Bank-statement Loans in Dearborn, MI
Bank-statement loans let self-employed borrowers qualify from 12 or 24 months of personal or business deposits.
About Bank-statement loans
What this loan type means for Dearborn buyers.
Qualify from 12 or 24 months of personal or business bank deposits — built for 1099 and small-business owners.
Borrowers in Dearborn, Michigan can use Bank-statement financing for primary residences in most cases, subject to the 2026 loan limit applicable to Michigan. Talk to a licensed loan officer to confirm eligibility for your situation — credit, debt-to-income ratio, and property type all factor into approval.
Before reaching out, verify any loan officer's current licensing through NMLS Consumer Access. MLO Finder shows source-linked review snapshots where available but is not a lender and does not originate loans.
Borrower fit
Who Bank-statement loans are for in Dearborn.
Bank-statement loans qualify self-employed borrowers — 1099 contractors, business owners, gig workers, and commission-only earners — based on cash flow into their personal or business bank accounts rather than tax-return net income. They're the standard answer for borrowers whose write-offs make their taxable income look much smaller than their actual earnings.
Eligibility & paperwork
What it takes to qualify for a Bank-statement loan.
Use this as a directional checklist. Individual lenders apply overlays on top of program minimums, so confirm specifics with a licensed loan officer.
- 12 or 24 months of personal or business bank statements depending on program
- Self-employment verified by CPA letter, business license, or website + Secretary of State filing
- FICO usually 620+; pricing improves at 680 and 720
- Down payment commonly 10–25% depending on credit, occupancy, and statement period
- Reserves typically 3–6 months PITI
- Income calculated as a percentage of deposits (often 50% of business statements or 100% of personal statements), adjusted by a lender-specific expense factor
Misconceptions to skip
Common myths about Bank-statement loans.
Bank-statement loans are stated income.
They're not. Lenders verify every deposit on the statements, calculate qualifying income with a documented formula, and apply an expense factor. Stated income (no documentation at all) has been illegal for owner-occupied loans since Dodd-Frank.
All deposits count as income.
Lenders exclude transfers between your own accounts, refunds, loan proceeds, and other non-income deposits. Personal bank statement programs often count 100% of qualifying deposits; business bank statement programs typically count 50% (or apply a fixed expense factor).
Bank-statement loans are much more expensive.
Pricing is higher than conventional but the spread is often smaller than borrowers expect — particularly for strong credit and lower LTV. For self-employed borrowers whose tax returns understate income, the larger qualifying loan amount often outweighs the rate premium.
You can't get a bank-statement loan for an investment property.
2026 loan limits
Bank-statement loan limits in Michigan.
Applies to most counties in Michigan.
Loan limits vary by county. Use the lookup to find the exact Bank-statement limit for your ZIP code.
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Loan officers in Dearborn
Licensed mortgage professionals serving Dearborn.
Loan officers below serve Dearborn and may originate Bank-statement loans. Reach out to confirm specialty and eligibility.
Frequently asked questions
Bank-statement loan questions Dearborn buyers ask.
Answers reflect general program guidelines. Your specific file may qualify differently — confirm with a licensed loan officer.
How is qualifying income calculated?
Personal vs. business bank statements — which is better?
What if I have a recent large deposit?
Local context
Bank-statement financing in Dearborn, MI.
Self-employed buyers in Dearborn, Michigan regularly use bank-statement programs to qualify based on real business cash flow instead of tax-return net income. Programs and qualifying formulas vary widely between lenders, so when you contact a licensed loan officer serving Dearborn, ask specifically what their bank-statement calculation looks like, whether they prefer personal or business statements for your situation, and what their down-payment and credit thresholds are. Verify any loan officer's current licensing through NMLS Consumer Access before applying. MLO Finder is a directory, not a lender.
This page is for informational purposes only and does not constitute a loan offer, rate quote, or commitment to lend. Verify any loan officer's current licensing through NMLS Consumer Access. MLO Finder is a directory, not a lender, and does not originate loans.
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