Idaho Bank
Statement Loans

If you’re worried that buying a home is out of reach because you’re self-employed, applying for a bank loan statement is the best way to secure the mortgage you need. Griffin Funding strives to be one of the best bank statement mortgage lenders in Idaho by offering diverse mortgage programs and loan officers who can make the process simple and hassle-free.

Learn more about Idaho bank statements and mortgage approval.

With more and more people opting to be self-employed each year to pursue their entrepreneurial and improve their work-life balance, the mortgage industry had to establish a way to provide loans to those with non-traditional income.

When you’re self-employed, proving your income can seem virtually impossible because you don’t have a W2, and your tax returns don’t always reflect the most accurate information. Not being able to provide pay stubs and tax returns used to be a problem for borrowers who needed new ways for lenders to verify income.

Griffin Funding offers bank statement loans that allow self-employed borrowers and others to get approved more easily for a home loan without showing net income on taxes or providing pay stubs. Instead, our underwriters look at your bank statements over the last 12 or 24 months to verify your income.

The main difference between conventional home loans and bank statement loans is the underwriting process. Because bank statement loans serve as a solution for self-employed individuals, they expand the loan criteria to allow for other types of documentation (including the use of bank statements) to understand a borrower’s ability to repay.

After all, the main goal of a lender is to ensure that a borrower can pay back the loan and interest. Verifying income through bank statements is just one way that lenders do this.

Bank statement loans are designed for borrowers who can’t show documentation of their income in any other way. Typically, these individuals won’t easily get approved for a conventional loan. Those who generally qualify for bank statement loans are:

One major issue that these individuals face is that the net income claimed on their taxes is not the true amount of income that they make for any given year due to their business tax deductions. Using bank statements allows lenders to get a more accurate financial picture so that they can better determine who is eligible for a home loan.

Griffin Funding offers Idaho bank statement home loans for borrowers all across the state, including the following areas:

Unsure of whether an Idaho bank statement loan is the right solution for you? Here are just some of the benefits to consider for these types of loans:

• Income statements are made up of monthly income deposits, not tax returns.
• Can choose to have the lender look at 12 months or 24 months of bank statements.
• Lower down payment required (as low as 10%).
• Loan amount up to $5 million.
• Reasonable DTI ratio.
• Options for a fixed-rate or adjustable-rate mortgage.

Some individuals may also be able to qualify with a three month bank statements. To learn more about this option, speak to one of our loan officers.

The eligibility for bank statement loan programs will vary depending on your lender. At Griffin Funding, we have the following requirements:

• Must prove that you’ve beenbe self-employed for at least two years.
• Must have at least 10% down.
• Must have four months of loan payment reserves in your bank account for home loan amounts under $1 million.
• A credit score of 620 or above.
• Minimum loan amount of $100,000.
• Profit and Loss (PL) statements for businesses that match the bank statement period.

We provide a quick turnaround for Idaho bank statement loans so that you know when you’ll be able to purchase a home and how much you can afford. All you have to do is apply for a bank statement loan online or call us at 855-394-8288 for a free quote. Applications are typically processed within 30 days or less.

Do you have to be self-employed to qualify for bank statement loans?

Yes, you or your co-borrower must be self-employed or a retiree to qualify for this type of loan.

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

Yes, you may choose to use business statements or personal statements—it must be one or the other—to qualify for a bank statement loan.

Can I still qualify with a low credit score?

You may still qualify for Idaho bank statement home loans with a low credit score, depending on your lender’s requirements. Griffin Funding allows credit scores as low as 620 for bank statement loans.

When you’re applying for a home loan with self-employment income, bank statement loans will usually be your best option because they’re designed for individuals with irregular income. Depending on your unique situation, you might also qualify for other loans in Idaho, such as:

We’re happy to provide home loan products for borrowers of all types, no matter how they generate their incomes. Ready to apply for an Idaho bank statement loan? Begin the application online today.