Areas We Serve

Griffin Funding proudly serves Kentuckians across the state who seek bank statement loans. These areas include:

  • Louisville
  • Lexington
  • Bowling Green
  • Owensboro
  • Hopkinsville
  • Nicholasville
  • Elizabethtown
  • Jeffersontown

Wherever you reside in Kentucky, bank statement loans with Griffin Funding are available. Whether you’re city-center or living a more rural life, contact us to see if a Kentucky bank statement loan with Griffin Funding is right for you.

What Is a Bank Statement Loan?

In a traditional mortgage application process, a lender uses an applicant’s W-2 form to ensure that the applicant earns enough income to qualify for the mortgage amount. For non-traditional income earners, this poses a serious issue. Self-employed workers don’t receive W-2s, and therefore have none to pass along as proof of income. Without this proof of income, a self-employed worker is unable to qualify for a loan.

Fortunately, some lenders offer an alternative mortgage type for those without W-2s known as bank statement loans.

A bank statement loan in Kentucky is a type of non-QM mortgage, meaning it isn’t backed by Fannie Mae or Freddie Mac. Kentucky bank statement loans are not qualified using a W-2 as proof of income. Instead, a lender offering a bank statement loan will use the past 12-24 months of bank statements as income verification. This may include personal accounts, business accounts, or both. The lender will check to see if enough money is coming in to reasonably pay the proposed mortgage amount within the terms of the mortgage.

Borrowers who may benefit from a bank statement loan include:

  • Business owners
  • Freelancers
  • Gig workers
  • Independent contractors
  • Entrepreneurs
  • Retirees

Interested in bank statement loans? Download the Griffin Gold app and get a personalized action plan, with steps to achieving your homeownership goals. We’ll give you an overview of your path to homeownership, give you tools to improve your credit score and debt-to-income ratio, and help you track the value of your investments over time.

Advantages of Bank Statement Loans

Bank statement mortgages in Kentucky can be a lifesaver for the self-employed. Without the option of bank statement loans, many potential borrowers may never be able to purchase the home of their dreams.

Advantages of bank statement loans in KY include:

  • Accessibility to non-traditional earners: Bank statement loans open the doors to anyone whose true income isn’t represented on their tax returns.
  • Additional flexibility in terms of credit score: Traditional mortgages often require high credit scores to qualify for ideal terms. Bank statement loans in KY may be obtained with below-average credit scores, with some lenders approving scores as low as 620.
  • Higher loan limits: With Griffin Funding, borrowers can get up to $20 million in financing when using a bank statement purchase loan.
  • Purchase different types of properties: Wth bank statement loans, you’re not limited to purchasing a primary residence. You can use this type of financing to purchase a second home or investment property.

Bank Statement Loan Options in Kentucky

We offer several bank statement loan options in Kentucky. In addition to purchase loans, we also offer bank statement home equity loans and bank statement cash-out refinance loans for those looking to tap into their home equity. For those looking to buy, we offer the following options:

  • Personal bank statement loans: These are Kentucky bank statement loans that use 12-24 months of bank statements from your personal bank account to verify your income. With personal bank statement loans, we count 100% of deposits into your account as income.
  • Business bank statement loans: Business bank statement loans use your business bank statements to verify your income instead of relying on your personal accounts. In the case of business bank statement loans in KY, we count 50% of deposits into your account as income.
  • P&L Loans: P&L loans, or profit and loss loans, use 12-24 months of profit and loss statements to verify your income, rather than your bank statements. We will consider your P&L net income as your total income in this case. Please note that these statements must be prepared by a CPA or Enrolled Agent.
  • 6 Month SOFR bank statement loan: Those who cannot qualify for a bank statement loan based on income may benefit from a 6 month SOFR (Secured Overnight Financing Rate) bank statement loan. This type of loan is qualified based on bank statements alone, rather than their associated income, and the rate is adjusted every 6 months based on the 30-day average SOFR index. A 6 month SOFR Kentucky bank statement loan can be advantageous to people who take significant deductions against their business.

How to Qualify for a Bank Statement Loan in Kentucky

In order to qualify for a bank statement mortgage or bank statement home loan in Kentucky, you must:

  • Be self-employed for a minimum of 2 years or be self employed for one year with two years of experience in the same line of work
  • Have a minimum of 12 months bank statement deposits
  • Have a credit score of at least 620
  • Be borrowing an amount between $100,000 and $5 million
  • Meet the following down payment requirements based on credit score:
    • 10% down with a 720+ credit score
    • 15% down with a 700+ credit score
    • 20% down with a 660+ credit score
    • 25% down with a 620+ credit score
  • Have the following PITI (principal, interest, taxes, and insurance) reserves based on loan amount:
    • 3 months PITI reserves for loans under $1 million
    • 6 months PITI reserves for loans over $1 million
    • 12 months PITI reserves for loans over $1.5 million

See if You Qualify for a Bank Statement Loan in KY

Wondering if you qualify for a Kentucky bank statement loan? Estimate the size of your bank statement home loan or bank statement mortgage using our bank statement loan calculator. Input your loan type, bank statement and other income information, monthly expenses, and more.

Reach out to Griffin Funding to learn more about bank statement home loans in Kentucky. Alternatively, if you’re ready to start your homeownership journey, fill out an online application to get pre-approved for a Kentucky bank statement loan.