Bank Statement Loans in Wisconsin

Qualifying for a mortgage can often be difficult. For most traditional mortgage loans, you must provide proof of income in the form of tax returns or pay stubs. Unfortunately, this income verification method isn’t suitable for all situations. For instance, small business owners, contractors, and retirees may find that they can’t qualify for a traditional mortgage even if they have sufficient funds. This is where taking out a bank statement loan in Wisconsin can be useful.

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Self Employed
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Real Estate Investor
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Other
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What is the loan purpose?



Purchase
A purchase loan can be used to buy a home.


Refinance
A 'rate and term' refinance allows you to improve the terms of your existing mortgage by lowering the monthly payment. A 'cashout refinance' allows you to convert equity into cash.


Home Equity
A home equity loan or line of credit is a 2nd mortgage that allows you to convert equity to cash without having to touch your existing 1st mortgage.

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    Bank statement loans allow borrowers to prove their income through bank statements rather than W2 forms or pay stubs. This can provide more flexibility in the lending process and allow those who can’t qualify for traditional mortgages to receive the financing they need.

    At Griffin Funding, we’re proud to provide mortgage loans in Wisconsin at competitive rates. Reach out to Griffin Funding today to learn more about the bank statement loans and self-employed mortgage loans we offer in Wisconsin.

    Areas We Serve

    Griffin Funding can provide loans virtually anywhere within the state of Wisconsin. Some of the areas we serve include:

    • Appleton
    • Green Bay
    • Madison
    • Racine
    • Eau Claire
    • Kenosha
    • Milwaukee
    • Waukesha

    If you live within the state and are interested in a self-employed mortgage loan in Wisconsin, we encourage you to reach out to learn more about our loan products or fill out an application online.

    Think you qualify for a loan? Contact us today to find out!

    Contact Us

    What Is a Bank Statement Loan?

    A Wisconsin bank statement mortgage loan is a type of loan that doesn’t require you to qualify based on the income on your tax returns, but rather your bank statements only. A bank statement loan can be an excellent option for self-employed individuals, gig workers, freelance workers, contract workers, entrepreneurs, retirees, and more. Essentially, this type of loan is well-suited for those who may not earn a consistent income or write all their expenses off on their tax returns, yet have a significant amount of deposits going into the bank.

    How Do Bank Statement Loans Work in Wisconsin?

    While a traditional mortgage would require you to submit tax returns or pay stubs as proof of income, a bank statement loan allows borrowers to provide proof of income via bank statements. When you apply for a bank statement loan in Wisconsin, you will be required to submit between 12 and 24 months’ worth of bank statements. These bank statements will be used to determine whether you qualify for a loan and the loan amount you can receive.

    Benefits of Wisconsin Bank Statement Loans

    Bank statement loans offer a range of advantages for self-employed individuals, business owners, and others who may not meet traditional loan requirements. Here are some key benefits of Wisconsin bank statement loans:

    • No tax returns required: Unlike traditional loans, you don’t need to provide tax returns, making it easier for self-employed borrowers to qualify.
    • Flexible income verification: Bank statement loans allow you to use your bank statements to verify income, giving you more flexibility than relying on tax returns or W-2s.
    • Ideal for self-employed borrowers: These loans are designed to help business owners, freelancers, and independent contractors who may have fluctuating incomes.
    • Easier qualification: With a focus on your bank statements rather than tax documents, you may find it easier to qualify even if your tax returns don’t fully reflect your income.
    • Competitive rates: Bank statement loans often come with competitive rates, especially for borrowers with strong financial profiles.
    • Streamlined process: The application process is typically faster and more straightforward, reducing the complexity of traditional loan procedures.
    • Purchase and refinance options available: Whether you’re purchasing a new home or refinancing, Wisconsin bank statement loans offer options to suit your needs.

    Think you qualify for a loan? Contact us today to find out!

    See if you Qualify

    Wisconsin Bank Statement Loan Qualification Requirements

    In order to qualify for a Wisconsin bank statement loan, an individual must be able to show proof of consistent income via their bank statements. This is necessary so that we can determine the maximum amount you can comfortably afford to pay for a new home. While a minimum of 12 months of bank statements is required, large or complex loans may require you to submit 24 months of bank statements.

    Below are some of the other key requirements you must meet when applying for a bank statement loan in Wisconsin:

    • You must have owned your business or been self-employed for a minimum of two years.
    • You must have a minimum credit score of 620.
    • You must put at least 10% down on a Wisconsin bank statement mortgage loan.
    • You must have 3-6 months of PITI reserves in the bank for loan amounts under $1.5 million. For loans exceeding $3 million, 12 months of PITI reserves are required.
    • You must be applying for a loan amount between $100,000 and $20 million.

    How to Apply for a Bank Statement Home Loan in Wisconsin

    Applying for a bank statement home loan in Wisconsin is a straightforward process that can be completed in just a few simple steps. At Griffin Funding, we strive to make the mortgage process as smooth and stress-free as possible for our borrowers.

    Steps to Apply:

    1. Discovery meeting: Schedule a discovery meeting (in-person, phone, or video) where we’ll discuss your credit score, income, and down payment. Based on this, we’ll recommend the best loan program for you.
    2. Loan application: Complete the loan application, and our representative will lock in your rate, typically over the phone. You’ll be presented with competitive rates and great loan terms.
    3. Official application: After your rate is locked in and you’ve found a property you’d like to purchase, you’ll receive an official application to complete, including a checklist of required documents.
    4. Submit documents: Upload your bank statements and any other required documents online to streamline the process.
    5. Underwriting and appraisal: Once your loan application is reviewed and approved, your home will need to be appraised and the loan underwritten. After underwriting has been completed, your loan can be fully approved and funded.

    Begin the application online or request a free quote today!

    Get Started

    Apply for a Bank Statement Mortgage Loan in Wisconsin

    If you’re ready to purchase a home but can’t qualify for a traditional mortgage, speak with us about bank statement home loans in Wisconsin. At Griffin Funding, we provide a wide range of loans and our team can help you identify the right loan product for your situation. From VA loans and asset-based loans to near miss jumbo loans and DSCR loans, we have something for everyone.

    Ready to begin your home buying journey? Reach out to our team and get started today!

    Frequently Asked Questions

    Like many traditional home loans, the minimum credit score to qualify for one of our Wisconsin bank statement loans is 620. If your credit score is lower than 620, we suggest taking steps to improve your credit score before applying. Alternatively, you may also look into our recent credit event loans, which cater to those with low credit scores.

    In general, the higher your credit score, the better interest rate and low terms you can secure. Thus, before applying for any home loan, we suggest that you make an effort to get your credit score as high as possible. This will make the approval process easier and can help you save money in the long run.

    While bank statement loans offer many benefits, there are a few potential downsides to consider:

    • Higher interest rates: Since bank statement loans are considered non-qualified mortgages (non-QM), they may come with higher interest rates compared to traditional loans.
    • Larger down payment: In some cases, a larger down payment may be required, especially if your credit score is lower or your financial profile doesn’t meet certain criteria.
    • Limited to self-employed individuals: Bank statement loans are typically designed for self-employed borrowers, business owners, or those with non-traditional income sources, so they may not be an option for everyone.
    • Stringent documentation: While you don’t need tax returns, you’ll still need to provide extensive bank statements (12-24 months) and meet other qualifications, which can be time-consuming.
    • Not always the most competitive option: For borrowers with strong credit and a steady income, traditional loans might offer better rates and terms.

    Griffin Funding is dedicated to providing a streamlined, personalized experience for borrowers seeking bank statement loans and other non-QM options. Our team specializes in helping self-employed individuals, business owners, and those with unique financial situations find the right loan to fit their needs.

    As a leading bank statement mortgage lender in Wisconsin, we offer competitive rates, flexible terms, and first-class service. Whether you’re interested in a bank statement loan in Milwaukee or a self-employed refinance loan in Madison, we can help walk you through each step of the lending process.

    We simplify the process, offering fast closings and competitive rates, while providing exceptional customer service every step of the way. With a customer-first approach and a focus on finding the best loan solutions, Griffin Funding is committed to making your home-buying experience as smooth and efficient as possible.