Best Bank Statement Mortgage Lenders 2024: A Comprehensive Guide
For many self‐employed borrowers, gig workers, and business owners, traditional mortgage applications—with their reliance on W‑2s and tax returns—can create roadblocks. Bank statement mortgage loans offer an alternative by using your bank deposits to verify income, making home financing more accessible for those with non‐traditional income streams. In this guide, we explore how these loans work, what to look for in a lender, and highlight some of the best bank statement mortgage lenders in 2024.
What Is a Bank Statement Mortgage Loan?
A bank statement mortgage loan is a type of non‐qualified mortgage (non‑QM) that allows borrowers to qualify by providing a specified number of months’ worth of bank statements (typically 12 to 24 months) instead of conventional income documentation like tax returns or pay stubs. This alternative method helps capture the true cash flow of self‑employed individuals whose incomes might not be accurately reflected by traditional paperwork.
Why Consider a Bank Statement Mortgage?
Flexibility in Income Verification:For many self‑employed borrowers, tax returns can understate real income because of legitimate business deductions. Bank statements, on the other hand, reveal your actual deposits and cash flow—offering a clearer picture of your ability to make monthly payments.
Access for Non‑Traditional Earners:Whether you’re a freelancer, independent contractor, or business owner, bank statement loans can be a lifeline when conventional loans fall short of your needs.
Higher Loan Limits & Customization:Because lenders look at actual cash deposits, many programs allow for competitive loan-to-value (LTV) ratios and higher loan amounts.
(Data synthesized from industry insights, including the guide by Truss Financial Group and lender research from Benzinga.)
Key Considerations When Choosing a Lender
When evaluating bank statement mortgage lenders in 2024, consider the following factors:
Interest Rates & Fees:Since non‑QM loans are perceived as higher risk, rates and fees may be slightly higher than traditional mortgages. Compare the annual percentage rates (APRs), origination fees, and any prepayment penalties.
Down Payment & LTV Requirements:Some lenders might require a higher down payment than conventional loans. Look for lenders offering competitive LTV ratios that align with your financial situation.
Documentation & Underwriting Flexibility:The ease with which a lender reviews your bank statements—and any additional documentation they require—can make a significant difference in your application process.
Customer Service & Application Process:A smooth, digital-first application process and transparent customer service are valuable, especially if you need guidance throughout the process.
(These considerations are drawn from multiple sources, including Benzinga’s analysis and lender guides from Defy Mortgage and Griffin Funding.)
Top Bank Statement Mortgage Lenders in 2024
Drawing on industry research and expert reviews, here are some of the top bank statement mortgage lenders for 2024 along with their websites for direct reference:
1. CrossCountry Mortgage
Overview: Widely recognized for its Signature Expanded Bank Statement Loan, CrossCountry Mortgage is a leader in providing flexible solutions for self‑employed borrowers.
Highlights:
- Accepts 12 to 24 months of bank statements
- Offers competitive LTVs and loan amounts up to $3 million
- Serves borrowers for primary, secondary, and investment properties
Website: crosscountrymortgage.com
2. Angel Oak Mortgage Solutions
Overview: Specializing in non‑QM products, Angel Oak Mortgage Solutions offers a range of bank statement loan programs tailored for both residential and investment properties.
Highlights:
- Known for creative non‑traditional income verification options
- Competitive terms for borrowers with investment properties
- Accepts both personal and business bank statements (often counting 50% of business deposits)
Website: angeloak.com
3. North American Savings Bank (NASB)
Overview: NASB has earned a strong reputation for flexible underwriting and competitive rates. Their bank statement loan programs are especially popular among self‑employed individuals who may have a lower credit score but stable cash flows.
Highlights:
- Uses 12 to 24 months of bank statements for income verification
- Offers loans with LTVs up to 90% and flexible debt-to-income (DTI) requirements
- Trusted for its customer service and transparency in the application process
Website: nasb.com
4. New American Funding
Overview:A favorite among first‑time homebuyers who are self‑employed, New American Funding provides a variety of non‑QM products—including bank statement loans—to simplify the home buying process.
Highlights:
- Accepts alternative income verification documents like bank statements
- Provides a streamlined, online application process
- Competitive pricing and multiple loan product options
Website: newamericanfunding.com
5. Griffin Funding
Overview:Griffin Funding stands out for its personalized service and quick turnaround times, helping self‑employed borrowers navigate the complexities of non‑traditional income verification.
Highlights:
- Accepts both personal and business bank statements (with flexible criteria)
- Offers a range of fixed‑ and adjustable‑rate options
- Focuses on a customer-centric, digital mortgage experience
Website: griffinfunding.com
Final Thoughts
Bank statement mortgage loans continue to evolve as an essential tool for self‑employed and non‑traditional borrowers in 2024. With a range of lenders offering tailored programs—from CrossCountry Mortgage’s robust offerings to North American Savings Bank’s flexible terms—borrowers now have more options than ever before. By comparing interest rates, down payment requirements, and customer service reviews, you can find the lender that best fits your financial profile and homeownership goals.