This is a stark difference to the prior generation, which had largely steady jobs and would work with corporations and medium-sized businesses for long stretches of time. One would see elements like job loyalty, company investment in employees, and other aspects that would bind the employee and employers together for a while.
Thanks to the many disruptions taking place within the world, that dynamic is not as profound as it once was. Moreover, this rise in self-employment can pose some hurdles to self-employed workers. In the case of mortgages, applicants are required to provide essential documents, like W2 tax forms, steady income, and more.
Self-employed individuals in Washington need different options that account for their needs. That is where bank statement mortgage loans in Washington, offered by firms such as Griffin Funding, make a significant difference. Read on to find out more about bank statement loans in Washington.
What Are Bank Statement Loans?
When it comes to home loans, most people are aware of VA loans, DSCR loans, and even asset-based loans. These varying types of loans are more known due to the fact that they have been around for longer periods. However, there is a certain lack of awareness when it comes to bank statement loans because of several factors.
If you are looking into bank statement loans in Washington, that means you need an alternative to traditional mortgage options. You will notice that an alternative like the bank statement loans Washington financial institutions offer may serve as a fantastic solution for your particular situation.
Bank statement loans are a subset of Washington home loans that have a different criteria than traditional mortgages. These bank statement loans in Washington appeal to those who are business owners, self-employed, gig economy workers, consultants, and people who choose to go their own way in their professional lives.
Washington state’s bank statement loan program concentrates on bank deposits instead of W2 forms and payment stubs to learn more about the individual and their financial situation. Conversely, conventional mortgages will require W2 documentation as well as other proof of employment and earnings.
The major difference is that the bank statement loan program accounts for the relevant bank deposits present on a consistent basis. This loan program is highly relevant to those who may not have two years worth of W2 tax documentation or those who have tax documents but must lower income due to expenses.
These bank statement loan options enable innovative lenders to support a growing number of people who choose to pave their own way when it comes to earnings and creating economic value.
How Hard Is It to Get a Bank Statement Loan in Washington?
The 2008 financial crisis created more regulatory hurdles and lending restrictions. These new lending standards made banking and financial institutions become much more conservative in their lending methods, causing them to be selective in their loan recipients and ensure they stay in line with the onslaught of banking regulations. This situation has stayed largely the same and many banks still have a conservative approach to lending.
This is why it is not so simple to obtain a bank statement loan in Washington. It is not a widely available offering, but more compelling financial institutions in Washington offer this program.
However, it can still be a challenge as many financial institutions and banks may want to stick with conventional options. The sentiment shared among many financial institutions is to lean towards a conservative approach—even if it may not align with the current era of self-employment and earnings.
It is essential to note here that several institutions do offer these financing options. The right firms will account for the needs of those who would benefit from alternatives like the stated income loans Washington state institutions may offer.
What Is Required for a Bank Statement Loan in Washington?
Those who are looking for stated income loans in Washington state will want to focus on a few critical aspects to qualify for such a loan.
- 1 or 2 years of personal or business bank account statements
- 2 years in business or 1 year in business with a total of 2 years in the same field
- Profit and loss statement
- Down payments that can range from 10% - 30%
- Viable credit scores
- Reserves to pay mortgage related obligations for a few months
If you are looking for more information on Washington bank statement mortgage options, reach out to our team at Griffin Funding today. We know that searching for mortgage options can be a hassle and nerve wracking. That is why we offer various solutions to ensure that we can meet your unique needs.
If you do not qualify for a bank statement loan, you may be eligible for another loan option. Our representatives at Griffin Funding will be pleased to understand your specific situation and provide innovative solutions that address your needs.
Are Bank Statement Loans Available for Individuals and Businesses?
We currently offer two loan options for self-employed borrowers in Washington.
- Personal Bank Statements: Qualify on 12 or 24 months bank statements. We count 100 percent of deposits as income.
- Business Bank Statements: Qualify on 12 or 24 months bank statements. We count 50 percent of the deposits as income.
If you are looking for further information and clarification on this specific criteria, reach out to our representatives at Griffin Funding today.
Where Are Washington Bank Statement Loans Available?
- Gig Harbor
- and more
Our team also serves clients in several other states through the country. We have had the opportunity of working with a wide variety of clients in Washington and look forward to working with more people who are a part of the new dynamic economy.
We take a different approach to serving our clients by having a more comprehensive financial snapshot. This allows us to tailor loan solutions to your situation. Our innovative and client-centric approach enables us to go the extra mile and to serve our clients in several ways.
If you are looking for assistance with your loan and would like a team that strives to meet your needs and objectives, reach out to our team at Griffin Funding today.
Washington Bank Statement Loan Example
To further illustrate how one might be able to leverage a bank statement loan program in Washington state, we’ve put together this quick example below:
Just outside of Seattle, Washington, John owns a horse care facility and spends his days helping train and take care of other people’s horses in the area. He has had this business for more than 24 years and was looking to purchase a home. John wasn’t able to get the loan he needed based on his financial statements or tax write-offs.
John then came to Griffin Funding where he sat down with one of our senior loan officers and discovered he could get the desired loan using his bank statements. He has been in business well over the required two years so we were able to count 50 percent of all deposits as income from his business bank statements. Within three weeks John purchased his dream home.
Find Out If You Qualify for a Bank Statement Mortgage in Washington
These bank statement mortgage loans in Washington can be beneficial for those who have a more flexible work lifestyle. Business owners, consultants, and the growing number of people in the thriving gig economy can find that bank statement mortgage loans provide a more targeted solution. Whether you are a freelancer or you’re looking for a mortgage as a dispensary owner in Washington, we can help.
Our team at Griffin Funding is here to ensure you can meet your specific needs. If you are looking for help with mortgage funding for your property purchase, reach out to our team at Griffin Funding today. We are pleased to offer you the right support and provide you with a loan that can help you meet your goals and objectives.
Call our team at (855) 394-8288 and fill out an application to start the process of obtaining a bank statement mortgage loan in Washington.