Bank Statement Loans – Lenders, Programs, and Requirements

Self employed borrowers, as well as those who earn seasonal income, may be eligible to qualify for a bank statement loan program.  Bank statement loans allow you to use your bank statements to verify income instead of tax returns.  These programs are utilized by a wide range of self-employed professionals, including small business owners, freelancers, independent contractors, and many other types of self-employed people.

What Do Bank Statement Loans Offer?

Bank statement lenders offer programs with the following potential advantages:

  • Credit scores as low as 500 accepted.
  • Loan amounts available up to $5,000,000.
  • DTI ratios as high as 50.49%.
  • LTVs up to 90% with no MI.
  • Financing is available for primary residences, second homes, and investment properties.
  • Personal or business bank accounts can be used.
  • Options to use 12 or 24 months worth of bank statements (and one lender that allows you to use only 1 month’s bank statement).

The exact requirements to get a bank statement loan vary from lender to lender.  You can view 5 of the best bank statement lenders below.  If you would like some assistance finding a lender, we can help match you with a lender.

Click here to get matched with a bank statement mortgage lender

Bank Statement Mortgage Lenders

Below are 5 of the best mortgage lenders that offer bank statement loans:

1 – Acra Lending

Acra Lending offers a 12 month bank statement program that will allow you to use 100% of your personal account deposits, and 50% of your business account deposits.

Details of Acra Lending’s Bank Statement Program:

  • Loan amounts are available up to $3,000,000.
  • Self-employed and 1099 borrowers are allowed.
  • No 4506T required.
  • Available for both owners occupied and investment properties.
  • No waiting periods after a bankruptcy, foreclosure, or short sale.
  • They offer these loans in the following states:  AL, AR, AZ, CA, CO, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MT, NC, NE, NH, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, and WY.

Click here to learn more about Acra Lending’s bank statement program

2 – Angel Oak Mortgage Services

Angel Oak offers a 24 month bank statement program, which allows you to use both your personal and business bank statement accounts.

Details of Angel Oak’s Bank Statement Program:

  • Loan amounts are available from $150,000-$3,000,000.
  • Credit scores as low as 660 are accepted.
  • Up to a 85% LTV with no MI.
  • 2 years of self-employment required.
  • Available for owner occupied and investment properties.
  • 4 years seasoning after a bankruptcy, foreclosure, or short sale.
  • They offer these loans in the following states:  AL, AZ, CA, CO, CT, DE, DC, FL, GA, IL, IN, IA, KS, KY, LA, MD, MI, MN, MS, NJ, NV, NC, OK, OH, OR, PA, SC, TN, TX, UT, VA, WA and WI.

Click here to learn more about Angel Oak’s bank statement program

3 – Cross Country Mortgage

Cross Country Mortgage offers a 24 month bank statement (only personal bank statements may be used).

Details of Cross Country’s Bank Statement Program:

  • Loan amounts are available up to $2,000,000.
  • They do not have a set minimum credit score, but require good or excellent credit.
  • The highest LTV allowed is 80%.
  • DTI ratios up to 50%.
  • Available for owner occupied, investment properties, and second homes.
  • They offer these loans in the following states:  AL, AK, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, ID, IA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, and WY.

Click here to learn more about Cross Country’s bank statement program

4 – Northstar Funding

Northstar Funding offers a 24 month bank statement program.  You may use both your personal and business bank statements.

Details of Northstar’s Bank Statement Program:

  • Loan amounts are available up to $5,000,000.
  • The minimum credit score required is 680.
  • The highest LTV allowed is 90%.
  • DTI ratios up to 50%.
  • Available for owner occupied and investment properties.
  • They offer these loans in the following states:  CA, CO, CT, DC, FL, GA, IL, MD, NC, NJ, NY, OR, PA, RI, and SC.

Click here to learn more about Northstar Funding’s bank statement program

5 – First National Bank of America 

First National Bank of America offers a 12 month bank statement program.  You may use both your personal and business bank statements.

Details of First National’s Bank Statement Program:

  • No minimum loan amount.
  • The highest LTV allowed is 75%.
  • The maximum DTI ratio allowed is 55%.
  • No waiting periods after a bankruptcy, foreclosure, or short sale.
  • They offer these loans in the following states:  AL, AR, AZ, CA, CO, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MT, NC, NE, NH, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, and WY.

Click here to learn more about First National’s bank statement program

Need Help Finding a Bank Statement Lender?

The above lenders are just some of the best options for borrowers looking for a bank statement loan.  If you would you like some assistance finding a bank statement mortgage lender, we would be glad to help you.  Please fill out this form, in order to be matched with a lender.