Iowa Bank Statement Loans

Griffin Funding is proud to serve the entire state of Iowa. So whether you’re looking for a bank statement loan in Des Moines or Winterset, a big city or quaint town, we have you covered. Here are some of the most popular cities that Griffin Funding works with:

• Des Moines
• Cedar Rapids
• Davenport
• Sioux City
• Iowa City
• Waterloo
• Council Bluffs
• Ames
• Dubuque
• Ankeny

A bank statement loan in Iowa works by verifying your income stream based solely on bank statements instead of the usual pay stubs and tax returns. Because of this, bank statement mortgage loans in Iowa tend to boast flexible credit-scoring criteria, making it easier for more people to get approved – even those with credit events or recently rebuilt credit.

All that’s needed to verify income is the most recent 12 to 24 months’ worth of checking account statements. Once you’ve applied, a loan officer at Griffin Funding will review your statements alongside your credit score, DTI (debt-to-income) ratio, and other factors to find a loan structure and terms that work best for your needs and financial strengths. Check out our bank statement loan calculator for an idea of where you’d land with a potential approval.

If you’re approved and accept the terms, you can immediately begin shopping for your new home!

Using a bank statement to verify income is already a fantastic advantage of bank statement mortgages in Iowa. However, there is also more flexibility in credit scoring and approval terms, which makes it a great option for buying your next home. Here are a few examples:

• Qualify using bank statements: If you struggle to get approved for a conventional mortgage because your income doesn’t come from traditional W-2 sources, that’s ok. The last 12 or 24 months of bank statements are all you need to verify income.
• Loan amounts of up to $5 million: The high financing limits of Iowa bank statement loans allow you to afford homes in better neighborhoods and high-cost-of-living areas.
• Flexible DTI ratio requirements: Bank statement loans in Iowa offer more relaxed DTI (debt-to-income) ratio criteria, with a DTI of 50% being the typical cutoff.
• Competitive down payments as low as 10%: Depending on your credit score, DTI ratio, and bank statements, you may qualify for a down payment as low as 10%.
• Fixed- and adjustable-rate options available: Choose a rate option that best suits your budget and plans for the future. You can even take advantage of an interest-only option.

Suppose you’ve decided that a non-QM mortgage is a better fit for your credit and financial strengths. In that case, you have a few great options available whether you’re buying your first home, refinancing your current home, or dipping into your home equity:

• Standard bank statement mortgage: Use only your business or personal checking account statements to verify income instead of the usual tax returns and pay stubs
• Bank statement home equity loan (HELOAN): Pull from your existing home’s equity, using only the last one or two years of bank statements to verify income. Griffin Funding also has specifically tailored self-employed HELOANs available.
• Bank statement refinance loan: These cash-out refinance loans allow you to get up to 80% of your home’s value as cash, using bank statements to help you qualify. You can use the cash for home repairs and improvements, surprise bills, or to pay off an existing mortgage. Use the cash however you’d like.

One of the greatest advantages offered by Iowa bank statement loans is the flexible qualifying criteria. This allows a larger range of credit scores, DTIs, and loan amounts to be approved. Here are some of the general scoring criteria:

• Time in business: In most cases, you’ll need to prove at least two years in business to qualify for a bank statement mortgage loan in Iowa. Some folks may still be eligible with one year in business and two years of industry experience. If you’re retired, your retirement income may be used to meet this criteria. Your Griffin Funding agent can help answer any questions and determine your qualifications.
• Credit score: You must have a credit score of at least 620 to qualify for a bank statement mortgage in Iowa. Your DTI (debt-to-income) ratio should also be no higher than 50%. While you may already meet the minimum, remember that the higher your credit score, the more favorable your approval terms will likely be.
• Bank statements: To help verify your income, you usually need to provide the most recent 12 to 24 months of checking account statements. You may use multiple checking accounts to add strength, but they must all be either personal or business accounts—not both.
• Loan amount: Bank statement loans in Iowa may be offered for anywhere between $100k and $5 million. The strength of your bank statements is a strong factor in the total approval amount because we want to ensure you have a safety net of at least 3 to 12 months’ worth of payments available as a reserve.

If you’re noticing that you meet all of the basic qualifications and are considering applying for an Iowa bank statement loan, download the Griffin Gold app to help analyze your financial needs, monitor your credit, and create an action plan.

If you think an Iowa bank statement mortgage loan may be the right fit for realizing your dream of homeownership, you need to ensure you’re working with a seasoned, knowledgeable lending partner.

Griffin Funding specializes in bank statement mortgage loans. We take a holistic approach to reviewing your credit profile and bank statements and finding a program that best suits your unique needs and financial strengths.

Contact us today to learn more about our bank statement mortgage program or fill out an application to get started!