Bank Statement Loans in Oklahoma

Oklahoma bank statement loans are a type of non-qualifying mortgage loan that help you qualify for a mortgage based on alternative funding methods. Self-employed residents of Oklahoma who want to buy a home but may have trouble getting a traditional mortgage can find a pathway to homeownership in bank statement loans.

Griffin Funding is a leading bank statement mortgage lender in Oklahoma. Provided you satisfy the requirements for borrowing, you can get access to resources that can help you buy a home in Oklahoma without going through traditional income verification methods.

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Self Employed
Select this option if you work for yourself and not an employer.


VA Eligible
If you are a current service member or veteran select this option.


Real Estate Investor
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Other
Select this option if none of the other 3 options apply.

What is the loan purpose?



Purchase
A purchase loan can be used to buy a home.


Refinance
A 'rate and term' refinance allows you to improve the terms of your existing mortgage by lowering the monthly payment. A 'cashout refinance' allows you to convert equity into cash.


Home Equity
A home equity loan or line of credit is a 2nd mortgage that allows you to convert equity to cash without having to touch your existing 1st mortgage.

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    What Is a Bank Statement Loan?

    A bank statement loan is one of many types of non-QM loans that don’t require the use of traditional proof of income to qualify for a mortgage. They’re called non-qualifying mortgages because they don’t follow the lending guidelines as laid out by the Consumer Financial Protection Bureau’s (CFPB) requirements to be termed a traditional mortgage.

    While conventional mortgages require borrowers to prove their income through tax returns and pay stubs, bank statement loans allow Oklahomans to qualify using 12-24 months of bank statements instead. This is beneficial for business owners, investors, freelancers, and others whose true income may not be accurately represented in their tax returns.

    In addition to bank statement loans, we offer other loans for self-employed workers in Oklahoma, such as asset-based loans and DSCR loans. These types of loans don’t require traditional proof of income for the purpose of underwriting, but give borrowers access to resources to help them purchase a second home or investment property.

    Think you qualify for a loan? Contact us today to find out!

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    Types of Bank Statement Loans

    There are different types of bank statement loans in Oklahoma, including personal and business bank statement loans, P&L loans, self-employed refinance options, and bank statement home equity loans. Getting a home loan with a personal bank statement is processed in the same way as a mortgage using business bank statements, but there are differences when it comes to qualifying.

    Personal bank statement loans
    Personal bank statement loans in Oklahoma require showing anywhere from 12 to 24 months of bank statements to the lender. All deposits, regardless of their source, count as 100% income for the purpose of determining how much you can borrow. A personal bank statement loan can be obtained for use toward paying off personal debt or to obtain a mortgage.

    Business bank statement loans
    A business bank statement loan also requires 12 to 24 months of bank statements for qualifying, but only counts 50% of deposits as income. However, Griffin Funding uses a sliding scale for expense ratios based on the type of business that you own.

    A loan expert at Griffin Funding will guide you through the application process. We’ll let you know how many months of bank statements you’ll need, along with how much you can borrow.

    Advantages of Bank Statement Loans in Oklahoma

    For the right borrower, there are many benefits associated with getting a bank statement loan in Oklahoma. Some of the key benefits of bank statement loans include:

    • Tax returns are not required
    • Qualify with 12 to 24 months of bank statements
    • Down payments as low as 10%
    • Cash-out refinance up to 85% of the value of the property
    • Borrow up to $20 million
    • Options for an interest-only, fixed-rate, 40yr term, or adjustable mortgage

    Need Financial Assistance? See if you qualify for a loan today!

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    How Do Bank Statement Loans Work in Oklahoma?

    Oklahoma bank statement loans follow a process that’s similar to getting a traditional loan. The process for getting a bank statement loan from Griffin Funding goes as follows:

    Discovery meeting
    This meeting takes place in person, over the phone, or online with a mortgage strategist. In this meeting, we will ask you questions and assess your eligibility for different types of mortgages.

    Loan application
    We work with you to complete your initial mortgage application. This can be done online or over the phone.

    Locking in the rate
    After applying, you will be given the opportunity to lock in your interest rate.

    Application and disclosures
    The application and disclosures are a packet of digital paperwork that includes your application and all the disclosures required by law regarding your loan.

    Supporting documentation for financing
    You’ll receive a checklist of the documents that are required for the loan and instructions for their submission.

    Underwriting
    Your application and supporting documents are sent to the loan processors for review and to look for potential issues that can affect your application and eligibility.

    Home appraisal
    Griffin Funding orders an appraisal of the home to make sure that the house is in good shape and appraises for its purchase price. This is to ensure you pay the right price for the home and not more than it’s actually worth.

    Loan approval
    Once the mortgage strategist gets notified that your loan is approved, they’ll contact you and let you know of any further documents that are needed for finalizing the loan.

    After your loan has been approved, you’ll go through the final leg of the lending process that includes meeting with a mobile notary, and recording the funding after documents are signed, enabling you to close on your home.

    Who Is Eligible for a Bank Statement Loan in Oklahoma?

    In order to get a bank statement mortgage loan in Oklahoma, you’ll have to meet certain requirements. Some of the key requirements one must meet to qualify for a bank statement loan in Oklahoma include:

    • Self-employed income or business owner for at least two years
    • Minimum of 12 months of bank statements
    • Minimum credit score of 620
    • Debt-to-income ratio is under 55%
    • 3-6 months of PITI reserves required for loan amounts below $1.5 million; 12 months of PITI reserves required for loans exceeding $3 million
    • Minimum 10% down payment

    A bank statement loan works on the principle that not everyone has steady income throughout the course of a year, yet still earns an average income all the same. You can have one source of income or multiple sources. What matters is that you can show proof of income through your bank statements.

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    Apply for a Bank Statement Loan in Oklahoma Today

    If you’re looking for a self-employed mortgage in Oklahoma, then a bank statement loan may be the right choice for you. We offer home loans all across the state, whether you’re looking for a bank statement loan in Oklahoma CIty or a VA loan in Tulsa. Partner with an experienced bank statement mortgage lender in Oklahoma to achieve your homeownership goals.

    To make your experience seamless, we offer free tools like our Griffin Gold app, where you can easily manage your application process, and our bank statement loan calculator, which helps you estimate your loan terms and potential payments.

    Our mortgage specialists are ready to help you secure a loan that meets your needs and with the best possible interest rate. Contact us today to learn more about how we can make Oklahoma bank statement loans work for you.

    Frequently Asked Questions

    While bank statement loans are a great option for borrowers with non-traditional income, they do have some potential drawbacks. The interest rates are usually higher than those of traditional mortgages because lenders view these loans as higher risk. Additionally, you might need a larger down payment, typically ranging from 10% to 20%, which can be a hurdle for some buyers.

    One of the main challenges that borrowers can face when applying for a bank statement loan is meeting the self-employment requirement. Borrowers typically must be self-employed for at least two years to qualify, but we may be able to make an exception if you’ve been self-employed for less than two years but have multiple years of experience in the same industry.

    Not sure whether you qualify for a bank statement mortgage loan in Oklahoma? Reach out and we can help you determine whether you’re eligible and explore other home financing options.

    Most lenders require borrowers to be self-employed for at least two years to qualify for a bank statement loan. This timeline ensures there’s a reliable track record of income to assess. However, we will consider borrowers who have been self-employed for less than two years, but have several years of experience in their field.

    At Griffin Funding, we specialize in non-traditional mortgages, including bank statement loans, and we’re here to make the process as smooth as possible for you. Our team takes the time to understand your unique financial situation and works with you to find a loan that meets your needs. We offer competitive rates, flexible options, and personalized service to help you achieve your homeownership goals.