What Are South Carolina Bank Statement Loans?

South Carolina bank statement loans fall under the category of non-qualifying mortgage loans. Non-QM mortgages differ in numerous ways from conventional loans. While traditional loans require tax returns, pay stubs, and W2s, bank statement loans allow you to provide proof of income based on your bank statements over the last 12 to 24 months.

The term “stated income loans” actually doesn’t describe these products well. Stated income implies that the lender bases the decision solely on how much you say you make. Instead, these loans require verification of your ability to pay based on bank statement deposits. If you are self-employed or own a business employing others, you probably don’t have pay stubs to prove your income.

When trying to get approved for a home loan, some prospective home buyers don’t have pay stubs. This makes it hard for gig workers and retirees, for example, who don’t have typical income streams. Even loans based on tax returns often don’t show the true picture of your net income. That’s because, with write-offs and deductions, the income on your tax return may not represent what you actually bring home. Thus, it’s difficult if not impossible to obtain a conventional loan as a self-employed or alternatively employed borrower.

Griffin Funding offers Non-QM loans, including bank statement loans, that can help you secure the financing you need to buy a home in South Carolina.

What Areas Are South Carolina Bank Statement Loans Available In?

Are you looking for self-employed bank statement loans in your area of choice? Whether you want to find a quiet country home or condo in the city, our team can help you get a loan. We’re proud to assist South Carolinians in achieving their dream of homeownership with competitive rates and criteria that make sense for self-employed gig workers and business owners. Reach out for assistance in the following areas:

  • Charleston
  • North Charleston
  • Goose Creek
  • Mount Pleasant
  • Hilton Head Island
  • Columbia
  • Summerville
  • Greenville
  • Rock Hill
  • Sumter

Apply now to start the journey towards your new home!

Why Should You Consider a Bank Statement Loan in South Carolina?

Here are the major benefits of South Carolina bank statement mortgages:

  • You don't need tax returns, W2s, or pay stubs to qualify.
  • Borrowers choose between 12- and 24-month bank statement loans.
  • Down payments start at 10%.
  • With up to 55% debt-to-income (DTI) ratios, it’s more flexible than many South Carolina bank mortgages.
  • Choose from fixed-rate and adjustable loans based on current rates.

What Are the Bank Statement Loan Requirements in South Carolina?

In order to qualify for bank statement loans in South Carolina, you must meet certain criteria. The basic requirements include:

  • Two or more years of self-employment.
  • Ability to provide a 10% down payment.
  • Four months of reserves showing you can pay your mortgage under $1 million.
  • Minimum credit score of 620.
  • The ability to provide business profit and loss (P&L) statements or other relevant documentation.

How Much Do You Have to Put Down on a Bank Statement Loan?

You can put down as little as 10%, depending on your circumstances and the price of the property. Remember that with a larger down payment, you can reduce your monthly payment significantly.

Other Non-QM Loans

We are all about finding the right mortgage solution for each client. So, if bank statement mortgages don’t work for you, there are other Non-QM mortgage products to explore, such as:

  • Asset-Based Loans: Low-income borrowers with high assets may qualify for asset-based loans. You can leverage assets such as savings accounts, checking accounts, and investment accounts to obtain a mortgage loan.
  • DSCR Loans: Debt service coverage ratio (DSCR) loans assist real estate investors looking for rental income properties. You can use the potential income of the property to qualify for the loan.

How to Apply for a South Carolina Bank Statement Loan

Do you qualify for a bank statement loan in South Carolina? Take these steps to find out:

  1. Save for a down payment: You’ll need a 10% down payment for a South Carolina bank statement loan. Find the average home price in the area and multiply by 0.1 to find out how much you’ll need to save. For example, a $250,000 home would require a $25,000 down payment ($250,000 x 0.1 = $25,000).
  2. Get pre-approved: Request a pre-approval letter from Griffin Funding. A pre-approval will make your home search easier since it shows sellers that you will likely qualify for a loan.
  3. Find a house: A local realtor can locate homes in your price range.
  4. Apply for a home loan: Conveniently apply over the phone or online. Our helpful loan officers move you through the process quickly.
  5. Make an offer: Put in a competitive offer and wait for the seller’s response. In a seller’s market, making an offer at or above the market rate can help you secure a home you love.
  6. Close on your dream home: Once the seller accepts the offer, it’s time to sign the paperwork and get your keys!

Begin the application online or request a free quote today!

Apply Now

Find Out if You Qualify for a South Carolina Bank Statement Loan

It could take a while to save a down payment and find a home. However, once you have an accepted offer, Griffin Funding mortgage lenders strive to move you through the process quickly. Often, we can close within 30 days or sooner.

Ready to apply for a South Carolina bank statement loan? Complete an application online today to get started!