A Comprehensive Guide to The Best Bank Statement Lenders
What is a Bank Statement Loan?
A bank statement loan is a type of mortgage 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. 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). Non-QM loans are simply mortgages that aren’t required to follow the guidelines set by government agencies like Fannie Mae and Freddie Mac. Bank statement loans can be a great way for individuals who have fluctuating or irregular income to qualify for a mortgage.
Who Would Benefit From a Bank Statement Loan?
Simply put, 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:
- Entrepreneurs
- E-commerce Professionals
- Small Business Owners
- Self-Employed Individuals
- Freelancers
- Gig Workers
- Individuals With Multiple Streams of Income
- Independent Contractors
- Self-Employed Lawyers
- Doctors in Private Practice
- Artists
- Real Estate Investors
- Truck Drivers
- Individuals with unique circumstances who would not be able to qualify for a traditional mortgage
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 2024
- Griffin Funding
Griffin Funding was founded in 2013 in San Diego California and is a fully-digital direct lender. They specialize in catering to veterans, self-employed individuals, and real estate investors. While these individuals are their main target market, Griffin Funding also offers a wide variety of loan products and advising services for borrowers outside of those demographics, such as conventional, FHA, and USDA loans.
When it comes to serving self-employed individuals, Griffin Funding specializes in bank statement loans to provide a pathway for their clients to achieve the American dream of homeownership. The requirements and terms for their bank statement loans include:
- A minimum of two years experience being a business owner, self-employed, or in the same line of work
- A minimum FICO score of 620+
- A minimum of 10% down (depending on credit score)
- A minimum of three to 12 months of PITI reserves in the bank depending on the loan amount
- A minimum of 12 months’ worth of bank statements
- Loan amounts between $100,000 up to $5,000,000
With top-tier customer service, plenty of experience in the mortgage industry, and highly competitive interest rates, Griffin Funding makes an excellent partner in securing a home loan.
- 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. With strong relationships with over 30 banks, including Fortune 500-level financial services firms, Truss Financial’s funding partners enable them to focus on meeting the unique needs of self-employed homebuyers. To accommodate these needs, 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:
- Three to 24 months’ worth of bank statements
- A maximum LTV of 90%
- A minimum FICO score of 650+
- Maximum loan amount of $4,000,000
- No tax returns required
For those who can’t provide bank statements, stated income, and no doc loans are also available through Truss Financial. With decades of experience securing mortgages for entrepreneurs and small business owners, you can trust Truss to find a creative loan solution just for you.
- 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. Fast forward 20 years and CrossCountry Mortgage has achieved that mission through superior customer service and a full range of loan products and programs. Today, CrossCountry Mortgage has over 7,000 employees at more than 600 branches and service customers in all 50 US states.
CrossCountry Mortgage’s bank statement loan program allows self-employed borrowers to qualify with alternative documents instead of tax returns. The requirements and terms for their bank statement loans include:
- A minimum of 24 months’ worth of bank statements
- No tax returns required
- A maximum LTV of 85%
- A maximum DTI of 50%
- Maximum loan amount of $3,000,000
- 30-year fixed rate with no prepayment penalties
If you prefer to use 1099s rather than bank statements, CrossCountry Mortgage also offers an Alt Doc – 1099 Mortgage Program that allows borrowers to qualify off the average of their 1099 income instead of tax returns or bank statements. CrossCountry Mortgage realizes that mortgage solutions aren’t one-size-fits-all, so they strive to remove the frustration from the mortgage process and make sure there’s a solution for every lifestyle.
- 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. Change Home Mortgage has a unique legal designation as a Community Development Financial Institution (CDFI), which is a financial institution that promotes financial inclusion and economic development in poorer communities. Since the CDFI Fund is a government-funded program, Change Home Mortgage receives federal funding from the US Treasury Department to help them provide more opportunities to low-income borrowers. 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:
- A 3%, 5%, 10%, or 20% down payment based on the loan criteria
- A deposit of 1% to 3% of the purchase price
- Miscellaneous fees such as PMI, homeowner’s insurance, title insurance, attorney fees, origination fees, and more
All in all, Change Home Mortgage offers non-traditional mortgage options that give homebuyers a chance to reach their home-buying goals.
- New American Funding
New American Funding was founded nearly 20 years ago and has since grown to become one of the largest privately owned direct mortgage lenders in the country. Headquartered in Orange County, California, New American Funding prides themselves on being a leader in diversity and inclusion by creating initiatives and programs to help disadvantaged communities, such as the Latino and Black communities. In addition to their drive for equity, they have a strong focus on technology that has allowed them to develop a highly efficient lending process, resulting in industry-leading loan closing times.
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:
- The option to provide personal or business statements
- For business: Profit & Loss statements required for 12 months or previous year, and year-to-date (YTD)
- Maximum loan amount of $2,500,000
- Second homes and investment properties may be eligible
With their diverse product options, competitive pricing, and timely closing process, New American Funding enables clients of all backgrounds to achieve the American dream of homeownership.
- Angel Oak Mortgage Solutions
Angel Oak Mortgage Solutions is a full-service lender that focuses on providing innovative home financing options for underserved borrowers. Their lending practice was founded upon core principles of offering their clients a variety of traditional and non-traditional (non-QM) mortgage products that are tailored to their unique needs. In addition to bank statement loans, their other non-QM product suite includes DSCR loans, asset qualifier home loans, foreign national home loans, jumbo home loans, and closed-end second mortgages.
Angel Oak’s bank statement loans were designed to help self-employed borrowers show the true cash flow of their business, ultimately providing a solution to help underserved credit-worthy self-employed borrowers qualify for a home loan. The requirements and terms for their bank statement loans include:
- 12 or 24 months’ worth of personal (two years of self-employment required) or business (one year of self-employment required) bank statements
- Two years seasoning for foreclosure, short sale, bankruptcy, or deed-in-lieu
- A minimum FICO score of 640+
- A maximum LTV of 90%
- Loan amounts between $150,000 up to $3,000,000
- 30-year fixed rate
- Owner-occupied, second home, and non-owner occupied properties are eligible
- Non-permanent residents allowed
Angel Oak’s experienced team and customized solutions make them a solid choice for bank statement loans.
- Guaranteed Rate
Guaranteed Rate began 22 years ago with the mission of putting the customer first. Since then, their commitment to delivering above and beyond customer service has been at the forefront of their business. With 97% of their customers stating they would refer Guaranteed Rate to their friends and families, it’s safe to say they’re consistently achieving that goal. 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.
Guaranteed Rate offers a wide array of loan products to fulfill the needs of many different types of borrowers. Whether you want a conventional loan or a specialty loan, they’ve got you covered. While they don’t have specific requirements for their bank statement loans on their website, they state that the loan eligibility requirements for non-QM loans are flexible, including credit scores and DTI ratios.
With a combination of low rates and the highest level of service to every customer, Guaranteed Rate is committed to making the mortgage process as seamless as possible.
- 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. They 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. Their 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.
Understanding the rise of gig workers, Defy offers diverse alternatives to traditional lenders’ options. Their non-QM products include bank statement loans, DSCR loans, interest-only options, foreign national loans, and asset depletion programs. The requirements and terms for their bank statement loans include:
- 12 to 24 months’ worth of bank statements
- A minimum FICO of 620+
- A maximum LTV of 90%
- Maximum loan amount of $6,000,000
- 1- to 4-unit properties that are primary homes, second homes, or investment properties
- Interest-only options are available
- R/T and cash-out refinance options available
- ARM or fixed rate options available
- Profit & Loss loan option available for business owners
- 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.
- A&D Mortgage
A&D Mortgage was initially founded in 2005 as a retail lender operating in Florida. After overcoming the 2008 financial crisis, A&D Mortgage began to pivot into becoming a wholesale non-QM lender in 2015 as this new, untapped market began to develop. Today, A&D Mortgage has grown significantly, having added more than 6,000+ brokerage companies and built a reputation as one of the leaders in the mortgage market.
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:
- 12 or 24 months’ worth of bank statements
- Allows borrowers to use personal statements, business statements, or a combination of both
- A minimum FICO score of 599+
- A maximum LTV of 90%
- A minimum of 3 months reserves required
- Maximum loan amount of $4,000,000
- Fixed and ARM loan options available
Striving to become the lender of choice that provides an excellent and consistent experience 100% of the time, A&D Mortgage makes home financing equally accessible to as many people as possible.
- 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. NASB prides themselves on taking care of their customers by understanding their needs and goals before delivering solutions in their best interest. They offer a wide selection of affordable mortgages and refinancing options, including conventional, VA, FHA, and non-QM loans.
For their bank statement loans, their requirements include:
- 12 to 24 months’ worth of bank statements
- No tax returns required
- A minimum FICO score of 680+
- A maximum LTV of 90%
- A maximum DTI ratio of 45%
- Loan amounts between $175,000 and $1,250,000
With the mission of creating rewarding relationships through guidance and service, NASB will make you feel part of their family.
- 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. They specialize in alternative income products, such as bank statement and asset depletion loans, to help their clients achieve their home buying and investment goals. Additionally, Acra Lending offers mortgage solutions to borrowers for both residential and commercial properties.
Acra Lending’s 12-month bank statement loan program includes requirements such as:
- 12 months’ worth of bank statements
- For personal statements, 100% of deposits are eligible; for business statements, 50% of deposits are eligible
- A minimum FICO score of 575+
- A maximum LTV of 90% for purchases and 80% for refinance
- A maximum loan amount of $4,000,000
- No reserves required for LTVs of 75% or lower
- No mortgage insurance required
For borrowers looking for tailor-made non-QM mortgage products, Acra Lending is known for their responsible lending practices and product innovation.
- First National Bank of America
For over 65 years, First National Bank of America (FNBA) has been committed to providing expertise to their customers, focusing on their financial needs. FNBA is a nationally chartered bank that is committed to providing exceptional service that sets them apart from other financial institutions. Since FNBA is a full-service bank, they also offer many other retail and business banking products in addition to their alternative mortgage solutions.
The requirements for FNBA’s bank statement loan program include:
- 12 months’ worth of bank statements (business, with proof of ownership, or personal)
- A minimum FICO score of 600+
- A maximum LTV of 85%
- Maximum loan amount of $1,250,000
- Cash-out refinance option available
- Available for a variety of different property types, including primary residences, second homes, and multi-family properties
- ITIN holders allowed
FNBA believes that banking is personal and finances are a window into a person’s life, which motivates them to go out of their way to make banking about more than just the numbers.
- 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 keeps their strategy simple by being dedicated to doing it right, every time. To further exceed customers’ expectations, Oaktree Funding has invested heavily in their technology, associates, and quality standards while still striving for continuous improvement.
Oaktree Funding’s bank statement loan program is also known as their “Non Agency Advantage Program”. The requirements for this program include:
- 12 or 24 months’ worth of bank statements
- Alt-doc option available to include business bank statements, 1099 contractors, and CPA-prepared P&L statements
- A minimum FICO score of 100+
- A maximum LTV of 90% for purchases and R/T refinance; 80% for cash-out refinance
- Maximum loan amount up to $4,000,000
- Minimum 3 months reserve
- Interest-only option available
Oaktree Funding prides themselves on their reputation of professionalism, compliance, and work ethic on their client’s behalf. They stand behind their work and hold their associates to a high standard, resulting in excellence for their customers.
- United Wholesale Mortgage
For the past eight consecutive years, United Wholesale Mortgage (UWM) has been the #1 overall mortgage lender and purchase lender in the country. As a wholesale lender, UWM’s mission is to improve the mortgage process for their broker partners and help them deliver an above-and-beyond experience to their borrowers. Giving their broker partners direct access to an in-house account executive allows them to close on an average of 17 days from start to finish in comparison to the 43-day industry average.
UWM has four different bank statement programs, Blue, Yellow, Pink, and Orange, that are tailored to different types of self-employed borrowers. While requirements for each specific program vary, the general requirements include:
- 12 months’ worth of bank statements
- A minimum FICO score of 620+
- Maximum loan amount of $3,500,000
- A maximum LTV of 90%
- A maximum DTI of 55%
- 6 to 12 months of reserves may be required depending on program and property type
- Available for primary residences, second homes, and investment properties
- R/T and cash-out refinance options available
- Not eligible for borrowers in West Virginia or Texas
UWM promises to deliver an exceptional client experience through their brokers by providing personalized and quick service to answer questions and resolve issues in a matter of minutes rather than days.
- 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 prides themselves on thinking outside the box to get home loans approved and closed for the non-traditional borrower. Their streamlined mortgage process promises to close in 30 days or less, getting clients in their homes faster.
E Zip Mortgage’s bank statement loan requirements include:
- 3, 12, or 24 months’ worth of bank statements
- Personal or business bank statements or 1099s allowed
- Minimum 2 years self-employed
- A maximum LTV of 90%
- A maximum DTI of 50%
- Loan amounts from $200,000 to $3,000,000
- 30-year fixed or ARM options available
- Refinance and cash-out options available
- Only available for primary residences and second homes
- No PMI required
For borrowers with unique needs and circumstances, E Zip Mortgage works for their clients and not the bank by seeking out the best mortgage rates and being there to answer calls and messages 7 days a week.
