Areas We Serve

Griffin Funding brings extensive experience with bank statement mortgages in Indiana and is proud to serve the entire state. So whether you’re refinancing your existing home in Madison or looking to secure a bank statement loan in Indianapolis, we have you covered. Here are just some of the cities in which we provide financing:

  • Indianapolis
  • Evansville
  • Fort Wayne
  • South Bend
  • Carmel
  • Fishers
  • Bloomington
  • Hammond
  • Lafayette
  • Gary

How Do Bank Statement Loans Work in Indiana?

A bank statement mortgage loan in Indiana works by qualifying your income using bank statements instead of conventional pay stubs or tax returns. By using statements, we can offer more flexible credit-scoring criteria and approve a larger portion of the population for a home loan.

When you apply for a bank statement loan in Indiana, you will be asked to provide the most recent 12 to 24 months of checking account statements. Ideally, your statements will show consistent deposits, healthy average balances, and the ability to make monthly payments without stressing your budget. These statements will be reviewed alongside your credit score, DTI (debt-to-income) ratio, and other factors to determine how much you may qualify for in a bank statement mortgage loan. Once approved, you can begin searching for a new home to purchase! It’s that easy.

Benefits of Bank Statement Loans

As a smart alternative to conventional mortgage loans, bank statement loans in Indiana provide several important benefits to those home buyers that may not fit within traditional mortgage scoring guidelines:

  • Qualify using bank statements: Verifying income may be difficult for those who aren’t receiving steady paychecks from a W-2 employer (like business owners, freelancers, gig workers, or realtors). Using your past one or two years of bank statements instead, you can show your financial security and qualify for a bank statement loan.
  • Down payments as low as 10%: Down payments that start at 10% offer a competitive alternative to the similar DP requirements of conventional mortgages – without the need to verify income with pay stubs or taxes.
  • Loan amounts of up to $5 million: High loan caps mean you can get the funds you need to purchase the home of your dreams, even in a high-value neighborhood.
  • DTI ratios of up to 50% are accepted: One of the best accommodations offered by Indiana bank statement loans is the ability to carry up to a 50% DTI (debt-to-income) ratio and still qualify.
  • Adjustable- and fixed-rate options available: Choose a rate option that best fits your budget and plans for the future of your home. We even offer an interest-only option.

If these benefits sound like the right option to play to your financial strengths, check out our bank statement loan calculator to see what you may qualify for. If you’re considering applying for a bank statement mortgage loan in Indiana, try downloading the Griffin Gold app. It helps you create a plan for homeownership by monitoring credit, learning about different loan options, and tracking finances.

Bank Statement Loan Options in Indiana

If your strong bank statements are setting you up for success with an Indiana bank statement loan, then you may have a few fantastic non-QM mortgage options available:

  • Standard bank statement mortgageUse your most recent one or two years’ wank statements to help qualify for a home loan. These are great for first-time home buyers who have difficulty verifying income for a traditional mortgage loan.
  • Bank statement home equity loan (HELOAN): Dip into your existing home’s equity without the headache of traditional income verification; you only need bank statements. A self-employed home equity loan is a great option for business owners and sole proprietors.
  • Bank statement refinance loan: If you need cash to make home repairs or improvements, cover surprise expenses, or pay off an existing mortgage dragging you down, a cash-out refinance loan may be the answer. You can get approved for up to 80% of your property’s value using bank statements to help qualify.

How to Qualify for a Bank Statement Loan in Indiana

With the flexible qualifying criteria offered by a bank statement mortgage in Indiana, securing a home loan may be closer than you ever thought before. Here are some basic qualifiers that you should consider before applying:

  • Loan amount: Bank statement loans in Indiana are offered for $100k to $5 million. Several factors come into play when getting approved, including your bank statement amounts, credit score, DTI, and more. Check out our bank statement loan calculator to learn more.
  • Credit score: You must have a credit score of at least 620 to qualify for an Indiana bank statement mortgage loan. That being said, you will generally receive more approval terms and a lower down payment requirement, with a higher credit score.
  • Time in business: Bank statement loans in Indiana are available to applicants with at least two years of business experience. In some cases, your steady retirement income will meet this qualification. In certain circumstances, you may also qualify with one year in business and at least two years of industry experience.
  • Bank statements: In most cases, 12 to 24 months of bank statements are required to verify your income. You are welcome to use multiple accounts to show your financial strength. However, all of your statements must be from either a personal checking account or a business checking account to be considered—no mixing.

Work With a Qualified Bank Statement Mortgage Lender in Indiana

Griffin Funding specializes in non-QM mortgages, including bank statement loans, and should be your first choice when working to attain your homeownership goals.

Many responsible, qualified home buyers are left out in the cold when applying for a conventional mortgage with their bank because their income stream doesn’t fit within lenders’ rigid, traditional requirements. However, bank statement loans through Griffin Funding can offer an alternative financing option with flexible scoring criteria and competitive approval terms to get you into the home of your dreams.

Reach out today to learn more or apply for a bank statement loan online to get started!