Areas We Serve
Our Louisiana mortgage lenders serve just about every major city throughout the state of Louisiana. Some of the areas that we serve in Louisiana include:
- Bossier City
- Baton Rouge
- Lake Charles
- New Orleans
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 have become a popular alternative to traditional mortgages. In the traditional mortgage application process, you need to submit a series of tax returns, pay stubs, and W2s before you can qualify for a mortgage. Now there are non-traditional loans, including bank statement loans, that make it easier for you to secure financing. A bank statement loan in Louisiana is financing that you can qualify for using nothing but your bank statements.
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. Depending on your individual financial situation, we may be able to provide you with a loan using nothing but your bank statements, credit score, and downpayment. This can be a great program that provides flexibility for entrepreneurs, restaurant owners, consultants, realtors, and business owners.
Benefits of Louisiana Bank Statement Loans
Like other Non-QM 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 taking out a bank statement loan from our team in Louisiana include:
- You do not have to worry about submitting tax returns or W2 forms.
- You can qualify for a loan based on your bank statement deposits.
- You can borrow up to $5 million, which will provide you with a tremendous amount of flexibility when you are looking for a house.
- You can conduct a cash-out refinance for up to 85% of the value of the property.
- You may be able to qualify for a bank statement loan with as little as 10% down.
- You can choose a fixed-rate mortgage or an adjustable-rate mortgage.
- We offer an interest-only mortgage.
- The program will accept applicants with a debt-to-income ratio of up to 55%.
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 this program. Some of the biggest requirements include:
- 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).
- You will need to put down at least 10% for the loan.
- You will need to have at least four months of PITI reserves in the bank if your loan is under $1 million. If you are taking out a loan for more than $1 million, you will need to have at least six months of reserves.
- You may be able to qualify for this program with as few as two months of bank statements.
- You will need to have a credit score of at least 620 to qualify for this type of loan.
- You can borrow anywhere from $100,000 to $5 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 that you can 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.
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.
We would love to talk with you about whether a bank statement loan in Louisiana is right for you. We have plenty of choices 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 a quote from our mortgage team, and let us help you with the home financing process.