Best Bank Statement Mortgage Lenders: Top 15 Picks for 2025

For those with unconventional incomes, obtaining a mortgage can be unnecessarily challenging, as traditional lenders often insist on standard income verification methods that may not accurately reflect the cash flow of certain individuals. Fortunately, bank statement loans are available to allow borrowers to qualify using more accurate documentation of their cash flow. 

At Defy Mortgage, we specialize in non-traditional loan products such as bank statement loans. With 75+ tailored options in our repertoire, we can provide a solution for just about any scenario.

In this blog, we’ll talk about the 15 best bank statement mortgage lenders in 2025. We’ll give a brief overview of each lender and their target markets, and then go into the specifics of each of their bank statement offerings. 

Let’s get started. 

What is a Bank Statement Loan?

A bank statement loan is a loan type that allows borrowers to use their bank statements as a way to verify their income rather than traditional income documentation, such as W2s, pay stubs, and tax returns. Alternative income verification allows borrowers with irregular income structures, such as self-employed professionals and investors, to accurately represent how much they actually make. This significantly increases the likelihood of approval over a conventional loan application.

Typically, bank statement lenders ask applicants to provide them with anywhere between 12 to 24 months’ worth of recent bank statements to evaluate their income and spending patterns. Since bank statement loans don’t use the traditional method of income verification, they’re considered to be non-qualified mortgages (non-QM). 

What are non-QM loans?

Bank statement loans belong to a category of loans known as non-QM loans. These are the types of loans that are not subject to the guidelines imposed by Fannie Mae and Freddie Mac. Lenders now have more flexibility to adjust loan terms based on borrower needs and preferences.

The most significant difference between non-QM and QM loans is the alternative income verification process, making them a great option for individuals with fluctuating or irregular income.

At Defy, we make full use of the freedom to define loan terms by offering fully customizable mortgage loan programs that can be perfectly fine-tuned to fit your unique needs. Here are some examples of our non-QM offerings:

• P&L loans: Similar to bank statement loans, P&L loans make use of profit-and-loss statements as proof of income.
  
• Asset depletion loans: These loans allow borrowers to put up financial assets such as stocks, bonds, and other securities as collateral instead of reporting income with tax returns on W-2s. These assets are considered to be the borrower’s income, divided evenly across the total number of months in the life of the loan. Qualification and terms are based on whether this “income” is sufficient to cover loan payments.
  
• DSCR loans: DSCR or debt service coverage ratio loans use the cash flow potential of a rental property to qualify, standing in for the borrower’s income. DSCR is the ratio between the net rental income and the mortgage payments that a property needs to make every year, and the better the DSCR, the better the mortgage terms.
  
• Interest-only options: Apart from alternate income documentation, non-QM loans also have the option to be interest-only for a set period of time. By only requiring the borrower to pay interest for up to 10 years, borrowers can manage cash flow more easily, giving them breathing room to get their income up to speed before principal payments need to be made.
  
• Foreign national loans: These are a subset of non-QM loans that extend options to non-residents of the United States who do not possess a US Social Security number or credit score. Instead of US-based financials, lenders rely on income documents and character references from the borrower’s country of origin.
  
• Fix-and-flip loans: These loans provide financing for house flippers, or investors who seek out undervalued properties to rehabilitate and sell at a profit. Similar to DSCR loans, lenders look at the profitability of the property–in this case, the ARV or after-repair value–rather than the borrower’s income.

Who Would Benefit From a Bank Statement Loan?

Anyone who has a non-traditional income stream that makes it difficult to verify their income through traditional documents would benefit greatly from a bank statement loan. This includes, but is not limited to:

1. Entrepreneurs
2. E-commerce Professionals
3. Small Business Owners
4. Self-Employed Individuals
5. Freelancers
6. Gig Workers
7. Individuals With Multiple Streams of Income
8. Independent Contractors
9. Self-Employed Lawyers
10. Doctors in Private Practice
11. Artists
12. Real Estate Investors
13. Truck Drivers
14. Individuals with unique circumstances who would not be able to qualify for a traditional mortgage

FOR MORTGAGE BROKERS: Are you a mortgage broker itching to elevate client offerings, command the market, close faster and deliver flawlessly? Check out D3, Defy’s new TPO business for mortgage brokers in the Non-QM space. We eat complex loans for breakfast. While other lenders run from challenging deals, we chase them down — transforming how complex borrowers access financing. That means superior rates that dominate, less red tape, competitive pricing, and the fastest turn times.

How Was This List Formed?

This list was formed by considering several factors to help determine who the best bank statement lenders are in the industry, including the experience of employees, good reviews, rate transparency, awards, overall brand message, and more. Please note that this list is in no particular order.

The Top 15 Bank Statement Lenders of 2025

1. Defy Mortgage

Defy Mortgage, a rising force in the industry since 2022, is a lender that aims to empower non-traditional borrowers and revolutionize the mortgage experience. With over 100 years of collective experience, their team specializes in non-QM mortgages for groups like foreign nationals, investors, and self-employed individuals.

Defy empowers these individuals by removing roadblocks to homeownership, whether they’re buying or refinancing. We prioritize a smooth and secure process, centered on the borrower’s experience, and take a full 360-degree look at your unique finances, goals, and background. Not just judging you by some standard checklist. 

The Defy Mortgage team factors in all aspects to craft mortgage options that actually fit your lifestyle. Our technology and customer-centric approach ensure borrowers feel informed, confident, and in control throughout the process. Simple home loans, fast pre-approval times, easy processes, and no obligation or application fees ever when you apply. 

The requirements and terms for our bank statement loans include:

1. 12 to 24 months’ worth of bank statements (business or personal so you have options!).
2. A minimum FICO of 620+.
3. No tax returns required
4. A maximum LTV of 90%, pending meeting certain criteria.
5. Loan amounts up to $6,000,000.
6. 1- to 4-unit properties that are primary homes, second homes, or investment properties.
7. Interest-only options are available.
8. R/T and cash-out refinance options available.
9. ARM or fixed rate options are available.
10. Profit & Loss loan option available for business owners.
11. No obligation or application fees EVER.

Driven by a passion to disrupt the lending landscape and empower borrowers, their deep market knowledge and CEO Todd Orlando’s 25-year experience in finance position them as a leading force in non-traditional mortgage solutions. When others say no, Defy says yes. Being self-employed shouldn’t and doesn’t make you less qualified for a mortgage. If you defy the traditional, you have a partner who does too.

2. Griffin Funding

Griffin Funding was founded in 2013 in San Diego California and is a fully-digital direct lender specializing in serving veterans, self-employed individuals, and real estate investors. 

With these individuals as their main target market, Griffin Funding provides various options that specifically cater to those with unconventional incomes, including bank statement loans. 

The requirements and terms for their bank statement loans include:

1. A minimum of two years’ experience being a business owner, self-employed, or in the same line of work.
2. A minimum FICO score of 620+.
3. A minimum of 10% down (depending on credit score).
4. A minimum of three to 12 months of PITI reserves in the bank depending on the loan amount.
5. A minimum of 12 months’ worth of bank statements.
6. Loan amounts between $100,000 and $5,000,000.

3. Truss Financial Group

Founded in 2006, Truss Financial Group has over 20 years of experience serving small business owners and real estate investors by providing creative loan solutions. Truss Financial Group has a wide selection of non-QM loans, such as stated income loans, asset depletion loans, DSCR loans, and more, in addition to bank statement loans. 

Truss Financial Group offers three types of bank statement programs: a three-month, a 12-month, and a 24-month program. The requirements and terms for their bank statement loans include:

1. Three to 24 months’ worth of bank statements. 
2. A maximum LTV of 90%. 
3. A minimum FICO score of 650+.
4. Maximum loan amount of $4,000,000.
5. No tax returns required.

4. CrossCountry Mortgage

CrossCountry Mortgage was founded in 2003 with the mission of becoming a nationwide full-service lender that could provide customers with a fast and transparent mortgage experience. 

The requirements and terms for their bank statement mortgage program include:

1. A minimum of 24 months’ worth of bank statements.
2. No tax returns required.
3. A maximum LTV of 85%.
4. A maximum DTI of 50%.
5. Maximum loan amount of $3,000,000.
6. 30-year fixed rate with no prepayment penalties. 

5. Change Home Mortgage

Headquartered in Anaheim, California, Change Home Mortgage’s goal is to provide financing solutions to all of America’s diverse homeowners and communities. 

As a result, they have been able to lend over $25 billion to more than 75,000 families of which over 70% have been Black, Latino, and low- to moderate-income borrowers. 

Rather than a bank statement loan program, Change Home Mortgage offers an “Alt-Doc” program that provides an alternative financing solution for those with a lack of income or credit documentation. 

This loan option allows flexible qualifying methods such as asset depletion and/or bank statements to qualify. While Change Home Mortgage doesn’t have specific loan requirements on their website, they have a guide on the upfront costs associated, which include:

1. A 3%, 5%, 10%, or 20% down payment based on the loan criteria.
2. A deposit of 1% to 3% of the purchase price.
3. Miscellaneous fees such as PMI, homeowner’s insurance, title insurance, attorney fees, origination fees, and more.

6. New American Funding

Headquartered in Orange County, California, New American Funding emphasizes service to disadvantaged communities such as the Latino and Black communities, with a strong focus on enhancing their lending process with advanced tech.

New American Funding offers several non-QM options to fulfill the needs of their self-employed borrowers, including a one-year tax return program, a 12-month bank statement program, and an asset qualifier. 

While full qualification requirements and loan terms aren’t listed on their website, the basics include:

1. The option to provide personal or business statements.
2. For business: Profit & Loss statements required for the past 12 months, and year-to-date (YTD).
3. Maximum loan amount of $2,500,000.
4. Second homes and investment properties may be eligible.

7. Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions is a full-service lender that focuses on providing innovative home financing options for underserved borrowers. 

The requirements and terms for their bank statement loans include:

1. 12 or 24 months’ worth of personal (two years of self-employment required) or business (one year of self-employment required) bank statements.
2. Two years seasoning for foreclosure, short sale, bankruptcy, or deed-in-lieu.
3. A minimum FICO score of 640+.
4. A maximum LTV of 90%.
5. Loan amounts between $150,000 to $3,000,000.
6. 30-year fixed rate.
7. Owner-occupied, second home, and non-owner-occupied properties are eligible.
8. Non-permanent residents allowed.

8. Guaranteed Rate

Guaranteed Rate began 22 years ago with the mission of putting the customer first. To help serve their customers even better, they’ve developed a “Proactive Mortgage Pod” model that allows each loan officer to have his or her own team of highly-trained specialists, moving the loan process even faster. 

As of this writing, specific requirements for bank statement loans were not listed on their website.

9. A&D Mortgage

Initially founded in 2005 as a retail lender operating in Florida, A&D Mortgage has two types of bank statement loan programs – their 12-month program and their 24-month program. They have similar requirements with the exception of how many months’ worth of bank statements are required:

1. 12 or 24 months’ worth of bank statements. 
2. Allows borrowers to use personal statements, business statements, or a combination of both. 
3. A minimum FICO score of 599+.
4. A maximum LTV of 90%.
5. A minimum of 3 months’ reserves required.
6. Maximum loan amount of $4,000,000.
7. Fixed and ARM loan options available.

10. North American Savings Bank

Headquartered in Kansas City, Missouri, North American Savings Bank (NASB) is a full-service bank and one of the leading national mortgage lenders in the country. 

For their bank statement loans, their requirements include:

1. 12 to 24 months’ worth of bank statements.
2. No tax returns required.
3. A minimum FICO score of 680+.
4. A maximum LTV of 90%.
5. A maximum DTI ratio of 45%.
6. Loan amounts between $175,000 and $1,250,000.

11. Acra Lending

Operating in 39 states and DC, Acra Lending offers programs and services through wholesale lending, consumer direct lending, investor lending, and correspondent lending. 

Acra Lending’s 12-month bank statement loan program includes requirements such as:

1. 12 months’ worth of bank statements.
2. For personal statements, 100% of deposits are eligible; for business statements, 50% of deposits are eligible. 
3. A minimum FICO score of 575+.
4. A maximum LTV of 90% for purchases and 80% for refinances.
5. A maximum loan amount of $4,000,000.
6. No reserves required for LTVs of 75% or lower.
7. No mortgage insurance required.

12. First National Bank of America

For over 65 years, First National Bank of America (FNBA) has been committed to providing expertise to its customers, focusing on their financial needs. 

FNBA is a nationally chartered bank that is committed to providing exceptional service that sets it apart from other financial institutions. 

The requirements for FNBA’s bank statement loan program include:

1. 12 months’ worth of bank statements (business, with proof of ownership, or personal).
2. A minimum FICO score of 600+.
3. A maximum LTV of 85%.
4. Maximum loan amount of $1,250,000.
5. Cash-out refinance option available.
6. Available for a variety of different property types, including primary residences, second homes, and multi-family properties.
7. ITIN holders allowed.

13. Oaktree Funding

Founded in 1989, Oaktree Funding is a fully licensed Mortgage Banker in multiple states offering a wide array of different loan products, including conventional, government-backed, and non-QM loans. 

Oaktree Funding’s bank statement loan program is also known as their “Non Agency Advantage Program”. The requirements for this program include:  

1. 12 or 24 months’ worth of bank statements.
2. Alt-doc option available to include business bank statements, 1099 contractors, and CPA-prepared P&L statements.
3. A maximum LTV of 90% for purchases and R/T refinance; 80% for cash-out refinance.
4. Maximum loan amount up to $4,000,000.
5. Minimum 3 months reserve. 
6. Interest-only option available.

14. United Wholesale Mortgage

As a wholesale lender, UWM offers four prepackaged bank statement programs tailored to different types of self-employed borrowers, namely their Blue, Yellow, Pink, and Orange programs.

While requirements for each specific program vary, the general requirements include: 

1. 12 months’ worth of bank statements.
2. A minimum FICO score of 620+.
3. Maximum loan amount of $3,500,000.
4. A maximum LTV of 90%.
5. A maximum DTI of 55%.
6. 6 to 12 months of reserves may be required depending on program and property type.
7. Available for primary residences, second homes, and investment properties.
8. R/T and cash-out refinance options available.
9. Not eligible for borrowers in West Virginia or Texas.

15. E Zip Mortgage

Founded in 2006, E Zip Mortgage had a mission to provide their customers with alternative loan options with low rates and personalized service. 

E Zip Mortgage’s bank statement loan requirements include:

1. 3, 12, or 24 months’ worth of bank statements.
2. Personal or business bank statements or 1099s allowed.
3. Minimum 2 years self-employed.
4. A maximum LTV of 90%.
5. A maximum DTI of 50%. 
6. Loan amounts from $200,000 to $3,000,000.
7. 30-year fixed or ARM options available. 
8. Refinance and cash-out options available.
9. Only available for primary residences and second homes.
10. No PMI required.

Key Takeaways

As with any type of loan, it’s essential to do your research on each lender’s strong suits and how well they fit your strategy. The info we’ve gathered on the 15 best bank statement mortgage lenders should give you a solid head start when comparing lenders, allowing you to go in-depth on the best candidates right away.

If you’re interested in taking out a bank statement loan in the near future, remember that lenders may ask to see up to 2 years of bank statements to verify your cash flow. If your recent bank statements show a lower average income because of cash flow interruptions, it may be wise to wait a few months to let your average income recover. 

Ready to start your non-QM mortgage journey? Defy offers a variety of options aside from bank statement loans, from investment property loans with a minimum down payment of as low as 15%, to home equity loans and HELOCs up to 80% LTV. Whatever your financial needs, we can come up with a solution.

Best Bank Statement Mortgage Lenders FAQ

What are bank statement loan requirements?

Bank statements are the most important requirement for bank statement loans. The past 12 months to 2 years of bank statements must be submitted to your lender so they can get your average monthly earnings over that period. This amount will be the basis for loan approval and terms. Apart from bank statements, your lender also considers your credit score, debt-to-income ratio (DTI), and, in some cases, your cash reserves. 

How to get a bank statement loan?

Getting a bank statement loan is similar to applying for any other type of loan: gather documents, shop around for a lender, and submit your application. It’s also ideal to gain pre-approval to get a clear estimate of the total amount you can borrow and at what rate. 

Can I refinance with a bank statement loan program?

Yes! Refinancing to a bank statement loan can be a very viable option if you initially purchased your home with a traditional mortgage, but have since shifted to a non-salaried line of work such as business ownership or self-employment. At Defy, we also offer cash-out refinance to a bank statement loan, allowing you to withdraw up to 90% of your home’s value, no private mortgage insurance (PMI) required.

How many months of bank statements do I need?

While 12 to 24 months is standard, some lenders offer reduced-doc options in specific cases. At Defy, we look for a minimum of 12 months of bank statements, but being able to prove high average income over the past two years can significantly improve your creditworthiness. 

Do bank statement loans have higher rates?

Being non-QM loans, bank statement loans can have higher interest rates than conventional loans due to higher risk. However, this can be offset by having a high average income reflected in your bank statements. The higher the income your bank statements show, the better your rates and terms are likely to be.