Bank Statement Loans in Washington and Idaho
Self-employed, 1099, or a business owner with write-offs that lower your taxable income? Bank statement loans look at your actual cash flow, not what your tax return shows. Beeline can work with as little as 12 months of bank statements, and under 2 years self-employed can work when you have experience in the same line of work. Chris Hendrickson, NMLS #145552. Beeline Mortgage, LLC, NMLS #1713379.
Qualify on deposits, not deductions
Traditional mortgage underwriting uses your W-2s and tax returns to verify income. For self-employed borrowers, that creates a problem: the same deductions that reduce your tax bill also reduce the income a lender sees on paper.
A bank statement loan solves this. Instead of tax returns, we review as little as 12 months of bank statements (24-month options exist too) to calculate your average monthly deposits. That number, after an expense factor, becomes your qualifying income.
If your business generates strong cash flow but your tax return reflects heavy write-offs, a bank statement loan lets you qualify based on how your business actually performs, not how it looks on paper.
Bank Statement Loan
- As little as 12 months of bank statements
- Qualify on bank statements instead of tax returns
- Under 2 years self-employed can work with related experience
- Works around write-offs
- Down payment varies by lender and program
Traditional Loan
- Requires 2 years of W-2s or tax returns
- Taxable income used to qualify
- Write-offs reduce qualifying income
- Self-employed often under-qualify
- Low down payment options for eligible borrowers
Built for the self-employed borrower
If any of these describe you, a bank statement loan is worth exploring. Self-employed less than 2 years? That can work too if you have experience in the same line of work.
Business Owners
You own an LLC, S-Corp, or sole proprietorship. Your business is profitable, but heavy deductions on your Schedule C or K-1 make your taxable income look low on paper.
Freelancers and 1099 Workers
Consultants, contractors, creative professionals, and gig workers with variable income that doesn't fit the standard W-2 underwriting box. Your deposits tell the real story.
Real Estate Investors
Investors who own multiple properties and depreciate everything. Rental income looks low on taxes. Bank statements show the actual cash coming in and going out.
What to expect from a bank statement loan
How we get you from inquiry to closing
Quick pre-qualification call
Chris reviews your situation, confirms you're a good fit for bank statement financing, and explains what documents you'll need to provide.
Gather statements and documentation
Provide 12 or 24 months of bank statements, a CPA or tax preparer letter, and standard loan application info. Documentation is confirmed per program.
We shop your file across many lenders
Beeline shops many lenders and structures your bank statement loan around your scenario. You deal with the team guiding your loan from application to closing. UWM is one of the many wholesale lenders we work with.
Lock, underwrite, close
You choose your rate and lock it in. We manage the file through underwriting and keep you updated every step of the way.
Chris Hendrickson
Chris has helped self-employed borrowers in Washington and Idaho qualify for homes when traditional lenders turned them away. With over 25 years of mortgage experience, he knows how to structure a bank statement file and walk it through to closing.
Beeline shops many lenders and guides your loan from application to closing. You get straight answers and a loan handled by the team you actually talk to. UWM is one of the many wholesale lenders we work with.
Bank statement loan questions answered
A bank statement loan is a type of non-QM (non-qualified mortgage) that lets self-employed borrowers qualify using deposits shown in their bank accounts rather than W-2s or tax returns. The lender still verifies your ability to repay, and some investment property programs carry a prepayment penalty. Conventional loans require two years of tax returns and use taxable income to qualify. Bank statement loans use actual cash flow, which is often much higher than what a tax return shows after business deductions. The tradeoff is that rates are typically higher than conventional. Your actual rate and APR depend on your scenario and the lender.
Lenders add up the qualifying deposits over the statement period (as little as 12 months, with 24-month options too), apply an expense factor to account for business costs, and divide by the number of months to get your qualifying monthly income. The expense factor and which accounts count depend on the program and lender, so we confirm both when we review your file.
No. No specific bank is required. Which accounts count is confirmed per program when we review your file. You provide the statements, and we review them. Beeline shops many lenders and structures your bank statement loan around your specific profile. UWM is one of the many wholesale lenders we work with.
Yes. Most bank statement loan programs allow financing for primary residences, second homes, and investment properties. Investment property programs often have different down payment and pricing requirements than a primary home, which we confirm when we review your file. If you're a real estate investor, you may also want to explore DSCR loans, which qualify based on property cash flow rather than personal income. Learn about DSCR loans here.
Yes. Beeline Mortgage is licensed in both Washington State and Idaho and offers bank statement programs in both states. Chris Hendrickson (NMLS #145552) handles bank statement loans throughout the Spokane and Coeur d'Alene metro areas, including Liberty Lake, Post Falls, Hayden, and surrounding communities. Get started here.
Not necessarily 2 years. Beeline can work with borrowers who have been self-employed for less than 2 years, as long as you have connecting experience in the same line of work. For example, if you worked as a W-2 employee in the same field before going out on your own, that history can count. The documentation needed is confirmed when we review your file.
Credit requirements vary by program and loan amount. Higher scores generally unlock better rates and more options. Unlike conventional loans, rate tiers matter more with bank statement programs because they are non-QM products where risk pricing is more granular. Request a personalized rate quote from a loan officer →
It depends on the program. Which account types count, and how the expense factor is applied to them, varies by program and lender, so we confirm which statements to use when we review your file. If you move money between personal and business accounts, a CPA letter explaining the business structure helps clarify the income picture.
Loan amounts depend on the program and lender. If you're looking at a higher-priced property in the Coeur d'Alene or Sandpoint markets, tell us your price range up front and we'll confirm which programs fit when we review your file.
Bank statement loan rates are typically higher than conventional rates for a comparable borrower. Your actual rate and APR depend on your scenario and the lender. The premium reflects the alternative documentation risk. Credit score, down payment, loan amount, and the number of months of statements all affect where your rate lands. Request a personalized rate quote from a loan officer →
Let's look at your bank statements
Schedule a pre-qualification call. No credit pull until you're ready. No commitment.