Nebraska Bank Statement Loans

We offer bank statement loans in Omaha and throughout Nebraska. Here are some of the major cities where we offer these loans.

• Omaha
• Lincoln
• Bellevue
• Grand Island
• Kearney
• Fremont
• Hastings
• North Platte
• Norfolk
• Columbus

A bank statement loan is a type of non-QM mortgage in which you prove your income using 12-24 months of bank statements instead of pay stubs or tax returns. Bank statements show your deposits and withdrawals, giving the lender an idea of your income and financial habits.

These loans are designed for self-employed individuals or those with non-traditional income sources. They’re more flexible than traditional loans because they don’t rely on standard W-2 employment.

Your lender will verify your income based on 12-24 months of bank statements to determine if you qualify for the loan and the loan amount. They’ll examine factors like your average monthly deposits and whether your income is stable enough to support mortgage payments.

The main reason people get bank statement loans in Nebraska is because they find it challenging to qualify for traditional home loans since they can’t prove income using tax returns or pay stubs. Instead, bank statement loans offer an alternative path to homeownership for those who don’t qualify for a standard mortgage.

Wondering how much house you can afford with a bank statement loan? Use our bank statement loan calculator to get a quick estimate.

The benefits of getting a bank statement loan in Nebraska are:

• Flexibility: Bank statement loans offer flexibility in income verification, making them best suited for self-employed individuals or those with non-traditional income sources.
• Accessibility: For borrowers who may not qualify for traditional mortgages due to fluctuating income or difficulty documenting their earnings, bank statement loans offer a different pathway to homeownership. Whether you’re a freelancer, consultant, or small business owner, a bank statement loan allows you to qualify for a mortgage based on your existing financial circumstances rather than rigid income criteria.
• Quick approval: Since bank statement loans focus on bank statements rather than other forms of income documentation, the approval process is often faster, allowing borrowers to secure financing more efficiently.
• Down payments as low as 10%: You can get a bank statement loan with a minimum down payment of 10%, though the exact amount depends on your credit score.
• Loan amounts up to $20 million: Bank statement loans offer substantial loan amounts, providing flexibility for borrowers looking to finance higher-priced properties.
• Interest-only option: Borrowers can choose interest-only payments, providing temporary relief in the initial years of the loan term.
• Fixed and adjustable rate mortgages (ARMs) available: Bank statement loans offer both fixed-rate and adjustable-rate mortgage options, allowing borrowers to choose the type of interest rate structure that best fits their financial goals.

Griffin Funding offers a variety of Nebraska bank statement loan options to meet your needs:

• Standard bank statement mortgages: These are traditional bank statement loans where borrowers use their bank statements to verify income for purchasing a home. The main difference between bank statement loans and conventional loans is how income is verified. With these loans, you won’t need to provide pay stubs or tax returns unless you want to.
• Bank statement home equity loans (HELOANs): Homeowners can use the equity they’ve built up in their homes or property by applying for a bank statement HELOAN. This type of loan allows borrowers to access funds based on their home’s equity while using bank statements to verify income.
• Bank statement cash-out refinance loans: With a self-employed refinance loan, homeowners can refinance their existing mortgage and take out additional cash based on their home’s equity using bank statements to verify income.

Here are the basic requirements you need to meet to qualify for a bank statement mortgage in Nebraska:

• Business ownership or self-employment: You must have been self-employed or a business owner for at least two years. You may qualify for a Nebraska bank statement mortgage with one year of self-employment as long as you have previous experience in the same field.
• Down payment: The required down payment depends on your credit score. For example, if you have a credit score of at least 720, you may qualify for a down payment as low as 10%. Conversely, you may need a 30% down payment if your credit score is 620.
• Reserves: You must have at least three to six months of PITI reserves in the bank for loan amounts under $1.5 million. For higher loan amounts, you’ll need higher reserves.
• Bank statements: Most lenders like to see at least 12-24 months’ worth of bank statements. You can use statements from one or more bank accounts, but they can’t be a combination of personal and business accounts. You can also combine W-2 income with bank statement income to qualify.

For those facing challenges with traditional mortgages due to self-employment or fluctuating income, bank statement home loans in Nebraska offer a flexible alternative.

Bank statement loans allow down payments as low as 10%, with loan amounts up to $20 million and the option for interest-only payments or fixed and adjustable-rate mortgages. Requirements include a minimum of two years in self-employment, varying down payment percentages based on credit score, and sufficient reserves.

With Griffin Funding, borrowers can easily access their bank statement mortgage through the Griffin Gold app and explore additional options, such as Nebraska DSCR loans for investment properties. Apply for a home loan today.