Delaware Bank Statement Loans

At Griffin Funding, we work with individuals across the state of Delaware. Some of the areas we serve include:

Bank statement loans in Delaware are Non-QM loans, which are alternatives to traditional loans. Bank statement loans in Delaware provide individuals who would otherwise be denied approval for a mortgage the ability to purchase a home. Instead of evaluating your income based on pay stubs or tax returns, or W2s, self-employed bank statement loans in Delaware determine your ability to repay the loan based on a series of bank statements that you provide to the lender.

In addition to bank statement loans, Griffin Funding is proud to offer a wide range of other financing products to Delaware residents. From asset-based loans to VA loans to DSCR loans, our mortgage loans in Delaware are flexible and backed by an excellent team of senior loan advisors who can help you meet your goals.

Delaware bank statement loans are fairly simple. As a potential borrower, you must submit a series of bank statements for the underwriter to review. You may need to provide anywhere from 12 to 24 months of bank statements for the underwriter’s review. We will then decide whether you qualify by verifying your bank statements and reviewing other information that you submit on your loan application.

The size of the loan you can get approved for depends on the amount of your bank statements. If you regularly make sizable deposits and demonstrate good creditworthiness, you will likely qualify for a greater loan.

There are many advantages of opting to apply for a bank statement loan as opposed to a traditional bank loan. Here are just some of the advantages of taking out a bank statement loan in Delaware:

• Flexible income verification requirements – When it comes to traditional bank loans, banks automatically expect applicants to work regular full-time jobs and have been at their jobs for a minimum of two years. However, not everyone earns a living by working a regular 9-5 job. With a Delaware bank statement loan, you can provide proof of income via bank statements, which is beneficial if you don’t earn a regular salary.
• Down payments can be low – Instead of paying the traditional 20% down for a home loan, you can get a Delaware bank statement loan with as little as 10% down. This means that you can spend less money upfront while purchasing the home of your dreams.
• Higher loan amounts can be approved – A Delaware bank statement loan can provide up to $5 million in financing for qualified applicants. Keep in mind that for loan amounts over $1 million, you must have at least six months of PITI reserves in the bank.

Many mortgage companies have long, stressful, and extensive application processes, but we try to streamline this process for our customers. The first step of applying for a bank statement loan in Delaware is to meet with one of our loan officers to discuss your options, identify the best financing product for you, and prepare to apply. This consultation can be conducted in person, over the phone, or via a video conference, at your convenience.

Once this step has been accomplished, then your rate will be locked in and you can officially apply for the bank statement loan. You will be required to fill out our application—which can be completed online—and then submit any supporting documentation.

Our underwriters will review your application once it has been submitted. After the review, you will need to have the home appraised. The next step would be approval once the underwriters have finished their review and received the results of your home appraisal. This will be followed by final document signing and then funding.

You must have a credit score of 620 or above to qualify for a bank statement loan in Delaware—the higher, the better. With a high credit score, you can receive better terms and lower rates than if your score is 620 or so. If you want to receive the best rate possible, be sure to check your FICO score ahead of time and, if it needs some work, consider taking steps to boost your credit score before you apply.

When applying for a bank statement loan, you must be patient, as they can take slightly longer to be approved than traditional loans. Bank statement loans are approved through a manual underwriting process, meaning it can take between 21 and 30 days to process. It could take as long as 60 days in more complicated cases.

If you believe you meet the criteria to obtain one of the bank statement loans for self-employed individuals in Delaware, don’t hesitate to reach out to Griffin Funding today. We will provide you with the same positive experience that we provide for all of our customers. Additionally, we’ll help you through the lending process and provide competitive rates so that you can get on track to purchase the home you’ve always dreamed of.