Areas We Serve
Griffin Funding can serve all areas of Pennsylvania, including:
- Fox Chapel
- Reading City
- Upper Darby
No matter where you are located in Pennsylvania, Griffin Funding can help you find a loan that suits your needs. Contact our team today to learn more about Pennsylvania bank statement loans, as well as the many other financing products we offer.
What Is a Bank Statement Loan?
A bank statement loan is a mortgage loan that uses a series of bank statements as proof of income rather than pay stubs or tax returns. Pennsylvania mortgage loans for self-employed individuals—such as bank statement loans—can help people in unconventional financial situations qualify for a mortgage.
Pennsylvania bank statement loans can be great for those who are self-employed, run their own business, or are retired. Keep in mind that there are certain criteria that you must meet in order to qualify for this type of loan, but these requirements differ from those of a traditional mortgage.
How Does a Bank Statement Loan Work in Pennsylvania?
A Pennsylvania bank statement loan is a Non-QM loan that allows borrowers to qualify for a mortgage using only bank statements. While a traditional mortgage would require applicants to include pay stubs or tax returns as proof of income, a bank statement loan relies on an applicant’s bank statements. This makes a Pennsylvania bank statement mortgage a great alternative for those who don’t have a consistent or traditional income stream, yet have the means to afford a mortgage.
How to Apply for a Bank Statement Loan in Pennsylvania
Griffin Funding prides itself on offering an easy, quick, and stress-free application process, unlike traditional mortgage applications. First of all, you will be required to meet with a loan officer, either in person, by phone, or by video call. During this meeting, we can discuss your goals and come up with a plan tailored to your specific circumstances.
Once you know that you want to apply for a bank statement loan in Pennsylvania, the next step is filling out an application. At Griffin Funding, we have an online application process that makes applying for a mortgage convenient and easy. In your application, you will be asked to include relevant information and documentation that’s required to qualify for a bank statement mortgage in Pennsylvania.
The next steps entail processing by the underwriters, as well as an appraisal and pest inspection. After that, your loan can be approved and you can sign the final documentation to close the deal.
Bank Statement Loan Qualification Requirements
There are certain requirements you must meet in order to qualify for a bank statement loan in Pennsylvania. Some of the basic requirements are as follows:
- You must have a minimum credit score of 620.
- You must put at least 10% down.
- You must have at least 12 months of bank statements.
- You must have owned your business or demonstrate self-employment for a minimum of two years.
- The minimum loan amount is $100,000, with a maximum of $5,000,000.
- For loan amounts under $1,000,000, you must have at least four months of PITI reserves, or six months of PITI reserves if the loan exceeds $1,000,000.
Other Non-QM Loans From Griffin Funding
In addition to bank statement loans in Pennsylvania, Griffin Funding offers a range of other Non-QM loans, such as:
- Jumbo loans with 10% down – These loans are for properties that exceed the maximum loan amount of other types of loans.
- DSCR no income mortgage – A DSCR loan can be ideal for individuals who wish to purchase a property that will be used as an investment property and use the rents to qualify.
- Asset-based loans – An asset-based loan is best for people with an ample amount of assets. They want the worth of these assets to be considered when applying for a home loan.
- Foreign national loans – These loans are for individuals who aren’t U.S. citizens but who want to purchase a home in the state of Pennsylvania.
- Interest-only loans – These loans enable individuals to pay only interest for the first few years of the loan.
- Recent credit event loans – These loans are for people who have had a recent situation that resulted in their credit score being negatively affected.
Apply for a Bank Statement Mortgage in Pennsylvania
If you’re self-employed and can’t qualify for a conventional loan, then you might qualify for a Pennsylvania bank statement mortgage. As long as you earn an adequate income, it doesn’t matter if you’re self-employed, a gig worker, or you have some other unique way of earning a living. Contact Griffin Funding today to get started, so you can soon become the homeowner that you’ve always dreamed of being.