Areas We Serve

Griffin Funding is proud to offer bank statement loans throughout the entire state of Rhode Island. No matter where you are located, we can provide the financial solutions you need to achieve your homeownership goals. Here are some of the major cities we serve:

  • Providence
  • Newport
  • Warwick
  • Cranston
  • Pawtucket
  • East Providence
  • Woonsocket
  • Cumberland
  • Coventry
  • North Kingstown

How Do Bank Statement Loans Work in Rhode Island?

Bank statement loans are designed for individuals who may not have traditional income documentation, such as W-2s or pay stubs, but can demonstrate their income through bank statements. Here’s how they work:

  • Income verification: Instead of using tax returns or employment records, lenders review your personal or business bank statements, typically from the past 12 to 24 months, to assess your income and cash flow.
  • Qualification criteria: Lenders evaluate your average monthly deposits to determine your income. They may also consider your credit score, debt-to-income ratio, and other financial factors.
  • Loan terms: The terms of bank statement loans, including interest rates and down payment requirements, can vary based on your financial profile and the lender’s policies.
  • Documentation: You’ll need to provide a set of bank statements, identification, and other financial documents as required by the lender.
  • Approval process: Once your financial information is reviewed and verified, the lender will determine your loan eligibility and terms.

These bank statement loans are a flexible solution if you are self-employed or own a business in Rhode Island, allowing you to secure a mortgage based on a more accurate reflection of your income as opposed to what’s on your tax returns.

Top Benefits of Bank Statement Loans

Bank statement loans are an option that can provide individuals with many different benefits, including:

  • Flexible Income Verification: Uses bank statements instead of traditional documents like W-2s or pay stubs, making it ideal for self-employed individuals.
  • Access for Business Owners: Suitable for those with complex financial situations or irregular earnings.
  • No Tax Returns Required: Bypasses the need for personal or business tax returns.
  • Higher Loan Amounts: Secure a bank statement loan of up to $20 million when you work with Griffin Funding.
  • Customized Terms: Offers more personalized loan terms based on your unique financial situation.
  • Credit Flexibility: Can be more lenient with credit score requirements compared to conventional loans.
  • Quick Approval: Often features a faster approval process due to streamlined income verification methods.
  • Homeownership Accessibility: Opens up homeownership opportunities for individuals who might not qualify for traditional mortgages.

Types of Bank Statement Loans Available in Rhode Island

Griffin Funding offers a variety of bank statement loans tailored to meet the diverse financial needs of Rhode Island’s self-employed individuals and business owners. Our loan options are designed to provide flexibility and accessibility, ensuring that you can achieve your homeownership and financial goals no matter where you are in the state. We provide the following types of bank statement mortgage in Rhode Island:

  • Standard Bank Statement Mortgages: Ideal for purchasing a new home, these mortgages are non-QM mortgages that use your personal or business bank statements to verify income instead of traditional documents like W-2s or pay stubs. This option is perfect for individuals who have non-traditional income sources, like business owners or self-employed individuals.
  • Bank Statement Home Equity Loans (HELOANs): Tap into the equity of your existing home by qualifying with your bank statements. This loan is great for homeowners across Rhode Island looking to fund major expenses such as home renovation, college expenses, debt consolidation, and more. With Griffin Funding, self-employed individuals can explore the benefits of a self-employed HELOAN, leveraging their financial history to secure the funding they require.
  • Bank Statement Cash-Out Refinance Loans: Refinance your existing mortgage and take out cash based on your home’s equity, using bank statements for income verification. Whether you’re looking to consolidate debt or invest in other opportunities, Griffin Funding provides tailored solutions, including self-employed refinance loans, to help you achieve your financial goals while leveraging the equity in your home.

These bank statement loan options are specifically designed to accommodate the unique financial situations of Rhode Island’s diverse population, providing more personalized and accessible financing solutions. Whether you’re in a bustling city or a quiet coastal town, Griffin Funding is here to help you secure the mortgage or loan that best fits your needs.

How to Qualify for a Bank Statement Mortgage in Rhode Island

To qualify for a bank statement mortgage in Rhode Island, you typically need to meet the following requirements:

  • Self-Employed or Business Owner: You must be self-employed for a minimum of two years to qualify. In some cases, you can qualify if you’ve been self-employed for one year but have two or more years of experience in the same industry.
  • Bank Statements: Provide 12 to 24 months of personal or business bank statements to verify income. Note that up to 50% of deposits made into a business account will be counted towards income, while up to 100% of deposits into a personal account will be considered.
  • Credit Score: Borrowers must have a minimum credit score of 620 to qualify for a bank statement loan.
  • Down Payment: Be prepared to make a down payment ranging from 10% to 20%. The exact down payment amount depends on your credit profile and the lender’s requirements.
  • Debt-to-Income Ratio: Maintain a reasonable debt-to-income (DTI) ratio, usually not exceeding 50%.
  • Business License: Provide proof of business ownership, such as a business license, if applicable.

Meeting these requirements can help you qualify for a bank statement mortgage, providing a flexible path to homeownership tailored to your unique financial situation.

See If You Qualify for a Bank Statement Loan in Rhode Island

If you’re a self-employed individual or business owner in Rhode Island seeking a flexible mortgage solution, Griffin Funding offers an ideal option with our bank statement loans. Our tailored approach acknowledges the diverse financial circumstances of Rhode Island residents, providing personalized solutions that traditional mortgages may overlook.

We understand the challenges faced by self-employed individuals and business owners, which is why we prioritize flexibility and accessibility in our lending process. As part of our commitment to making the mortgage process easier for our clients, we offer the Griffin Gold app, which allows you to manage your finances and access smart tools like our bank statement loan calculator.

Whether you’re seeking out a bank statement loan in Providence or Pawtucket, Griffin Funding is committed to helping you achieve your homeownership goals. Reach out to us today to learn more about bank statement home loans in Rhode Island or fill out an online application to get started!