Bank Statement Loans in Georgia
Get approved for a mortgage without tax returns or W-2s. Bank statement loans in Georgia allow self-employed borrowers to qualify with 12 to 24 months of bank deposits instead of traditional income documentation.
- Tailored to self-employed borrowers
- Qualify with bank statements
- Down payments as low as 10%
- Streamlined underwriting
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Benefits
Why Choose a Bank Statement Loan in Georgia?
No tax returns or employment verification:
Qualify without providing tax returns or employment verification documents.
Qualify using bank statements:
Use 12-24 months of bank statements to prove your income instead.
Low down payments:
Down payments start at just 10% for qualified borrowers.
High loan amounts:
Loan amounts available from $100,000 up to $20 million.
Fixed- and adjustable-rate options:
Both fixed-rate and adjustable-rate mortgage options available.
How it Works
How Do Bank Statement Loans Work in Georgia?
A bank statement mortgage loan in Georgia uses 12-24 months of bank deposits to determine qualifying income rather than tax returns or pay stubs.
Lenders count 100% of personal bank account deposits as income and 50% of business account deposits. This approach gives self-employed borrowers, business owners, freelancers, and retirees a realistic path to homeownership when they don’t qualify for conventional loans.
Key Bank Statement Loan Features
- No employment verification
- No tax returns or pay stubs required
- Qualify using bank statements
- Self-employed mortgage solution
- Flexible qualification
Requirements
Georgia Bank Statement Home Loan Requirements
Self-employed:
2+ years of self-employment or 1 year if you have prior experience in your field.
Bank statements:
Provide 12-24 months of personal or business bank statements for income verification.
Credit score:
Minimum credit score of 620+.
Down payment:
10%+ down payment required.
PITI reserves:
3-6 months of reserves for loans under $1.5 million; 12 months for loans over $3 million.
Loan amount:
Up to $20 million for qualified Georgia borrowers.
Today’s Bank Statement Loan Rates
Take a look at current bank statement loan rates as you prepare to buy or refinance.
Bank Statement Mortgage Loan Types
Purchase a home using 12 to 24 months of bank statements rather than traditional income verification. Available to self-employed borrowers. Primary residences, vacation homes, and investment properties all qualify.
Refinance your existing mortgage to potentially lower your rate, change your loan term, or replace your existing loan structure. Qualify with 12 to 24 months of bank statements, no tax returns or pay stubs required.
A bank statement cash-out refinance loan allows borrowers to pull cash out of their home equity by replacing their existing mortgage with a new, larger mortgage and pocketing the difference. Cash-out refinance up to 80% of the property’s value.
A bank statement HELOAN or HELOC allows borrowers with an existing home mortgage to pull cash out of their home equity by taking out a second mortgage. Use a HELOAN to obtain a lump sum or access a revolving line of credit with a bank statement HELOC.
A 6-month SOFR bank statement loan is an adjustable-rate mortgage (ARM) that starts at an initial rate and then adjusts every six months based on the 30-day average Secured Overnight Financing Rate (SOFR) index.
Bank Statement Loan Calculators
Use our free bank statement loan calculators to see what buying or refinancing with a BSL mortgage might look like.
FAQs
Frequently Asked Questions
Yes, bank statement loans are available in Georgia. These loans can be an alternative financing option for individuals who may not qualify for conventional mortgages due to unconventional income streams or self-employment. Bank statement loans let you qualify for a home loan using bank statements to verify income, offering more flexibility.
The types of bank statement loans Griffin Funding offers include:
- Purchase loans: Finance your home purchase using bank statements rather than tax returns.
- Cash-out refinance loans: Replace your existing home loan with a higher loan amount and get the difference in cash. Use our bank statement loan refinance calculator to see if this option makes sense for you.
- Home equity loans: Access your home’s equity using bank statements to verify your income.
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.
Yes, bank statement loans are designed specifically for self-employed borrowers who don’t have W-2 income. Retirees can also qualify in certain situations. If you receive W-2 income along with self-employment income, you may be better suited for a traditional Georgia mortgage or a different loan product. Contact Griffin Funding to discuss which option works best for your income structure.
Yes. Bank statement loans in Georgia can be used to purchase investment properties in addition to primary residences. The same qualification requirements apply, though investment properties may require larger down payments. If you’re exploring different investment property financing options, review our bank statement loan examples to see how various scenarios work.
Yes. You can use your personal bank statements to get a Georgia bank statement home 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.