

The income verification requirements associated with conventional loans should not deter you from getting a mortgage and buying a house. With Griffin Funding’s Michigan bank statement loan program, we can help you get a loan no matter where your income comes from.

Ready to apply for a Michigan bank statement loan? Begin the application online today.

Begin the application online or request a free quote today!

Apply Now