Areas We Serve
Griffin Funding is delighted to provide bank statement loans across the entire state of West Virginia. Regardless of your location, we offer the financial solutions necessary to help you achieve your homeownership dreams. Here are some of the major cities we serve:
- Charleston
- Huntington
- Morgantown
- Parkersburg
- Wheeling
- Weirton
- Fairmont
- Beckley
- Clarksburg
- Martinsburg
What Is a Bank Statement Loan?
A bank statement loan is a non-QM mortgage option made for individuals without traditional income documentation like W-2s or pay stubs, making it ideal for self-employed borrowers and business owners. Here’s an overview of how it works:
- Income Verification: Instead of using tax returns or pay stubs, lenders verify income by reviewing 12 to 24 months of personal or business bank statements. Lenders typically count 50% of deposits made into a business account as income and up to 100% of deposits made into a personal account as qualified income.
- Cash Flow Analysis: Lenders determine the borrower’s income by analyzing average monthly deposits from the bank statements, focusing on cash flow rather than taxable income, similar to a stated income loan.
- Qualification Criteria: To qualify, borrowers must meet standard mortgage requirements, including a minimum credit score of 620 or higher, sufficient deposits, and a reasonable debt-to-income (DTI) ratio.
- Loan Terms: The loan terms, such as interest rates and down payment requirements, can vary based on the borrower’s financial profile and the lender’s policies.
Want to see what a bank statement loan might look like for you? Prospective borrowers can estimate their potential loan amount and monthly payments using a bank statement loan calculator.
Benefits of Bank Statement Loans
Bank statement mortgages in West Virginia can be a great solution for business owners, freelancers, and others who would otherwise struggle to get approved for a mortgage. Some of the key benefits of bank statement loans include:
- Flexible Income Verification: Utilizes personal or business bank statements instead of traditional income documentation like tax returns or W-2s.
- Ideal for Self-Employed Workers: Suited for self-employed individuals and business owners with fluctuating or unconventional income sources.
- Simplified Application Process: Eliminates the need for extensive income documentation, streamlining the loan application process.
- Higher Loan Amounts: Potential for higher loan amounts when compared to conventional loans. Griffin Funding can provide bank statement loans of up to $20 million.
- Customized Terms: As a non-QM loan, the lender has more flexibility to provide personalized loan terms that align with your specific financial situation.
- Quicker Approval: Often features a faster approval process due to a streamlined underwriting process.
Bank Statement Loan Programs in West Virginia
Explore Griffin Funding’s diverse range of bank statement loan programs, meticulously crafted to suit the specific financial requirements of West Virginia residents:
- Standard Bank Statement Mortgages: Ideal for aspiring homeowners, these mortgages harness personal or business bank statements for income verification, catering to the needs of self-employed individuals and business owners alike.
- Bank Statement Home Equity Loans (HELOANs): Unlock the potential of your home’s equity with these loans, leveraging your bank statements for income verification. Whether it’s renovating your home or financing higher education, HELOANs provide the means to achieve your goals.
- Bank Statement Cash-Out Refinance Loans: Seize the opportunity to refinance your current mortgage and access cash based on your home’s equity. Utilizing bank statements for income verification, these loans empower you to consolidate debt or pursue new ventures with ease.
Griffin Funding’s bank statement loan programs offer tailored and accessible financing solutions designed to empower West Virginia residents on their homeownership journey. Partner with a leading mortgage company in West Virginia to secure the financing you need to meet your goals.
Bank Statement Loan Requirements in West Virginia
In order to qualify for a bank statement home loan in West Virginia, individuals typically need to meet the following requirements:
- Self-Employed or Business Owner: Borrowers must prove that they have been self-employed for at least two years. In certain cases, borrowers may be able to qualify if they’ve been self-employed for a year, but have been in the same industry for at least two years.
- Bank Statements: Supply the lender with 12 to 24 months of personal or business bank statements to verify income. Qualified deposits must demonstrate that you have enough income to repay the loan amount.
- Credit Score: Borrowers must have a minimum FICO score of 620 or higher to qualify for a bank statement loan.
- Meet DTI Requirement: Maintain a reasonable debt-to-income (DTI) ratio, typically not exceeding 50%.
- Proof of Business Ownership: Provide documentation, if applicable, to verify business ownership.
Work With a Leading West Virginia Mortgage Lender
Looking to secure a mortgage in West Virginia? Look no further than Griffin Funding, your trusted partner in the home financing journey. At Griffin Funding, we understand that traditional mortgage options may not always cater to the needs of self-employed individuals and business owners. That’s why we offer specialized bank statement loan programs designed to provide flexible financing solutions for those with non-traditional income sources.
We also offer the Griffin Gold app, a convenient tool that allows you to manage your loan application from the palm of your hand. With the Griffin Gold app, you can track the progress of your application, communicate with your loan officer, and stay informed about important milestones.
Choose Griffin Funding as your premier West Virginia mortgage lender and experience the difference personalized service and specialized expertise can make in your home financing journey. Contact us today to learn more about our bank statement loan programs or take the first step towards achieving your homeownership goals and fill out an application.