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Bank Statement Loans in Washington

Updated: September 7, 2026

Washington doesn’t tax your income directly, but the state’s business and occupation tax will: it’s charged on gross receipts, no deduction for labor, materials, or overhead, and you owe it even in a year you lose money. That’s the same math conventional lenders use against you. They look at net taxable income after every write-off, not what you actually brought in. Griffin Funding qualifies you differently with a bank statement loan: 12 to 24 months of bank statements, no tax returns, no W-2s, no pay stubs.

  • 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 Washington
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Table of Contents

Why Bank Statement Loans Matter in Washington’s Market

Washington home prices run well above the national average, pulled up by the Puget Sound tech and aerospace economy and years of in-migration. The bar to qualify is already high, but conventional lending makes qualifying even harder for anyone self-employed; conventional loans are built around W-2 employees and penalize business owners and contractors who write off expenses on their tax returns. Here’s why bank statement loans make sense for self-employed borrowers in Washington:

  • Washington has a deep self-employed and small-business base. The state is home to 695,695 small businesses, which represent 99.5% of all businesses in Washington. Self-employed workers and contractors make up a meaningful share of the workforce, especially across construction, agriculture and food processing, aerospace and manufacturing, healthcare, technology consulting, and the building trades.
  • Write-offs make qualifying harder than it should be. The same deductions that keep a general contractor, an orchard operator, or an independent software consultant 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, well below the 50% of deposits Griffin Funding counts toward qualifying income by default. A profitable operator can look underqualified on paper even when the deposits landing in their account tell a different story. A bank statement loan looks at real deposits instead of an adjusted tax figure.
  • Higher prices make qualifying income matter more. With the average Washington home value around $619,107, well above the national figure of roughly $375,094, self-employed buyers here often need to qualify for larger loans to stay competitive. Conventional underwriting built on deflated taxable income can leave them short, while a bank statement loan sizes qualifying income off real deposits, so actual cash flow determines how much home is within reach.

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

How Washington Bank Statement Loans Work

Washington 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 Washington

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.

Washington Housing Markets for Self-Employed Buyers

From the Seattle, Spokane, and Tri-Cities metros with the deepest client bases to the agricultural and port towns of the interior and coast, and the wine country, apple country, and bay towns that draw people for the setting, Washington gives self-employed buyers real options across the state. Here’s where borrowers are buying.

Major Metros

  • Seattle: The University of Washington recently surpassed Amazon as Seattle’s largest employer, with more than 50,000 employees in the city. Microsoft’s Redmond campus employs more than 47,000 people, while Boeing supports a broad statewide supplier network. That gives self-employed borrowers exposure to a diversified base of tech, aerospace, health care, and education clients. Seattle carries the highest deposit requirement of any metro on this list, though Bellevue’s city-level figure runs well above it, so a bank statement loan here suits an established business with several strong years of consistent deposits behind it.
  • Spokane: Health care and social assistance is Spokane County’s largest employment sector, with 47,926 jobs in 2024. The sector has grown 12% over the past five years, reaching 50,418 jobs, with Providence Inland Northwest Washington and MultiCare among the region’s major health-system employers. Spokane’s growing health-care sector supports self-employed contractors serving hospitals, clinics, and related facilities, from construction and maintenance trades to IT, equipment-service, and professional-service vendors. For those businesses, recurring client payments may be documented through business-bank deposits. Spokane sits in the lower middle of the deposit ladder, making it the most affordable metro-scale client base in the state.
  • Kennewick: Federally funded work at the Hanford Site and Pacific Northwest National Laboratory supports a cluster of about 13,000 employees across roughly 150 companies, generating about $1.58 billion in wages in the Benton–Franklin region. Those long‑term cleanup and research contracts run over multiple years through prime contractors and their subcontractors, giving specialty trades, technical services firms, and equipment vendors opportunities to maintain federal‑backed client relationships for extended periods. Kennewick sits mid-range on the deposit ladder while offering the most contract-driven client base in Washington.

Affordable Markets

  • Aberdeen: The Port of Grays Harbor supports a diversified industrial base, handling bulk cargo, logs, woodchips, and autos. Its AGP facility is the West Coast’s largest soymeal exporter, while Westport Marina is Washington’s top commercial seafood landing port. Wood-products manufacturers, port activity, and the marina create a deep working base for industrial trades, marine-service providers, and equipment vendors. Aberdeen carries the lowest deposit requirement of any Washington metro on this list, making it the state’s most forgiving entry point if your deposit history is still building.
  • Yakima: The Yakima Valley holds roughly 70-75% of United States hop acreage and now produces more hops than any other agricultural region in the world, alongside apples and a substantial wine industry. Farms and packing houses contract out constantly for equipment repair, trucking, irrigation work, and seasonal crews, giving independent trades a deep regional customer base. Yakima has the second-lowest deposit requirement on this page, and harvest-driven income is averaged across 12 or 24 months rather than judged on one quiet month.
  • Moses Lake: Columbia Basin irrigation supports a major agricultural and food-processing economy around Moses Lake, Quincy, Warden, and Othello. In Moses Lake, Basic American Foods operates a dehydrated-potato facility and J.R. Simplot’s Columbia Basin plant processes potatoes at industrial scale. Grant County’s hydroelectric system has also attracted data centers, creating a year-round base of agricultural, processing, industrial, and technology clients for maintenance, electrical, freight, and technical-service contractors. Moses Lake sits third-lowest on the deposit ladder while offering industrial clients who do not follow the growing season.

Lifestyle Markets

  • Walla Walla: Walla Walla County held 158 active winery licenses as of March 2023, and that wine sector supported 3,490 jobs and contributed $165.2 million in labor income across the valley. Those wineries also drove an estimated 573,000 tasting-room visits in 2023. That tourism sits alongside a more stable base built on government, health care, manufacturing, and agriculture, which together account for nearly 79% of covered jobs. Walla Walla asks for the least monthly deposit volume of the three lifestyle markets here, making it the most reachable if you want the setting without Bellingham pricing.
  • Wenatchee: Washington produces about 60% of the nation’s apples, and much of that comes from orchards in the Wenatchee Valley and the broader Wenatchee–Okanogan district, long known as the “Apple Capital of the World.” Wenatchee also serves as the retail and medical hub for roughly 250,000 people across North Central Washington, driven by Confluence Health and regional packing houses. Wenatchee’s deposit requirement lands above the affordable tier but well below Bellingham and Seattle.
  • Bellingham: Western Washington University creates 3,381 jobs in Bellingham, nearly 4% of all nonfarm jobs in the city, and PeaceHealth St. Joseph is among the largest employers. The Port of Bellingham operates Bellingham International Airport and a network of maritime facilities, while approximately 241 businesses occupy Port-owned property, helping support an estimated 8,780 direct and indirect jobs. Bellingham sits between the Salish Sea and Mount Baker with both Seattle and Vancouver, BC in reach, and it carries one of the higher deposit requirements on this list.

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 Washington’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 Washington: Monthly Business Deposits Needed to Buy the Average Home

Market Avg. Home Value Est. Monthly Payment (PITIA) Business Deposits Needed / Month 12-Month Deposit Total
Aberdeen $331,291 $2,052 $9,119 $109,428
Yakima $360,015 $2,230 $9,910 $118,916
Moses Lake $365,111 $2,261 $10,050 $120,599
Walla Walla $427,274 $2,646 $11,761 $141,135
Spokane $428,857 $2,656 $11,804 $141,658
Kennewick $445,320 $2,757 $12,255 $147,065
Tacoma $500,625 $3,100 $13,777 $165,328
Wenatchee $545,848 $3,380 $15,022 $180,264
Bellingham $647,676 $4,011 $17,825 $213,898
Everett $680,317 $4,213 $18,722 $224,670
Seattle $785,025 $4,861 $21,605 $259,257
Bellevue $1,676,612 $10,382 $46,141 $553,689

*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; loans from $3 million to $4.5 million require 25% down, supporting purchase prices up to $6 million), a 6.99% fixed interest rate (7.102% APR), 30-year amortization, Washington’s average effective property tax rate of 0.75% 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 Washington, and actual insurance and HOA dues vary by property. Home values are Zillow ZHVI averages for single-family homes by metro, except Bellevue, Tacoma, and Everett, which are city-level figures because all three fall within the Seattle metro; data through June 2026. The Seattle metro figures also include Kirkland, Redmond, and the rest of the Eastside, which are not listed separately above. 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 Washington

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

Apply for a Bank Statement Home Loan in Washington

Self-employed borrowers with non-traditional income still have options to purchase property in Washington. 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 Washington. We lend throughout the entire state, from Seattle, Spokane, and the Tri-Cities to Walla Walla, Wenatchee, and Bellingham, and the affordable markets of Aberdeen, Yakima, and Moses Lake.

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

Frequently Asked Questions

Griffin Funding looks for healthy, stable accounts when reviewing Washington 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 Washington 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 Washington 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 Washington 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 Washington 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 Spokane to an orchard property outside Wenatchee.

Griffin Funding typically closes Washington 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 auditor records 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 Washington, 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.