Areas We Serve
Griffin Funding can provide loans virtually anywhere within the state of Wisconsin. Some of the areas we serve include:
- Green Bay
- Eau Claire
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.
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.
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 four to six months of PITI reserves in the bank.
- You must be applying for a loan amount between $100,000 and $5 million.
How to Apply for a Bank Statement Home Loan in Wisconsin
The application process for the Wisconsin bank statement home loan is relatively quick and can be completed in a few easy steps. We understand that most mortgage processes are complicated and can be overwhelming, which is why we strive to streamline the entire process and minimize stress.
First of all, you will need to participate in a discovery meeting, which can be done in person, over the phone, or via video conference. During this meeting, your credit score, income, and down payment amount will be determined and discussed. You will then be recommended for one of our loan programs based on the findings.
After you complete the loan application, the representative will lock in your rate, which usually happens over the phone. Griffin Funding prides itself on providing each client with competitive rates and great loan terms. Once your rates have been locked in, you will receive an official application to complete.
After completing the official loan application, you will be provided with a checklist of documents that are needed in order for us to underwrite your loan. In order to maximize convenience, you can typically upload bank statements and other relevant documents online, alongside your loan application.
After our underwriters determine that you meet the qualifications and your application is approved, you will be required to have the home appraised. Once this process is completed, your loan can be officially approved and funded.
What Credit Score Is Needed for a Bank Statement Loan in Wisconsin?
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.
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. Contact us today to start your home buying journey.