Utah Bank Statement Loans

Utah can be a great state to open and run a small business. Between 1996 and 2020, Utah small business employment grew by nearly 60%. Additionally, in 2022, Utah ranked first in the nation for the percentage of women in the self-employed workforce.

If you’re a small business owner looking to buy a primary residence or an investment property, a bank statement loan can help. Bank statement loans in Utah allow borrowers to qualify based on their bank statement deposits rather than traditional income verification methods. For those in Utah with non-traditional income sources, bank statements loans in Salt Lake City and beyond can be the perfect solution.

With Griffin Funding, you’ll find Utah bank statement loans throughout the entire state. Discover bank statements loans in Salt Lake City and beyond. Here are some of the major cities we serve in Utah:

• Salt Lake City
• Provo
• Ogden
• St. George
• Sandy
• Orem
• Layton
• West Valley City
• West Jordan
• Park City

With bank statement loans, applicants can verify their income through personal or business bank statements rather than using traditional income documentation such as W-2s, pay stubs, or tax returns. Here’s how the bank statement loan program works in Utah:

1. Borrowers provide 12-24 months of personal or business bank statements, which are analyzed to determine the average monthly deposits.
2. Bank statement loans offer various term options, including fixed and adjustable rates.
3. A larger down payment is typically required for bank statement loans compared to traditional loans.
4. While they are more flexible with income verification, they still require a reasonable credit score.
5. The interest rates on bank statement home loans might be slightly higher than conventional loans.

Utah bank statement loans offer numerous benefits. These types of mortgages are ideal for self-employed individuals and business owners who don’t have W-2s or traditional pay stubs. They allow borrowers to qualify based on bank deposits, providing an excellent mortgage solution for those with non-traditional income sources. This expands the opportunity for homeownership in Utah for those who may have otherwise not qualified.

Another benefit for those with complex financial situations is that no tax returns are needed. They also allow for relatively high loan amounts, accommodating the needs of high-income earners. It can be easier to obtain bank statement home loans in Utah thanks to the streamlined documentation requirements and customizable loan terms.

Additionally, like DSCR loans, a bank statement loan can be used to purchase an investment property. In fact, Utah bank statement loans are very flexible in what you can buy with them — use this type of financing to secure a primary residence, a vacation home, or an investment property for short- or long-term rentals.

Griffin Funding offers several types of bank statement loans in Utah to meet your unique financial needs. Here are the most common types of bank statement mortgages available in Utah:

• Standard Bank Statement Mortgages: Loans designed for purchasing a new home or refinancing an existing mortgage.

• Bank Statement Home Equity Loans (HELOANs): A bank statement home equity loan allows you to tap into your home’s equity by using bank statements to quality. Bank statement home equity loans Utah are a great way to access funds for home improvements, debt consolidation, or other major expenses.

• Bank Statement Cash-Out Refinance Loans: A bank statement refinance loan allows you to access cash from your home’s equity. You refinance your mortgage and, in return, receive a lump sum of cash—all while using your bank statements for income verification.

If a bank statement loan sounds like the perfect fit, you may be wondering if you’re eligible to apply. Borrowers typically must meet the following requirements to qualify for a bank statement mortgage in Utah:

• You need to be self-employed or a business owner: You must be self-employed for at least two years before you can qualify for a bank statement loan.

• You have to provide 12-24 months of personal or business bank statements: These statements are used to calculate your average monthly deposits in determining your eligibility.

• You should maintain a reasonable credit score: A credit score of 620 or higher is typically required to demonstrate creditworthiness.

• You need to have a down payment of at least 10%: The specific amount required will vary depending on the specifics of the loan and your individual financial profile.

• You must meet debt-to-income (DTI) ratio requirements: Generally, your DTI should not exceed 50%.

• You need to demonstrate consistent income: Your bank statements should reflect stable and reliable monthly deposits.

• You should have sufficient cash reserves: The reserves required will depend on factors such as your credit score and down payment amount.

Wondering how much you can borrow using a Utah bank statement loan? You can use our free bank statement loan calculator to determine the amount you may be eligible for and estimate monthly payments.

If you’re a self-employed individual or business owner in Utah looking for a flexible mortgage solution, a bank statement loan or other non-QM mortgage from Griffin Funding could be the perfect fit. By using your personal or business bank statements to verify income, you can bypass traditional income documentation and secure a home loan.

Bank statement loans are tailored for the self-employed and those with non-traditional income sources. With a variety of loan options, from standard mortgages to home equity loans and cash-out refinance loans, anyone who meets reasonable requirements can benefit from the flexibility of a bank statement mortgage.

If you’re ready to take the next step, contact Griffin Funding to learn more about our bank statement loan programs or explore the Griffin Gold app to start taking control of your finances and compare mortgage options.

Our team of experts in Utah is dedicated to helping you achieve homeownership with a loan that fits your unique needs. Complete an online application to take the first step in your homeownership journey!