Kansas Bank Statement Loans

Griffin Funding provides financing across the entire state of Kansas, from the big cities to the small towns. So, if you’re looking for a bank statement loan in Wichita or want to refinance your existing home in Wabaunsee County, we have you covered. Here are just some of the popular cities that we work with:

• Wichita
• Topeka
• Kansas City
• Overland Park
• Lawrence
• Olathe
• Shawnee
• Manhattan
• Lenexa
• Salina

A bank statement loan in Kansas is unique in that you will verify your income using just the last one or two years’ worth of bank statements rather than the typical pay stubs or tax returns. This allows flexibility for non-W2 workers and non-standard wage earners (like gig workers, realtors, retirees, and small business owners) to qualify for a mortgage loan when conventional mortgage lending criteria may have left them stranded.

Once you’ve applied, an agent at Griffin Funding will review your bank statements, credit score, DTI (debt-to-income) ratio, and the requested loan amount to see if there is a bank statement mortgage loan program that fits your needs and financial strengths. Check out our bank statement loan calculator to understand where you’d potentially land with approval.

If approved, you can immediately begin shopping for your new home!

Kansas bank statement loans boast several advantages over conventional mortgages, the primary benefit being flexibility. Here are a few examples of how bank statement mortgage loans in Kansas may help you:

• Qualify with bank statements: Getting approved for a conventional mortgage may be difficult if you don’t have pay stubs that show a steady paycheck. With bank statement loans, there is no income verification outside your most recent 12 to 24 months of checking statements.
• Flexible DTI ratio criteria: Bank statement mortgages in Kansas typically require a maximum DTI (debt-to-income) ratio of 50%, which is considerably more forgiving than the stringent requirements of traditional mortgages.
• Down payments as low as 10%: Applicants showing strong credit scores, consistent bank statements, and overall healthy credit history may qualify for a low 10% down payment.
• Fixed- and adjustable-rate options: Choose the rate option that best suits your needs and budget. Interest-only options are also available.
• Up to $5 million approvals: The higher financing limits of bank statement loans in Kansas means you can afford that dream home in the higher-cost-of-living area.

If you’re ready to start planning your path to homeownership or would like to learn more about building your credit up to qualify for the most competitive terms, download the Griffin Gold app. You’ll be able to learn more about our financing options, monitor your credit, and prepare to apply for financing.

Whether you’re a first-time home buyer or looking to make the most of your existing mortgage, Griffin Funding likely has a non-QM mortgage program that fits your needs. Here are some of the services we offer in the state of Kansas:

• Standard bank statement mortgage: This option is popular with first-time home buyers and those experiencing difficulty qualifying for a conventional mortgage loan. You only need 12 to 24 months of checking account statements to verify your income. No pay stubs are required.
• Bank statement home equity loan (HELOAN): If you own your home, you can borrow against its equity using only the last one to two years of bank statements to verify income.
• Bank statement refinance loan: Use a cash-out refinance loan to get up to 80% of your home’s value as cash to use however you’d like. Perform home improvements and repairs, pay surprise bills, or pay off an existing mortgage—the cash is yours to use.

Qualifying for a Kansas bank statement loan is straightforward, and the scoring criteria are generally much more lenient than traditional mortgage loans. Lower credit scores, higher DTIs, and larger loan amounts may be easier to accommodate. Here are the general scoring criteria:

• Time in business: You will typically need to show that you’ve been in business for at least two years. In some cases, you can qualify with one year time-in-business and two years of industry experience. If you’re retired, your steady retirement income may be used to qualify for this criteria. Your Griffin Funding rep can help answer any questions and see if you qualify.
• Credit score: To qualify for bank statement mortgage loans in Kansas, you’ll need a credit score of at least 620. The higher your score, the better the approval terms you may be offered. You should also aim to have a DTI (debt-to-income) ratio of no higher than 50%.
• Bank statements: Most applicants must provide the most recent 12 to 24 months of bank statements to help verify their income. You are welcome to use multiple checking accounts to add strength. However, they must all be personal or checking – you cannot mix the two types of accounts.
• Loan amounts: A bank statement mortgage in Kansas is typically offered for $100k to $5 million. The amount you are approved for will consider your credit score, DTI ratio, bank statement average balances & deposits, loan requested amount, and more.

While many lenders may offer bank statement mortgages in Kansas, only a select few can be considered experts in the field. Griffin Funding is proud to offer its extensive experience in bank statement mortgages to customers across Kansas.

If you think your strong bank statements may offer an alternative method of getting approved for a home loan, a bank statement mortgage loan may be a great choice. Contact Griffin Funding or fill out an online application today to get started!