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Bank Statement Loans in Utah

Updated: August 13, 2026

Utah’s decade-long growth streak, powered by the Silicon Slopes tech boom, makes bank statement loans a natural fit for self-employed buyers who need to qualify on real income, not a return narrowed by write-offs. Get a bank statement loan in Utah using 12-24 months of bank statements, instead of tax returns, W-2s, or pay stubs. Whether you’re buying a townhome in Salt Lake City or a primary residence near Zion, Griffin Funding offers flexible bank statement mortgage solutions across the entire state of Utah to self-employed business owners.

  • Access home financing using 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 Utah
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Table of Contents

Why Bank Statement Loans Matter in Utah’s Market

Utah’s statewide average home value sits around $531,280, well above the national average. A large share of Utahns earn their living through their own businesses, but conventional loans leave them without a reliable path to qualification, even when their cash flow is strong.

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

  • Utah has a deep self-employed and small-business base. The state is home to more than 371,000 small businesses, which represent 99.4% of all businesses in Utah. Business owners and self-employed workers make up a meaningful share of the economy, especially across aerospace and defense, life sciences and healthcare, advanced tech, outdoor recreation, and the trades. 
  • Write-offs make qualifying harder than it should be. The same deductions that keep a Silicon Slopes contractor or small business owner profitable at tax time shrink the taxable income a conventional underwriter sees. IRS data shows that, nationally, sole proprietors report net income at roughly 20-23% of business receipts on average. A bank statement loan looks at real deposits instead of that adjusted figure, counting 50% of them by default, which gives the typical self-employed borrower close to 2x the buying power a tax return alone would show.
  • Higher prices make qualifying income matter more. With home prices already well above the national average, self-employed buyers often need to qualify for larger loans to stay competitive. Conventional underwriting based on deflated taxable income can leave them short; bank statement loans qualify you on real deposits, so your true cash flow determines how much home you can afford.

Sources: Zillow home value data (June 2026), U.S. Small Business Administration Office of Advocacy, and IRS Statistics of Income (Nonfarm Sole Proprietorships, 2008-2015; SOI Bulletin, Spring 2025).

How Utah Bank Statement Loans Work

Business owners and contractors who write off expenses often show a taxable income far below what they actually earn. This tends to leave them underqualified on paper for conventional loans, even when their cash flow tells a different story.

Bank statement loans qualify you based on cash flow shown in bank statements, rather than traditional tax-return income.

Griffin Funding reviews 12 to 24 months of bank statements and calculates income from actual deposit history. The percentage of deposits that count toward your income depends on whether you use personal or business bank statements. Personal statements count 100% of deposits; business statements typically apply a 50% expense factor, which can go as low as 10% depending on your business type.

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’ve stayed in the same industry)
  • Down payment: 10% with a 680+ credit score; 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 homes, multi-family homes, townhomes, condos, manufactured homes, and rural properties 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 Utah

As a national direct-to-consumer lender, Griffin Funding cuts out the broker markup and keeps non-QM (non-qualified mortgage) rates competitive. Your specific rate depends on your credit score, down payment, loan amount, and buydown points.

Utah Housing Markets for Self-Employed Buyers

From the Wasatch Front metros with the most economic activity to affordable cities built around universities and institutions to desert, canyon, and mountain towns for buyers weighing scenery and pace, Utah has real options for self-employed buyers at every price point. Here’s where borrowers are buying across the state.

Major Metros

  • Salt Lake City: Utah’s largest metro brings a dense, diverse job market spanning life sciences, healthcare, outdoor products, and logistics, giving self-employed borrowers the broadest client base in the state. It’s also the second-highest price point on this page, which is where the gap between your tax returns and your deposit history decides whether you qualify.
  • Provo & Orem: Fueled by rapid Utah County growth and home to two major universities, Provo and Orem offer self-employed borrowers in education, healthcare, and professional services a steady client base to build on. Growth this fast means new construction, new offices, and new households, which is recurring contract work that shows up as deposit volume.
  • Lehi & Silicon Slopes: Home to major employers like Adobe, Microsoft, and Qualtrics, Silicon Slopes draws a high-income professional base that’s a strong client pool for self-employed creatives and consultants. Tech and agency clients budget by project, so a consultant’s income here arrives in uneven chunks that 12 months of statements capture better than a single return.

Affordable Markets

  • Ogden: Ogden offers an active downtown and a Weber State University client base to build a business around. It’s the most accessible Wasatch Front market on this page, so the deposit bar is lower here than in Salt Lake City or Provo, though Cedar City and Logan come in lower still.
  • Logan: Home to Utah State University, Logan is the commercial center of Cache Valley, with a manufacturing base in food processing and precision instruments on top of the university’s payroll. For contractors and service providers, that means institutional clients and industrial clients inside one small metro. It carries the second-lowest deposit requirement on this page, so a newer business clears the bar here well before it could on the Wasatch Front.
  • Cedar City: Southern Utah University and the Utah Shakespeare Festival give Cedar City a year-round institutional and events economy. For self-employed borrowers, that means campus contract work through the school year and a festival season that pulls visitors and their spending into a small market. It carries the lowest deposit requirement of any market on this page, well below St. George in the same corner of the state.

Lifestyle Markets

  • St. George: A fast-growing Southern Utah city with a warm climate, red-rock scenery, and proximity to Zion National Park, St. George is a strong fit for self-employed buyers who can work from anywhere and want year-round outdoor access. It sits mid-page on price, so the deposit requirement here runs well under the Wasatch Back resort markets.
  • Heber: The seat of Wasatch County on the “Wasatch Back,” Heber shares Park City’s luxury mountain-resort economy: skiing, golf, and Sundance-season traffic. For location-flexible self-employed buyers, it puts you in that economy without a Park City address. It’s the highest price point on this page by a wide margin, more than double Salt Lake City’s.
  • Moab: The gateway to Arches and Canyonlands national parks, Moab draws year-round outdoor enthusiasts and remote workers who want adventure on their doorstep. When your clients aren’t local, what qualifies you here is the deposit history your business already has.

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 Utah’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 Utah: 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
Cedar City $425,780 $2,541 $11,292 $135,501
Logan $476,744 $2,845 $12,643 $151,720
Ogden $528,675 $3,155 $14,021 $168,247
St. George $545,887 $3,257 $14,477 $173,724
Provo $565,634 $3,375 $15,001 $180,009
Salt Lake City $587,067 $3,503 $15,569 $186,830
Heber $1,220,986 $7,286 $32,381 $388,570

Lehi and the Silicon Slopes area are part of the Provo metro figures above. Park City is included in the Heber metro figures above, and individual Park City home values run well above that metro average. Moab does not have its own Zillow metro area, so no figures are shown for it above. *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 (with loan amounts up to $3 million), a 6.99% fixed interest rate (7.102% APR), 30-year amortization, Utah’s average effective property tax rate of 0.48% 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 Utah, 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 Utah

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

Apply for a Bank Statement Home Loan in Utah

Self-employed borrowers with non-traditional income still have options to purchase property in Utah. With a bank statement home loan, you can qualify for up to $4.5 million in financing, no tax returns or pay stubs required. Down payments start at 10% for qualified borrowers.

Griffin Funding has helped self-employed borrowers, small business owners, freelancers, tradespeople, and independent contractors qualify for bank statement mortgage loans across Utah. We lend throughout the entire state, from Salt Lake City and Provo to St. George, Ogden, Park City, and Moab.

Reach out today to learn more about how to qualify for a mortgage in Utah if you’re self-employed. If you’re ready to get pre-approved and lock in your rate, get started today.

Frequently Asked Questions

Griffin Funding looks for healthy, stable accounts when reviewing Utah bank statement loan applications: positive balances, few or no overdrafts, and consistent deposits that reflect ongoing business income. One-time transfers between accounts and unexplained cash deposits are excluded from the income calculation, since those don’t represent reliable earnings. You’ll also need to show adequate reserves remaining after closing.

Griffin Funding accepts both personal and business bank statements for Utah bank statement loans. To calculate your qualifying income, eligible deposits are added up 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 the last 12 or 24 months of personal or business bank statements. You’ll also need to provide personal ID, proof of Utah 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.

Qualifying for a Utah bank statement loan comes down to four main things: your down payment, your credit score, your self-employment history, and your bank statements. Griffin Funding accepts borrowers with a 620 minimum credit score and at least two years of self-employment. A loan officer will review your deposit history to determine your qualifying income and eligible loan amount.

Bank statement loans are primarily used to purchase a primary residence. Griffin Funding’s Utah bank statement loans are available for a range of property types, including single-family homes, multi-family homes, townhomes, condos, manufactured homes, and rural properties. That flexibility fits everything from a primary residence in Salt Lake City to a mountain home near Park City.

Griffin Funding typically closes Utah 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.

Yes. If you already own a home in Utah, a bank statement cash-out refinance lets you tap existing equity without tax returns, so you can put those funds toward your next purchase or improvement. Cash-out refinances are subject to a mandatory 3-day waiting period before funding; purchase loans are not.