Vermont Bank Statement Loans

At Griffin Funding, we are dedicated to helping prospective home buyers across Vermont secure the financing they need through flexible bank statement loans. Whether you’re looking for a bank statement loan in Burlington or Montpelier, we are here to support your home-buying journey. Some of the major areas we serve include:

• Burlington
• South Burlington
• Rutland
• Essex Junction
• Barre
• Montpelier
• St. Albans
• Winooski
• Newport
• Brattleboro

A bank statement loan is a type of non-QM loan designed for self-employed individuals, gig workers, and small business owners who may not have traditional income documentation like W-2s or standard tax returns. Instead of relying on these documents, lenders use bank statements to verify income. Typically, borrowers need to provide 12-24 months of personal or business bank statements, showcasing consistent deposits and cash flow.

Bank statement loans can be beneficial for those whose tax returns might not accurately reflect their true income due to business expenses, tax deductions, and irregular income streams. Bank statement loans offer flexibility in qualifying criteria, focusing deposits over time rather than taxable income. They can be a valuable option for individuals with non-traditional income sources who might otherwise struggle to qualify for a conventional mortgage.

Use our bank statement loan calculator to estimate how much home you can afford and get a preview of what your loan would look like given your financial circumstances.

Here are some of the key benefits of bank statement loans:

• Flexible income verification: There is no need for W-2s or tax returns since borrower income is verified through bank statements.
• Ideal for self-employed individuals: Bank statement loans are designed for gig workers, small business owners, and freelancers with non-traditional income.
• Generous loan amounts: With Griffin Funding, you can secure bank statement loans of up to $20 million.
• Flexible underwriting: Griffin Funding offers a streamlined underwriting process, making it possible to secure funds more quickly compared to conventional loans.
• Wide range of property types: Bank statement loans can be used to purchase various property types, including primary residences, second homes, and investment properties.
• Credit flexibility: Bank statement loans offer more lenient credit score requirements compared to conventional loans.

Griffin Funding provides a variety of bank statement loans in Vermont tailored to meet the needs of Vermont residents, offering flexible solutions for self-employed individuals, small business owners, and gig workers. Here are the types of bank statement loans available:

• Standard bank statement mortgages in Vermont: These loans are designed for home buyers who may not have traditional income documentation such as W-2s or tax returns. Instead, borrowers provide 12-24 months of personal or business bank statements to verify their income.
• Bank statement home equity loans (HELOANs): A bank statement HELOAN is a great option for homeowners looking to tap into the equity of their existing property. By using bank statement loans in Vermont to verify income, borrowers can access funds for various purposes, such as home renovations, debt consolidation, or other significant expenses. This loan option offers flexibility and enables homeowners to leverage their home equity without the need for traditional income verification.
• Bank statement cash-out refinance: Self-employed refinance loans allow homeowners to refinance their existing mortgage while also taking out additional cash based on the equity built up in their home. This can be a good solution for those looking to manage debt, fund major purchases, or invest in new opportunities.

Griffin Funding’s bank statement loans in Vermont provide versatile and accessible mortgage solutions, ensuring that self-employed individuals and those with unique financial situations can achieve their homeownership and financial goals.

While requirements can vary slightly depending on the lender, it’s important to check with specific financial institutions for their exact criteria. These are some of the standard requirements to qualify for a bank statement home loan in Vermont:

• Self-Employment: Borrowers must be self-employed for at least two years. Alternatively, borrowers may qualify with only one year in business if they’ve been in the same industry for two or more years.
• Bank Statements: Prospective borrowers will need to provide 12-24 months of personal and/or business bank statements.
• Credit Score: Borrowers should maintain a minimum credit score of 620 in order to qualify for a bank statement loan in Vermont.
• Down Payment: Bank statement loans require a minimum down payment of 10%, but a higher down payment may lead to a better rate and terms.
• Debt-to-Income Ratio: Bank statement loans allow for a DTI ratio of up to 50%.
• Business Verification: Provide proof of business ownership, such as a business license, a letter from a CPA, or other verification methods.
• Reserves: Three to 12 months of PITI reserves may be required to secure a bank statement loan. The amount of PITI reserves needed depends on other qualifying factors.

Lock in your bank statement loan rate today with Griffin Funding and take advantage of our flexible mortgage solutions tailored for self-employed individuals, small business owners, and gig workers.

Griffin Funding offers various bank statement home loan options in Vermont, including standard mortgages, home equity loans (HELOANs), and cash-out refinance loans, ensuring you have access to the financing you need based on your income.

To make the process even smoother, use the Griffin Gold app to manage your application, upload documents, and track your loan status in real-time. Don’t miss out on securing the best rate for your bank statement loan—contact Griffin Funding today to learn more or fill out an application to get started on achieving your homeownership and financial goals.