Areas We Serve

Griffin funding offers bank statement loans statewide in Georgia. Some of the areas we service include:

  • Atlanta
  • Athens
  • Johns Creek
  • Roswell
  • Alpharetta
  • Savannah
  • Augusta
  • Columbus
  • Macon
  • Sandy Springs
  • Marietta
  • And more!

Don’t see your city on our list? Don’t worry! We operate within the entire state of Georgia so that no matter where the home is located, we’ll be able to help you with your bank statement home loan.

How Do Bank Statement Loans Work in Georgia?

Georgia bank statement mortgage loans are a type of no-income verification mortgage that allows borrowers to qualify for a mortgage with bank statements rather than tax returns or W-2s.

By allowing income verification through bank statements, lenders have opened the door to more opportunities for self-employed people, business owners, and retirees who don’t qualify for conventional loans.

Who Qualifies for a Bank Statement Loan?

If you’re currently self-employed or retired, you know that without W-2 income it can be difficult to prove your actual income. This is because net income reflected on your taxes may be lower than the income you actually brought in over the year due to deductions.

Who Are Bank Statement Loans for?
  • Business owners
  • Freelancers, consultants, and independent contractors
  • Gig Workers (Uber and Grubhub drivers)
  • Retirees

Not sure if a bank statement loan is right for you? Reach out to Griffin Funding today or download the Griffin Gold app to see if you qualify and compare your home loan options.

Georgia Bank Statement Loan Requirements

Your Georgia bank statement home loan eligibility depends on a number of factors. Here is a short list of some of the requirements for our Georgia bank statement mortgages:

  • Self-employed: Must provide proof that you’ve been self-employed for at least two years. Some lenders will allow you to be self-employed for one year if you previously worked in the same field before becoming self-employed.
  • Minimum 10% down payment: Must be able to put at least 10% down.
  • PITI reserves: Borrowers must have 3-6 months of PITI reserves for loan amounts under $1.5 million and 12 months of PITI reserves for loan amounts exceeding $3 million.
  • Minimum credit score: Borrowers must have a credit score of at least 620.
  • Maximum loan amount: Loan amounts of up to $20 million are available for qualified borrowers.

Pros and Cons of Georgia Bank Statement Loans

There are several unique benefits to bank statement loans:

  • No tax returns necessary: No need to use tax returns for income verification.
  • Get financing with bank statements: Can be approved based on 12 or 24 months of bank statements.
  • Qualify with as little as 10% down: Qualifying borrowers can secure a bank statement loan with a down payment as low as 10%.
  • Flexible qualifying requirements: A higher debt-to-income (DTI) ratio is typically accepted and qualifying borrowers can get a bank statement loan in Georgia with a credit score as low as 620.
  • Fixed- and adjustable-rate options available: You can choose between a fixed-rate mortgage or an adjustable-rate mortgage.

A few potential drawbacks of Georgia bank statement loans include:

  • Higher rates: Potentially higher interest rates compared to traditional mortgage loans.
  • Self-employment requirement: Must be self-employed for at least two years to qualify.
  • Not available everywhere: Not all lenders offer bank statement loans.

Types of Bank Statement Loans

Griffin Funding offers three bank statement loan options that cater to those looking to buy as well as current self-employed homeowners:

  • Bank statement purchase loan: Qualify for home financing using your bank statements. Secure up to $20 million in financing with a down payment as low as 10% — no tax returns required!
  • Bank statement cash-out refinance loan: Replace your current mortgage with a larger bank statement loan and pocket the difference. Get cash that can be used for renovations, repairs, or any big purchases.
  • Bank statement home equity loan: Access your existing home equity using a series of bank statements. Leverage your equity to get funds for consolidating debt, making renovations, pursuing new investment opportunities, and more.

You can qualify for a bank statement mortgage loan through one of the following two ways:

  • Personal Bank Statements: Qualify on 12 or 24 months’ worth of bank statements. We count 100% of deposits as income.
  • Business Bank Statements: Qualify on 12 or 24 months’ worth of bank statements. We count 50% of the deposits as income.

Depending on your circumstances, you may also be able to qualify for one of our bank statement loans in Georgia with as little as three months’ worth of bank statements.

Are There Other Mortgage Options for Self-Employed Borrowers in Georgia?

There are other home loans for self-employed individuals that you may qualify for based on your unique circumstances, including:

  • Asset Based Loans: Asset-based loans don’t require traditional income verification because your assets are used as collateral.
  • DSCR Loans: If you’re a real estate investor, DSCR loans offer an alternative route to financing that doesn’t require proof of income or employment. Qualify for financing based on a property’s earning potential rather than your personal income.
  • FHA Loans: If you’re a first-time homebuyer, you may be able to qualify for this loan that only requires a 3.5% down payment.
  • VA Home Loans: Active duty service members and veterans can apply for a VA loan that provides them with benefits through the Department of Veterans Affairs, including the ability to qualify without a down payment.

Apply for a Bank Statement Loan in Georgia

In the past, you might have had to worry about income verification if you’re self-employed or a retiree who wants to purchase a house. Now, with Griffin Funding’s bank statement loan program, you can qualify for a loan through alternative methods, making applying and securing a mortgage much easier.

Ready to apply for a bank statement mortgage loan in Georgia? Get started online or reach out to learn more about our bank statement loan programs in Georgia.

Frequently Asked Questions

Are bank statement loans still available in Georgia?

Yes, bank statement loans are available in Georgia. These loans can be an alternative financing option for individuals who may not qualify for traditional mortgages due to unconventional income streams or self-employment. Bank statement loans allow you to qualify for a home loan using bank statements to verify income, offering more flexibility.

Is it hard to get a bank statement mortgage in Georgia?

The difficulty in getting approved for a loan primarily depends on your unique situation. While these loans offer more flexibility in qualifying criteria, you must still meet your lender’s requirements. In general, the strength of your credit history often plays a crucial role, allowing lenders to assess your creditworthiness. 

Additionally, the ease of obtaining a bank statement mortgage depends on the lender’s flexibility in accepting alternative income verification methods like bank statements. Not all lenders provide these types of loans. 

At the same time, your income and how long you’ve been self-employed may play a role. Ultimately, lenders must determine that you earn enough income to cover your debts. 

Do you have to be self-employed to qualify for a bank statement loan in Georgia?

Yes, you typically must be self-employed to qualify for a bank statement mortgage loan in Georgia. Retirees can also qualify for bank statement loans. If you have W-2 income along with self-employment income, you may qualify for other home loans.

Can I use a bank statement loan to buy investment property?

Yes, you can use your bank statement home loan in Georgia to invest in properties or even purchase a home other than your primary residence.

If you’re interested in additional investment property financing options, make sure to take a look at our investment property loans page.

Can I use personal bank statements for a bank statement loan?

Yes, you can use your personal bank statements to qualify for a bank statement loan as long as they are able to prove your income. In fact, you can use 100% of your personal bank statements as income, whereas you can only use up to 50% of your business bank statements as income in most cases.