Areas We Serve

We’re proud to offer Mississippi bank statement loans across the state. We lend to borrowers in every part of Mississippi, including:

  • Jackson
  • Biloxi
  • Hattiesburg
  • Gulfport
  • Laurel
  • Tupelo
  • Oxford
  • And more

No matter where you reside in Mississippi, Griffin Funding serves you for your home financing and refinancing needs.

What Is a Bank Statement Loan?

Bank statement loans in Mississippi fall under the umbrella of non-QM mortgages (non-qualified mortgages). These are alternative types of loans for borrowers who cannot qualify for traditional verification processes.

In a traditional loan application process, lenders require W-2 documents for income qualification. They will assess your tax returns to determine whether the applicant can afford the loan they’re applying for.

Self-employed applicants run into a problem here, as they don’t have W-2 statements. Not only this, but self-employed workers often earn money on an inconsistent basis, so that a single pay period’s earnings don’t always align with the borrower’s overall income. This may include workers like:

  • Freelancers
  • Gig workers
  • Realtors
  • Consultants
  • Retirees

For these borrowers, Griffin Funding offers an alternative type of loan, known as a bank statement loan. Mississippi bank statement loans use an applicant’s bank statements to verify income instead of W-2s. Lenders will review personal and/or business bank accounts to ensure the applicant will be able to pay back their loan within the agreed-upon terms.

At Griffin Funding, we’re proud to offer Mississippi bank statement loans. If you’d like to know more, contact us today. You can also use our bank statement loan calculator to estimate the maximum home price and loan amount you can afford based on your current financial situation.

Benefits of Bank Statement Loan

Bank statement loans were introduced as a solution for non-W-2 earners, but there are many benefits to these flexible loans. These include:

  • No need for tax returns: Bank statement loans in Mississippi rely on 12-24 months of bank statements for income verification. There’s no need for tax documents, W-2 or otherwise. These bank statements can come from your personal or business account.
  • Large loan amounts: Depending on your income, borrowers can borrow up to $20 million with bank statement loans in Mississippi.
  • Flexible down payment requirements: Depending on your credit score, you may qualify for a down payment as low as 10%.
  • More flexibility in DTI ratio: Borrowers may qualify for bank statement loans in MS with up to a 50% DTI (debt-to-income) ratio.
  • Fixed-rate and ARM options: Borrowers can choose between a fixed-rate loan or an adjustable rate loan.
  • Interest-only options available: We offer the option to pay only your loan’s interest for an agreed-upon period of time.

Types of Bank Statement Loans in Mississippi

Griffin Funding understands that those in non-traditional earning situations often need unique loan options to meet their needs. That’s why we offer three different types of bank statement loans in MS:

  • Standard bank statement mortgages: For those purchasing a first home, a standard bank statement mortgage is a great option. These loans use 12-24 months of your personal or business bank statements to qualify you for your mortgage. We’ll determine a down payment based on your credit score as well as the terms of your loan.
  • Bank statement home equity loans (HELOANS): bank statement home equity loan, also known as a second mortgage, can be a good option for those who already own a home and are looking to cash in on their equity. This type of loan borrows against the value of your home and allows you to access your home’s built-up equity.
  • Bank statement cash-out refinance loans: If you own a home and are looking to borrow additional money, another option is a bank statement refinance loan. In this situation, borrowers take out a loan that is greater than the remaining balance of their mortgage. They use the loan first to pay off the remaining balance of their mortgage, and then are able to use the remainder of the loan for their own purposes.

Planning your home buying or refinancing journey? We offer lots of resources to help, such as the Griffin Gold app. With the app, you can:

  • Track your finances
  • Create a home buying budget
  • Monitor your credit score
  • Estimate the impact of a new loan on your credit score
  • Track the value of your investments

How to Get a Bank Statement Home Loan in Mississippi

First and foremost, applicants for a bank statement home loan in MS must be self-employed. Specifically, they must meet one of the following employment criteria:

  • Self-employed for at least two years
  • Self-employed for one year with two years of experience in the field

Next, they must have at least a 620 credit score and meet the following down payment requirements according to their credit score:

  • 10% down with a credit score of 720 or greater
  • 15% down with a credit score of 700-719
  • 20% down with a credit score of 660-699
  • 25% down with a credit score of 620-659

According to your loan amount, you also need to have the following PITI reserves (principal, interest, taxes, insurance):

  • 3 months for loans under $1 million
  • 6 months for loans over $1 million
  • 12 months for loans over $1.5 million

Apply for a Bank Statement Mortgage in MS

Purchasing a home can be a challenge for anyone, but the limitations of traditional mortgage application processes make it especially hard for the self-employed. That’s why we specialize in non-QM loans like bank statement loans and DSCR loans in Mississippi, so that we can provide a path to homeownership for business owners and investors.

At Griffin Funding, we’re proud to offer bank statement loans to self-employed borrowers across the state of Mississippi. If you’re interested in purchasing a home, contact us today or fill out an online application. We’d love to help.