South Dakota Bank Statement Loans

Griffin Funding is proud to offer bank statement loans throughout the entire state of South Dakota. 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:

• Sioux Falls
• Rapid City
• Aberdeen
• Brookings
• Watertown
• Mitchell
• Yankton
• Pierre
• Huron
• Spearfish

A bank statement loan is a type of mortgage designed for individuals who may not have traditional income documentation, such as W-2s or pay stubs, often targeting self-employed borrowers and business owners. Here’s how it works:

• Income verification: Lenders use personal or business bank statements to verify income instead of tax returns or pay stubs. Typically, they review 12 to 24 months of these statements.
• Cash flow analysis: Lenders determine the borrower’s income by analyzing the average monthly deposits shown on the bank statements, focusing on cash flow rather than taxable income.
• Qualification criteria: Borrowers must meet other standard mortgage criteria, including a minimum credit score of 620, a reasonable debt-to-income (DTI) ratio, and evidence of stable income.
• Loan terms: The terms of bank statement loans, including interest rates and down payment requirements, vary based on the borrower’s financial profile and the lender’s policies.
• Required documentation: Borrowers need to provide a set of bank statements, proof of business ownership (if applicable), and other relevant financial documents.

Some of the key benefits offered by bank statement home loans in South Dakota include: 

• Flexible income verification: Utilizes personal or business bank statements instead of traditional documents like W-2s or tax returns.
• Ideal for entrepreneurs: Suited for self-employed individuals and business owners with fluctuating or unconventional income sources.
• Simplified documentation: Eliminates the need for personal or business tax returns, making the application process more straightforward.
• Large loan amounts: Offers the possibility of securing higher loan amounts based on cash flow rather than reported taxable income.
• Flexible credit requirements: Bank statement mortgages tend to have more lenient credit score requirements compared to conventional mortgage loans.
• Expedited approval process: Can lead to quicker approval times due to a more streamlined income verification process.

Griffin Funding offers a variety of bank statement loans to meet the diverse needs of South Dakota residents. As non-QM mortgage options, these loans provide flexibility and accessibility for those who may not qualify for traditional loans:

• Standard Bank Statement Mortgages: Ideal for purchasing a new home, these mortgages use your personal or business bank statements to verify income, making them suitable for self-employed individuals and business owners.
• Bank Statement Home Equity Loans (HELOANs): These loans allow you to tap into the equity of your existing home by qualifying with your bank statements. They are perfect for funding major expenses such as home renovations or education costs.
• Bank Statement Cash-Out Refinance Loans: Refinance your existing mortgage and take out cash based on your home’s equity. This option uses bank statements for income verification and is beneficial for consolidating debt or investing in other opportunities.

These non-QM mortgage options from Griffin Funding provide tailored solutions for those with unique financial situations in South Dakota.

To qualify for a bank statement mortgage in South Dakota, you generally need to meet the following requirements:

• Self-employed or business owner: You should be able to demonstrate that you’ve been self-employed for at least two years. In some cases, you can qualify if you’ve been self-employed for one year but have at least two years of experience in your industry. 
• Bank statements: Provide 12 to 24 months of personal or business bank statements to verify income. Bank statements must show consistent deposits and stable income over the given time period.
• Credit score: Maintain a minimum credit score of 620 or higher.
• Down payment: Be prepared to make a minimum down payment of 10%.
• Debt-to-income ratio: Have a reasonable debt-to-income (DTI) ratio, usually not exceeding 50%.
• Proof of business ownership: Provide documentation to show you are self-employed, such as a business license.

Getting a mortgage when you’re self-employed can be challenging, but Griffin Funding is here to help. Our South Dakota bank statement home loans offer a flexible solution for self-employed individuals and business owners in the state. With options like standard bank statement mortgages, home equity loans (HELOANs), and cash-out refinance loans, we provide tailored non-QM mortgage solutions to meet your unique financial needs.

Griffin Funding is committed to helping you achieve your homeownership goals with personalized and accessible financing options. Use our bank statement loan calculator to estimate your potential loan amount and monthly payments and download the Griffin Gold app to manage your loan application and track its progress from your mobile device.

Take the first step towards securing your bank statement loan with Griffin Funding today and make your dream home a reality. Contact us to learn more and get started on your application.