Areas We Serve
If you are looking for traditional and alternative New Hampshire mortgage loans, Griffin Funding continues to be a great company to work with. We offer a variety of products including bank statement loans, asset-based loans, DSCR loans, and FHA loans for first-time home buyers. Griffin Funding can serve anywhere in New Hampshire, including:
What Is a Bank Statement Loan?
If you are looking to purchase a home in New Hampshire, taking out a mortgage could be a necessity. When you do take out a traditional mortgage, it is common for lenders to ask for your past tax returns, pay stubs, and W2s. These forms all help to confirm your income and ensure you are able to pay the loan. Unfortunately, those that are not salaried employees, such as business owners or freelancers, may not have access to these documents. In these cases, a New Hampshire bank statement mortgage may prove useful.
For self-employed individuals, contractors, freelancers, retirees, and others with less consistent forms of income, bank statement loans in New Hampshire can provide an alternative route to obtaining financing. With these loans, you will not have to provide any of the traditional income verification documents.
Instead, the lender and underwriter will examine past bank statements to see how much money you are bringing in on average over a certain period of time. The lender may then ask your bank to verify all of these documents. In many cases, the lender will evaluate 12 months of statements to get a sense of your average deposit rate and any variability in income to assess your qualifications.
How Do Bank Statement Loans Work in New Hampshire?
Overall, bank statement loans in New Hampshire work very similar to traditional mortgages. The main difference is the documentation that you will have to provide. As previously discussed, you will generally have to provide the lender with your past 12 to 24 months of bank statements.
As you may not have a consistent stream of income at that time, they will carefully underwrite what they deem to be a reasonable expected income moving forward. When you work with Griffin Funding, we can tailor loans to meet your unique needs and offer competitive interest rates based on your bank statements.
Benefits of New Hampshire Bank Statement Loans
If you are looking to take out a mortgage to buy a home in New Hampshire, there are various benefits that come with getting a bank statement loan. One of the main advantages is that they are designed for people who are self-employed or have alternative income streams. If you are looking for a self-employed mortgage loan in New Hampshire, a bank statement loan can allow you to qualify solely based on your bank statements, even if you don’t qualify for a traditional mortgage.
Another advantage of these types of loans is that there can be more flexible terms than other types of mortgages. With these loans, you can often get a mortgage with as little as 10% down, borrow up to 85% LTV while doing a cash-out refinance, and have various options in terms of loan length and amortization. This can help ensure you are able to select a loan that is right for you and your situation.
How to Qualify for a Bank Statement Loan in New Hampshire
There are various qualifications that need to be met when you are looking for a bank statement loan. One of the qualifications is that you will need to prove that you are self-employed or have owned your business for at least two years. Salaried and hourly employees generally do not qualify.
You will then have to qualify for the loan based on the underwriting standards set by the lender. These qualifications will include assessing your income stream, personal expenses, credit score, and down payment amount. You also need to have PITI reserves of four to six months in the bank after making a down payment and covering closing costs.
How to Apply for a Bank Statement Loan in New Hampshire
There are clear advantages that come with taking out a bank statement loan in New Hampshire. When you are working with Griffin Funding for your bank statement loans, you will take part in a clear and transparent process. This will start with a discovery meeting and consultation that will include walking through your various options to decide if this type of loan is right for you.
Once this is done, you will start the application process. This will include filing an initial application and locking in your interest rate. Once this is done, you will start the formal underwriting process, which will include submitting all documentation, having the property appraised, and completing all due diligence. Lastly, you should receive formal approval a few days prior and the team will have all documents ready for you to sign on the closing and funding date.
Apply for a Bank Statement Loan in New Hampshire
If you are looking for a loan to buy a home or refinance an existing loan in New Hampshire, you should contact Griffin Funding today. The team here can help you understand your options and begin the process of applying for a bank statement loan in New Hampshire.