What Is a Georgia Bank Statement Home Loan?

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. This discrepancy can significantly impact the amount of income reported and disqualify you from receiving the amount of home financing you’re seeking out. However, that’s not the case with bank statement loans.

Bank statement loans are designed for individuals who don’t work standard jobs and are often their own employers. Some examples of the types of individuals who may qualify for a bank statement loan include:

Who Qualifies for a Bank Statement Loan?
  • 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. 

Where Are Georgia Bank Statement Loans Available?

Griffin funding offers non-QM loans like Georgia bank statement mortgages to provide more borrowers with opportunities to purchase their dream homes in the Peach State. 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.

Pros and Cons of Georgia Bank Statement Loans

There are several unique benefits to bank statement loans:

  • No need to use tax returns for income verification
  • Can be approved based on 12 or 24 months of bank statements
  • Down payments as low as 10%
  • A higher debt-to-income (DTI) ratio is typically accepted, depending on your lender
  • You can choose between a fixed-rate mortgage or an adjustable-rate mortgage

Of course, no mortgage loan is right for everyone. A few potential drawbacks of Georgia bank statement loans include: 

  • Potentially higher interest rates compared to traditional mortgage loans
  • Must be self-employed for at least two years to qualify
  • Not all lenders offer bank statement loans

Types of Bank Statement Loans

We currently offer two main options for our bank statement mortgage loans in Georgia:

  • 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.

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:

  • 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.  
  • Must be able to put at least 10% down.
  • Must have four months of mortgage payments in your bank account for home loan amounts under $1 million.
  • A credit score of at least 620.
  • A profit and loss (P&L) statement may be required.

Are There Other Types of Home Loans 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.
  • FHA Loans for First-Time Homebuyers: 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? Begin the application online today.

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. 

All lenders will also have a down payment requirement. At Griffin Funding, the down payment requirement is 10% of the purchase price of the home. 

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

Retirees also qualify for bank statement loans. However, you must be either self-employed or a retiree to qualify for this program. If you have W-2 income along with self-employment income, you may qualify for other home loans.

Can I finance 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.

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.