Bank Statement Loans in South Carolina
Qualify for a home loan in South Carolina using bank statements instead of traditional income documentation. Bank statement loans in South Carolina are designed for self-employed borrowers, business owners, and freelancers whose full income isn’t represented on their tax returns. Access a flexible path to home financing as a self-employed borrower without needing to submit tax returns, pay stubs, or W-2s.
- Access home financing using bank statements
- No tax returns or pay stubs required
- Purchase, refinance, or cash-out options available
- Enjoy high loan amounts and flexible terms
- Competitive bank statement loan rates in South Carolina
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Areas We Serve
Griffin Funding provides bank statement loans in South Carolina, including the following areas:
- Charleston
- North Charleston
- Goose Creek
- Mount Pleasant
- Hilton Head Island
- Columbia
- Summerville
- Greenville
- Rock Hill
- Sumter
Self-Employed Mortgages in South Carolina
Bank statement loans allow self-employed borrowers to qualify for home financing using 12-24 months of bank statements rather than undergoing traditional income verification methods. This is ideal for business owners, freelancers, investors, and anyone else who may have fluctuating income or claim significant tax deductions.
As a non-qualified mortgage (non-QM) product, bank statement loans offer a greater degree of flexibility compared to conventional mortgages. Borrowers can capitalize on more lenient qualification requirements, flexible terms, and higher loan amounts.
Bank statement loans can be used to buy or refinance a primary residence, vacation home, or investment property. Griffin Funding also offers bank statement home equity loans and home equity lines of credit.
Visit our bank statement loan page to learn more about this type of financing and see today’s self-employed mortgage rates in South Carolina. Contact Griffin Funding or get started online to secure a bank statement loan in South Carolina and embark on your homeownership journey.
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.