Best Bank Statement Mortgage Lenders, According to Experts

Mortgage lending can be a stickier subject for the self-employed. If you have the finances and a strong credit score but lack a W-2 or pay stub, a bank statement loan could be your ideal mortgage type. 

Self-employed people often have a tougher time getting traditional home loans, which require W-2 forms or tax returns to prove income. But there's another option: financing through a bank statement mortgage lender. A bank statement loan may offer an easier and more streamlined means to get a mortgage as a self-employed person. 

We talked to mortgage experts to breakdown bank statement loans: How they work, what benefits they boast and where to find them. Spoiler alert – fewer banks offer them, so working with a trusted lender is especially important if you want to secure the best bank statement-only loan. We reviewed 100+ lenders, confirmed that our choices offer bank statement loans and prioritized companies with online mortgage options for accessibility.

Best Mortgage Lenders for Bank Statement Only Loans

• Best Overall: CrossCountry Mortgage
• Best for Investment Properties: Angel Oak Mortgage Solutions
• Best for Non-QM Loans: North American Savings Bank
• Best for First-Time Homebuyers: New American Funding
• Best for Self-Employed: Griffin Funding

Best Overall: CrossCountry Mortgage

Pros:

• Flexible loan options for self-employed borrowers
• Works with many state homebuyer assistance programs
• Multiple branches across the U.S.

Cons:

• Rates and fees aren’t shown online, making it harder to compare loans with other lenders.
• Limited transparency on specific terms for bank statement loans

One of our favorite non-QM (short for non-qualified, i.e., a loan ineligible to be bought by government-backed Fannie Mae or Freddie Mac) lenders is CrossCountry Mortgage (CCM). The company has a robust loan program for the self-employed via its Signature Expanded Bank Statement Loan. 

The program allows self-employed people – such as consultants, gig workers and freelancers – who lack traditional income qualification documents to access mortgage loans. Rather than submitting W-2 forms or income tax returns, you’ll present 12 months of personal or business bank statements as proof you can make monthly mortgage payments. CCM may require additional documentation, which can include the following: 

• 2+ years of self-employment history
• Your credit score
• Debt-to-income ratio (typically can’t exceed 50%)
• Evidence of readily available funds
• 12-24 months of bank statements

Suppose you qualify for a Signature Expanded Bank Statement Loan. In that case, you can borrow up to 90% of the home's value (note, however, that this loan type typically requires a larger down payment) and CCM furnishes loans up to $3 million. Another perk: Loans aren’t limited to primary residences and can be secured for secondary homes and investment properties.

Best for Investment Properties: Angel Oak Mortgage Solutions

Pros:

• Specializes in non-QM loans, including bank statement loans
• Loans available for foreign nationals and ITIN holders
• Dedicated loan officers for personalized service

Cons:

• Limited availability in some states
• Higher interest rates compared to conventional loans

Another of the best mortgage lenders offering bank statement loans for investment properties is Angel Oak Mortgage Solutions, which offers traditional and portfolio non-QM mortgage loans. Angel Oak Mortgage Solutions' Bank Statement program is a loan option for eligible self-employed borrowers to purchase or refinance a home. Angel Oak will calculate income using personal or business bank statements – no tax returns or W-2 required – and lend anywhere from $150,000 up to $4 million.

Some reasonable exclusions exist: The program requires a two-year seasoning period for foreclosures, short sales, bankruptcies or deeds-in-lieu. However, Angel Oak offers added flexibility for self-employment financing, such as 1099s and Profit and Loss (P&L) statements for income verification. Additionally, you can partially own a business (50% of the business for business bank statements and 25% for personal bank statements) to qualify for the bank statement loan program. 

Best for Non-QM Loans: North American Savings Bank

Pros:

• Competitive rates for self-employed borrowers
• Established reputation with over 90 years of history
• Mortgage calculator tool simplifies comparing interest rates and tracking APRs over time

Cons:

• Minimum credit score might be a bit high
• Branches are only in Kansas City, limiting in-person access for nonlocal borrowers

To be clear, almost all bank statement loans fall into the non-QM mortgage lender category, so each of these lenders is a specialist in the category. And another we particularly like is the Kansas City-based North American Savings Bank (NASB). NASB boasts multiple non-QM loan options, including bank statement loans. 

To get a bank statement loan from NASB, you need at least two years of self-employment, 12 months of bank statements from the same account and your debt can’t be more than 50% of your income. You can borrow up to 90% of the home’s value, with a maximum loan amount of $1,250,000. A minimum loan of $175,000 is required to apply. However, there may be exceptions if you’re local to Greater Kansas City. 

On that note, while NASB offers loans all over the U.S., the lender only has physical branches in the Kansas City area. So, if you're not a local and would prefer to meet with a lender in person, you might want to consider another option.

Best for First-Time Homebuyers: New American Funding

Pros:

• Offers several mortgage options
• Website and app to manage your mortgage
• Educational resources like calculators, blogs and homebuyer guides

Cons:

• Not available in New York or Hawaii
• Signed Profit and Loss statement for businesses required

New American Funding is one of our favorite overall lenders for first-time homebuyers – especially for those who fit the bank statement mortgage loan borrower mold. New American Funding touts its bank statement loan program as an ideal income verification method for self-employed folks looking to buy their first home. 

In lieu of a traditional W-2 or pay stubs, the lender accepts the following documents to execute a bank statement loan:

• A business license
• A letter from your accountant verifying that you have been self-employed for the last two years
• Credit history documentation
• A signed profit and loss statement from your business
• Having between six months to a year’s worth of reserve cash for unexpected expenses
• Documentation of your retirement assets

New American Funding offers a range of fixed and adjustable loan options. And while the typical first-time homebuyer is looking for a more humble abode, you can secure a loan of up to $2.5 million. 

Best for Self-Employed: Griffin Funding

Pros:

• Specializes in bank statement loans for self-employed borrowers
• Offers loans with competitive terms and high loan-to-value ratios
• Experienced in working with less traditional lending

Cons: 

• Limited physical locations, with reliance on online or phone-based services
• May have stricter documentation requirements for certain loan types

For the self-employed, a lack of W-2s and volatile tax returns can create (unfounded) doubts for traditional lenders. Fortunately, like the other lenders on this list, Griffin Funding lets the self-employed paint a more vivid financial picture via bank statement loans. 

Griffin Funding offers bank statement loans to purchase properties – residential, vacation and investment – or to refinance your home for a better rate, cash out or secure a home-equity loan. You can apply with personal bank statement loans, where 100% of deposits will be counted as income or business bank statement loans, where 50% of deposits are considered income. P&L statements, if prepared by a qualified accountant, are also submittable for bank statement loans. 

Those are just some flexible funding options Griffin Funding offers within the bank statement loan purview, leaving no shortage of mortgage loan options for the self-employed. 

What is a Bank Statement Only Mortgage?

Brian Shahwan, Mortgage Banker & Broker at William Raveis Mortgage, explains to Benzinga that while conventional, FHA and VA loans are the most familiar types of mortgage lending, bank statement loans offer an opportunity for less traditional borrowers to secure home financing. “These types of loans often require much less documentation than traditional financing programs, including no tax returns,” Shahwan says. “The only other documentation that would be required would be photo ID and potentially documents for any additional homes the borrower owns.”

Mike Roberts, cofounder of City Creek Mortgage, notes that while bank statement lenders typically ask for 12 months of statements, some may want documentation as far back as 24 months: “Lenders are basically looking for consistent deposits so they feel confident in your ability to pay the mortgage,” Roberts says. 

From there, qualifying for a bank statement is “simple and straightforward,” Shahwan says: “The lender will take the total deposits into a business or personal bank account, using either 12 or 24 months of statements and give a borrower a percentage of the gross deposits as income,” he says. “The standard is to use 50% of the deposits, but it is possible to use as much as 90%.”

Lenders will likely also look at other indicators of financial health, Roberts says: “Your credit score usually needs to be around 700 or better and they’ll check your debt-to-income ratio, which they often cap at about 50%,” he says. Debt-to-income (DTI) ratio measures the percentage of your monthly income used to pay debts.

“It’s not overly complicated, but not every lender offers this type of loan, so finding the right one is important,” Roberts adds.

Benefits of Bank Statement Only Mortgages

The benefit of a bank statement loan, Roberts says, is that self-starters who don’t look great on paper – traditional documents for mortgage loans, like W-2s and paystubs – can prove themselves through the merit of their bank statements. 

“Bank statements ease a lot of the burden and you can highlight your actual cash flow instead of relying on tax returns that don’t tell the full story,” he says. “It helps so many who might otherwise struggle to buy a home. If you’ve got consistent deposits over time, that’s what counts.”

This is important because, as Shahwan notes, business expensing can muddle one’s true financial prowess.

“Many self-employed borrowers either do not pay themselves a salary or take advantage of the many tax deduction incentives available,” he says. “Because of this, their tax returns may not show substantial profit at year-end, which makes it hard to qualify within conventional financing guidelines.” 

A bank statement program gives lenders necessary leeway by examining your real earnings. There are, of course, some drawbacks.

“Interest rates are a bit higher compared to conventional loans, but they’re still a viable option,” Roberts says. 

And Corey Vandenberg, Mortgage Loan Officer at Lake State Mortgage, says there’s a “surprising” dearth of banks offering this type of loan. 

“It is left to independent mortgage lenders and brokers to provide the options to the self-employed individuals to use this type of loan,” he says.

However, the market is growing and awareness is key.

“There is a growing market as people hear about these types of loans and begin to seek them out,” Vandenberg says. Roberts agrees that the forecast looks good for bank statement loans: “There is progress. As more lenders recognize the value in non-QM products like bank statement loans, we’re seeing better terms and more availability,” he says.

Why You Should Trust Us

Benzinga has reliably reported the most up-to-date information on financial markets, including mortgage lending trends, since 2010. Our goal is to empower all readers, regardless of their financial literacy, when making life-changing financial decisions, such as selecting a mortgage lender. Additionally, we consulted experts in the mortgage lending field and have written in-depth reviews of nearly every bank statement mortgage lender included in this piece.

The writer, Emma Witman, a former newspaper journalist, has authored personal finance pieces for Business Insider, including articles on homeownership-related topics. She is passionate about helping consumers make informed choices, writing in the health and wellness e-commerce sphere for This Old House, Men’s Journal and Lifehacker. 

Methodology 

Benzinga analyzed over 100 mortgage lenders and brokers to find the best bank statement mortgage lenders. We gave weight to mortgage lenders who offer multiple loan types, but only included companies that explicitly offer bank statement loans. We also favored online mortgage lenders who accept a digital loan application and host a mobile app so that you aren’t limited by your physical location. Review the full methodology here.

Frequently Asked Questions

Sources:

Roberts, Mike. Personal interview. 14 Jan. 2025.

Vandenberg, Corey. Personal interview. 13 Jan. 2025.

Shahwan, Brian. Personal interview. 13 Jan. 2025.