Areas We Serve

Griffin Funding offers bank statements throughout the entire state of North Dakota. So whether you’re looking for a bank statement loan in Fargo or Bismarck, we’ve got you covered. Our team is dedicated to providing flexible loan solutions to meet your needs, no matter where you call home. We serve major cities, including:

  • Fargo
  • Bismarck
  • Grand Forks
  • Minot
  • West Fargo
  • Williston
  • Dickinson
  • Mandan
  • Jamestown
  • Wahpeton

How Do Bank Statement Loans Work in North Dakota?

Bank statement loans are some of the most popular non-QM mortgage loans. They’re designed to help borrowers who might not have traditional sources of income like W-2 employment. Instead, these loans use your bank statements to verify your income rather than pay stubs or tax returns, making them an ideal option for self-employed individuals, small business owners, and even retirees.

While interest rates for bank statement loans can be slightly higher than those for traditional loans, they offer flexibility. Loan terms can vary, and you may be able to secure competitive rates based on your credit score and overall financial profile.

Bank statement loans can be a great mortgage for retirees, freelancers, independent contractors, and anyone with irregular income or significant tax write offs. This type of mortgage allows these borrowers to qualify for a home loan without the stringent requirements of traditional mortgages.

Griffin Funding offers North Dakota bank statement home loans to help you achieve your dreams of homeownership, regardless of your unique financial situation. If you find yourself struggling to meet the rigid criteria of conventional loans, a non-QM loan could be the perfect fit for you.

Find out whether a bank statement loan is right for you by using our bank statement loan calculator. This tool can help you see how much you can afford to spend on a mortgage based on your monthly deposits and other factors.

Benefits of Getting a Bank Statement Loan in North Dakota

A bank statement mortgage in North Dakota offers borrowers the following benefits:

  • Flexible income verification: Qualify for a mortgage using your bank statements instead of traditional documentation like W-2s and pay stubs.
  • Ideal for self-employed and retirees: Bank statement home loans in North Dakota are perfect for self-employed individuals and retirees who don’t have regular income but can demonstrate financial stability through bank deposits.
  • Higher loan amounts: Bank statement loans offer flexibility in income assessment, which can potentially qualify you for larger loan amounts compared to traditional mortgages. At Griffin Funding, we offer bank statement loan amounts up to $20 million.
  • No tax returns required: These loans eliminate the need to provide tax returns, making the process easier for those with complex tax situations.
  • Down payments as low as 10%: Qualifying borrowers can secure a bank statement loan with a down payment as low as 10%.

Types of Bank Statement Loans Available in North Dakota

Whether you’re purchasing a home, refinancing, or tapping into equity for other large purchases, we offer a variety of bank statement loan options to suit your financial needs and goals, including:

  • Standard bank statement mortgages: These loans are designed for borrowers who don’t have traditional income documentation but can prove their ability to repay their mortgage loan with bank statements. They cater to borrowers with fluctuating incomes, allowing them to qualify based on the strength of their bank deposits rather than other financial documents.
  • Bank statement home equity loans (HELOANs): If you already own your home and want to tap into its equity, a bank statement HELOAN might be the right solution for you. These loans are similar to other types of HELOANs but only require bank statements to verify your income.
  • Bank statement cash-out refinance loans: Also called self-employed refinance loans, cash-out refinance loans allow you to replace your existing home loan with a new one and use the additional cash for anything from debt consolidation to investments. The process is streamlined and tailored to accommodate your unique financial profile.

How to Qualify for a North Dakota Bank Statement Mortgage

Qualifying criteria vary among lenders, but these are the basic requirements you’ll need to meet to qualify for a bank statement mortgage in North Dakota.

  • Consistent bank deposits: Provide 12 to 24 months of personal or business bank statements to demonstrate regular income through deposits.
  • Proof of self-employment: Show evidence of self-employment or ownership of a business for at least two years.
  • Good credit score: Maintain a strong credit score, which can impact your eligibility, the minimum down payment required, and the interest rates offered.
  • Down payment: Be prepared to make a down payment, typically 10% to 30% of the home’s purchase price. Your minimum down payment requirement will depend on your credit score for North Dakota bank statement mortgage loans.
  • Business documentation: If using business bank statements, provide relevant business documents, such as a business license or a CPA letter, to verify your business operations.
  • Debt-to-income (DTI) ratio: Ensure that your debt-to-income ratio falls within acceptable limits, typically calculated based on your bank statement deposits and any existing debts.
  • Reserves: Have sufficient cash reserves to cover several months of mortgage payments, demonstrating financial stability. The amount you need will depend on the loan amount.

Wondering if you qualify for a bank statement loan in North Dakota? Download the Griffin Gold app today to manage your mortgage application process and conveniently communicate with a loan expert.

Work With a Leading Mortgage Lender in North Dakota

Bank statement loans are for borrowers who earn enough income to afford to repay a mortgage but may not qualify for a conventional mortgage due to strict income verification methods.

Choose Griffin Funding for flexible and accessible mortgage solutions tailored to your unique financial situation. Whether you’re self-employed or a small business owner, our bank statement loans provide the financing you need to achieve your homeownership dreams in North Dakota. Apply for a loan today!