Read on to find out more about the bank statement loan process, so you can decide whether this innovative and inclusive form of financing is right for you.

Getting a Tennessee Bank Statement Mortgage

A Tennessee stated income loan, also commonly referred to as a bank statement loan or bank statement mortgage, is a method of financing the purchase of a home that does not require traditional income checks. This is because, for many self-employed and freelancing individuals, you may not have access to pay stubs the way that a traditionally employed loan applicant might.

However, lenders must still verify that borrowers have the ability to pay back the money they borrow (plus interest and fees). To do this, lenders who offer bank statement loans use alternate methods of income verification. When applying for a bank statement loan, you may be required to present all or some of the following documentation:

Bank statements: Borrowers will likely be asked to show that they have consistent revenue entering their bank account, and so are able to make the monthly payments on their loan once it is approved. Depending on your lender and other aspects of your personal financial profile, you may be asked for anywhere between 12 and 24 months’ worth of bank statements.

Note: If you’re unsure of how to access historical bank statements, reach out to a representative from your bank to see how you can gain access to this information.

Credit check: Like a traditional loan, a bank statement loan will likely require a credit check. Your credit score is one assessment of your financial wellbeing; it measures how reliably you’ve repaid debts in the past. When assessing your eligibility for a loan, as well as what interest rate you will be required to pay, your lender will likely review your credit information. At Griffin Funding, we require that applicants have a credit score of at least 620 to be eligible for a bank statement loan.

Down payment: Many loans require that borrowers first make a down payment on the home which they wish to purchase. Traditionally, some lenders require borrowers to make a 20% down payment in order to qualify for a loan. Griffin Funding, however, requires that bank statement loan applicants make a 10% down payment.
Note: However, 1-month bank statement loan applicants must put at least 25% down.

Employment history: Griffin Funding requires that bank statement loan applicants work as self-employed or as a business owner for two years prior to being eligible. If you are unsure whether your specific employment situation qualifies, you can speak with a Griffin Funding representative who will walk you through our eligibility requirements.

Advantages of a Tennessee Bank Statement Loan

Tennessee bank statement loans come with a number of enticing advantages. Here are some of the benefits that can be available through this form of financing:


  • Lenders do not need to review any tax forms, like W2s, which are often required for a traditional mortgage, along with many other forms of documentation.
  • Depending on your employment situation, we may review either 12- or 24-month bank statements.
  • Business owners can show 24 months of business statements and a profit and loss (P&L) statement for the same period. P&L statements are prepared by a Certified Public Accountant.
  • Note: Not all business owners will be required to present a P&L statement.
  • You may qualify for a bank statement home loan for as low as 10% down.
  • You may qualify for a cash-out refinance loan of up to 85% of your property value.
  • The minimum for bank statement borrowing is $100,000; the upper limit is $5 million.
  • We may accept a debt to income ratio of a maximum 55%.
  • Both fixed-rate and adjustable mortgage options are available on bank statement loans.

The takeaway: Tennessee bank statement mortgages are a flexible, innovative form of financing that allow self-employed workers, gig workers, entrepreneurs, business owners, and other non-traditionally employed individuals to secure the funding they need.

Bank Statement Financing with Griffin Funding

Griffin Funding is a direct lender and broker for high-quality financing. We partner with over 40 banks, lenders, private equity funds, and investors nationwide — this allows us to offer a wider range of products than most of our competition.

Our flexibility helps us match applicants with a variety of different sources of funding, opening up options and ensuring that our customers get the financing they need at a rate they love. Whether you’re looking for a condo in Nashville, a ranch near Chattanooga, or the perfect Memphis 3-bedroom, we’re here to help connect you with the funds that can make it all possible.

For more information on the requirements and benefits, read the full page on bank statement loans through Griffin Funding.

Tennessee Loan Options to Consider

Not sure what type of loan suits your financial profile best? Read about a few of our other funding options that can help you secure the property you desire:

Curious about how much you may be able to borrow? Start by getting a quote online and find out how a Tennessee self-employed mortgage can work for you. You can also contact us to learn more and receive loan advice free of charge. We’re happy to help you through your home-buying process, and will be with you each step of the way to ensure you get the funding you need.

Begin the application online or request a free quote today!

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