Louisiana Bank Statement Loans

Griffin Funding is proud to be one of the top Louisiana mortgage lenders. If you are interested in a Louisiana bank statement mortgage, we can help you. Learn more about some of the benefits of bank statement loans in Louisiana by reaching out to our team of experienced lending professionals.

Areas We Serve

As a Louisiana mortgage lender, we serve just about every major city throughout the state of Louisiana. Some of the areas that we serve in Louisiana include:

This is far from a complete list, and we are proud to provide bank statement loans throughout the state of Louisiana. If you would like to learn more about how a bank statement loan can help you, simply give us a call today.

What Is a Bank Statement Loan?

Louisiana bank statement mortgages are a popular type of non-QM loan and they serve as an alternative to traditional mortgages. In the traditional mortgage application process, you need to submit a series of tax returns, pay stubs, and W-2s before you can qualify for a mortgage. However, this documentation may not accurately represent your income if you’re a self-employed individual.

Bank statement loans serve as an alternative mortgage option for those in Louisiana who may not qualify for a conventional home loan. With a bank statement loan in Louisiana, you can qualify for a mortgage with 12-24 months’ worth of bank statements — not tax returns required!

If you are a retiree, a small business owner, a freelancer, or someone else who may earn non-traditional income streams, our bank statement loan program might be right for you. Just because you are self-employed doesn’t mean you can’t get financing. Bank statement mortgage loans in Louisiana provide entrepreneurs, restaurant owners, consultants, realtors, and business owners with a pathway to homeownership.

Benefits of Louisiana Bank Statement Loans

There are a variety of benefits you will enjoy if you decide to go with a bank statement loan. Some of the top benefits of bank statement mortgage loans in Louisiana include:

• No tax returns or W-2 forms required.
• Qualify for a loan based on your bank statements.
• Borrow up to $20 million.
• Cash-out refinance up to 85% of the value of the property.
• Down payments as low as 10%.
• Choose between a fixed-rate or adjustable-rate mortgage.
• Interest-only option available.
• Qualify with a DTI ratio as high as 50%.

These are just a few of the many advantages you will enjoy if you decide to take out a bank statement loan in Louisiana. It would be our pleasure to customize your loan to meet your needs.

How to Qualify for a Bank Statement Loan in Louisiana

There are a few requirements that you will need to meet to qualify for a bank statement home equity loan. Some of the biggest requirements include:

• Self-employed: You have to either have been self-employed or have been a business owner for at least two years before applying (or one year in business but two years in the same field).
• Down payment: Qualified borrowers can get a bank statement loan with a down payment as low as 10%.
• PITI reserves: You will need to have at least 3-6 months of PITI reserves in the bank for loan amounts under $1.5 million. If you are taking out a loan for more than $3 million, you will need 12 months of PITI reserves.
• Bank statements: You must be able to provide 12-24 months’ worth of bank statements in order to qualify for a self-employed mortgage in Louisiana.
• Credit score: You will need to have a credit score of at least 620 to qualify for this type of loan.
• Loan amount: The minimum loan amount is $100,000 and you can borrow up to $20 million.

If you are curious about whether you meet these requirements, we encourage you to reach out to us today.

What Down Payment Is Needed for a Bank Statement Loan?

One of the major advantages of taking out a bank statement loan is the opportunity to potentially qualify for a relatively small down payment. It is not unusual for someone to be asked to put 20% down before they are allowed to qualify for a traditional mortgage. If you decide to go with a bank statement loan, you may be able to secure financing with as little as 10% down.

If you have a specific budget you are working with, reach out to us to speak to our team today. We will consider all the options available to you, including asset-based loans, to make sure you make the right decision for your needs.

We’re committed to helping you make an informed decision to get you closer to accomplishing your home buying goals. Check out the free tools we offer like our bank statement loan calculator or the Griffin Gold app, which allows you to manage your finances, compare mortgage options, and get personalized assistance from mortgage professionals.

Bank Statement Loan Alternatives

If a bank statement loan isn’t the right fit for your financial needs, there are several alternative loan options available that might be better suited to your current situation.

Here are some bank statement loan alternatives to consider:

• Asset-based loans focus on the value of your assets rather than your income. Borrowers for this type of loan can qualify based on liquid assets like savings, stocks, or retirement accounts. This option is ideal for individuals with substantial financial reserves who want to leverage their assets to secure a mortgage, regardless of their income documentation.
• FHA loans, which are backed by the Federal Housing Administration, are designed for borrowers with lower credit scores or limited down payment funds. These loans have more lenient qualification criteria and require as little as 3.5% down. FHA loans are a great choice for first-time homebuyers or those with a steady income but less-than-perfect credit.
• VA loans are available to eligible veterans, active-duty service members, and their families. These loans, backed by the Department of Veterans Affairs, offer competitive interest rates, no down payment requirements, and no private mortgage insurance (PMI).
• DSCR loans are tailored for real estate investors and focus on the property’s income potential rather than the borrower’s personal income. Qualification is based on whether the property’s rental income can cover the mortgage payments. This makes DSCR loans an excellent option for individuals who are looking to build a real estate portfolio without relying on personal income documentation.
• P&L loans allow business owners to qualify for a mortgage using profit and loss statements rather than tax returns. With this type of loan, those running their own business leverage the financial health of their company to secure a mortgage.

Work With a Qualified Louisiana Mortgage Lender

If you need help getting a mortgage, it would be our pleasure to assist you. We are Griffin Funding, and we have worked hard to expand the services we provide because we believe that everyone deserves to have access to home financing. We understand that you might not be able to qualify for a traditional mortgage, and that is why we have non-traditional options as well.

In addition to offering bank statement purchase loans, we also fund self-employed refinance loans and bank statement cash-out refinance loans for those looking to tap into their equity.

Whether you’re looking for a bank statement loan in New Orleans or Shreveport, we would be happy to work with you. We have plenty of loan options available, and we can customize the terms of your loan to meet your needs. If you would like to build your dream house, we are here to help you. We have a tremendous amount of experience, our team is always available, and we will explain everything in a way you can understand.

If you would like to get the process started, reach out to us! Get started today and let us help you with the home financing process.