Bank Statement Loans in South Carolina
If you have difficulty qualifying for traditional loans, consider South Carolina bank statement loans. Conventional loans may have criteria that you can’t meet if your business doesn’t follow an ordinary path. Sometimes, securing a South Carolina bank mortgage may seem too difficult to deal with. However, it’s important to understand that there are products out there designed for hard-working people just like you. So, you don’t have to give up on your dream of owning your own home.
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Bank statement loans in South Carolina make homeownership accessible for numerous borrowers who don’t fit into the typical lending profile. If you are a real estate investor, retiree, or self-employed person, this could be your path to obtaining real estate. Read on to find out more about how you can qualify for bank statement loans with Griffin Funding.
Areas We Serve
If you’re looking for a bank statement mortgage in South Carolina, we can help. 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. We offer South Carolina bank statement loans across the state, including in the following areas:
- Charleston
- North Charleston
- Goose Creek
- Mount Pleasant
- Hilton Head Island
- Columbia
- Summerville
- Greenville
- Rock Hill
- Sumter
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.
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 can be difficult — if not impossible — to obtain a conventional loan as self-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. We also offer self-employed refinance loans that make it possible to refinance as a self-employed borrower. Use bank statements to qualify to refinance your home loan or take advantage of your home’s equity with our bank statement home equity loans (HELOAN) or home equity lines of credit (HELOC).
Think you qualify for a loan? Contact us today to find out!
Contact UsWhy 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-rate loans based on current rates.
Bank Statement Loan Requirements in South Carolina
In order to qualify for a bank statement mortgage 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.
Wondering how much you might qualify for? Try our bank statement loan calculator to find out.
Think you qualify for a loan? Contact us today to find out!
See if you QualifyHow 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:
- Save for a down payment: You’ll need at least a 10% down payment for a South Carolina bank statement loan.
- 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.
- Find a house: A local realtor can locate homes in your price range.
- Apply for a home loan: Conveniently apply over the phone or online. Our helpful loan officers move you through the process quickly.
- 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.
- 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 NowAlternatives to Bank Statement Loans
We are all about finding the right mortgage solution for each client. So, if a bank statement mortgage in South Carolina doesn’t work for you, there are other non-QM mortgage products to explore. Consider another type of self-employed mortgage in South Carolina, 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 income-generating properties. You can use the potential income of the property to qualify for the loan.
- P&L Loans: P&L loans offer another flexible option for business owners and self-employed individuals. These loans use your business’s profit and loss statements to verify income. They’re ideal for business owners with strong cash flow but complex tax situations, allowing you to qualify based on your business’s actual performance rather than tax returns alone.
Want to learn more about your financing options? Download the Griffin Gold app to explore available loan types and get personalized support from one of our loan officers.
Find Out if You Qualify for a South Carolina Bank Statement Loan
Griffin Funding is an experienced self-employed mortgage lender in South Carolina that strives to move you through the loan process quickly. We always strive to complete the loan process, from start to finish, in 30 days or less.
Ready to apply for a South Carolina bank statement loan? Reach out today to take the first step!
Frequently Asked Questions
You can put down as little as 10%, depending on your credit score and the price of the property. Remember that with a larger down payment, you can potentially reduce your monthly payment and secure a better rate and terms.
Bank statement loans offer a fantastic opportunity for self-employed individuals and business owners to secure home financing when they might not qualify for conventional home loans. While these loans provide valuable flexibility, there are some features to be aware of, such as:
- Higher interest rates: These mortgage loans typically have higher rates than traditional mortgages. The higher rate allows self-employed mortgage lenders in South Carolina to offer more accessible financing options to self-employed borrowers.
- Down payment requirements: While conventional loans might require as little as 3% down, bank statement loans usually need 10% to 20%. This larger down payment is due to the fact that lenders take on more risk with these types of mortgages.
- Must be self-employed: In order to qualify for a bank statement loan in South Carolina, you must be self-employed for at least two years. In some cases, you may be able to qualify if you’ve been self-employed for less than two years but have multiple years of experience in the same field.
Bank statement mortgages in South Carolina are readily available through lenders like Griffin Funding. The qualification process simply requires proper documentation and preparation. Borrowers will likely need a credit score of 620 or higher, sufficient cash reserves, and a series of bank statements demonstrating consistent income. As long as you’re able to meet the minimum requirements, the bank statement loan process is no more complicated than getting any other mortgage.
Working with an experienced lender can help simplify the process and ensure everything goes smoothly. We bring a lot of experience to the table when it comes to self-employed mortgages in South Carolina. Reach out to learn more about the bank statement mortgage application and lending process. We can let you know what to expect and help you compare your financing options based on your unique situation.