What Are Nevada Bank Statement Loans?
Nevada bank statement loans are non-qualified mortgage loans that allow borrowers to show their income with their bank statements rather than having to present documentation from their taxes or employer verified information. Lenders issue these Nevada mortgage loans based on personal information and of bank statement deposits.
Bank statements are accepted because self-employed professionals and business owners in Nevada likely claim deductions on business expenses in their taxes which means their net income doesn’t show how much they actually bring in each month and how much they can afford to pay in terms of a new home loan. With bank statements, lenders can verify that these prospective borrowers are making regular monthly deposits and have the financial means to repay their mortgage.
This mortgage program is typically well suited for self-employed individuals such as consultants and contractors, business owners, and retirees.
Are Bank Statement Loans Available for Both Individuals and Businesses?
Griffin Funding currently offers stated income loans in Nevada for both individuals and businesses.
- Personal bank statement loans: qualify on 12 or 24 months bank statements; count 100 percent of deposits as income.
- Business bank statement loans: qualify on 12 or 24 months bank statements; count 50 percent of the deposits as income
As a business owner applying for a bank statement loan, the lender will also request to see any expenses you incur as a result of owning a business, but it’s important to know you will not be penalized for expenses you have written off on your tax returns. To qualify for a bank statement loan in NV, you need to have been a business owner or self-employed for at least 2 years.
Where Are NV Bank Statement Loans Available?
Griffin Funding serves many cities in areas across the state of Nevada including:
- Douglas (Zephyr Cove, Stateline, Glenbrook, Kingsbury)
- Washoe (Incline Village, Reno)
- Carson City
- Clark (Las Vegas, Henderson, Laughlin)
The above list is not exhaustive, so if you’re interested in exploring your options but aren’t sure about what types of home loans are available to you based on your location, our team can help guide you in the right direction. Our team works hard to provide white-glove service to anyone looking for a new home loan.
What Is Needed for a Bank Statement Loan in Nevada?
Bank statement loans are often the best option for self-employed professionals such as gig economy workers, contractors, freelancers as well as retirees and business owners who don’t have certain documentation such as a W-2 form the show lenders. As such, the most critical criteria for this type of loan are bank statements showing proof that you can afford to repay the loan. However, there are also important criteria to consider.
- Be self-employed or a business owner for at least 2 years
- Your credit score should be 620 or above to qualify.
- Take out a loan between $100,000 and $5,000,000
- With a credit score of 660 or higher you can put as little as 10% down which is a 90% loan to value.
- You must have 4 months of PITI reserves in the bank for loans under $1 million and 6 months for loan amounts over $1 million.
How to Get a Bank Statement Loan in Nevada
Applying for a bank statement loan in Nevada usually begins with an initial discovery meeting where our team assesses your current eligibility and recommends the most suitable and affordable loan program based on your circumstances. We can walk you through the loan application process and help you lock in the best rate possible. Understanding the entire loan process including appraisal might not seem straightforward, but our specialists are happy to answer any questions you have about bank statement loans in Nevada.
How Long Does It Take to Get Approved for a Bank Statement Loan?
We can often complete the loan approval within 30 days, but this typically depends on how quickly the necessary documentation is provided.
Apply for a Nevada Bank Statement Loan Today
Ready to buy a home? Let our loan specialists help you qualify for a mortgage today.
Our team of experts specializes in self-employed home loans as well as VA loans, and we can help you find the right loan program whether it’s a bank statement loan in Nevada or one of our other mortgage options. We provide white glove, five- star customer service throughout the lending process with the goal of providing more business owners and self-employed individuals with access to home loan options that suit them. To get started, you can submit an application online or call us at (855) 394-8288 for more information on our bank statement loans in NV.