Your Guide to Bank Statement Loans in Grand Rapids, MI
A bank statement mortgage lets self-employed borrowers qualify using 12 to 24 months of personal or business bank deposits instead of tax returns — the loan built for people whose returns are optimized for deductions rather than for impressing an underwriter. A 12-month review moves faster and suits recent income growth; a 24-month review demonstrates stability and can price better.
What is a bank statement mortgage?
For many self-employed professionals and business owners in Grand Rapids, tax returns do not tell the full story of their financial health. A bank statement loan is the documented-income alternative: qualify on your actual deposits rather than standard W-2s or returns.
At Priority Home Mortgage, alternative lending is a specialty, not a sideline. Whether you are exploring a self-employed alternative doc mortgage or the broader non-QM menu, our team guides you through the process:
- Flexible documentation: Use 12 to 24 months of bank statements to prove income.
- Tailored solutions: Ideal for freelancers, contractors, and entrepreneurs.
- Local expertise: Serving the Grand Rapids market with competitive rates.
12-month vs. 24-month statements — and what if neither fits?
Lenders typically ask for either 12 or 24 months of statements. A 12-month review is often faster and works well for business owners with a recent surge of consistent income. A 24-month review gives a longer financial history, which can secure more favorable pricing by demonstrating stability.
If bank statement loans do not perfectly fit, we offer other flexible paths: asset-based lending qualifies you on liquid assets, and DSCR loans qualify real estate investors on the property’s cash flow rather than personal income. Our portfolio, in-house underwritten solutions round out the menu for situations that fit no standard box.
| Loan type | Primary qualification method | Best for | Income verification |
|---|---|---|---|
| 12-month bank statement | Recent cash flow deposits | Entrepreneurs with recent growth | 12 months of statements |
| 24-month bank statement | Long-term cash flow deposits | Established self-employed borrowers | 24 months of statements |
| Asset-based loan | Liquid assets and reserves | High-net-worth individuals | Asset account balances |
| DSCR loan | Property rental income | Real estate investors | Property cash flow vs. debt |
Why choose our team in Grand Rapids?
Alternative financing rewards working with a lender who genuinely understands self-employment and investment income — and prices it fairly. Bank statement pricing varies widely between lenders, so if you have been turned down or quoted a steep rate, a second look routinely finds a better structure. Contact the team at (616) 951-1561 or request a quote online to talk through your options.
Frequently asked questions
What is a bank statement mortgage?
A type of non-QM loan that lets self-employed borrowers qualify using personal or business bank statements instead of traditional tax returns.
Do I need 12 or 24 months of bank statements to qualify?
Either works with most lenders. A 12-month review suits recent income consistency; a 24-month review shows long-term stability and may earn better rates.
Can I use a bank statement loan for an investment property?
Yes. Investors can also consider a DSCR loan, which qualifies on the property’s rental income rather than your personal income.
What if I have already been denied a mortgage by another lender?
Do not give up. Denials from traditional banks often reflect their product sheet, not your finances — alternative documentation programs regularly approve borrowers those banks turned away.
How do I apply for a bank statement loan in Grand Rapids?
Reach out to the team or request a quote online to start your alternative document mortgage application.