Wyoming Bank Statement Loans

Wyoming bank statement loans offer a tailored financing solution. Whether you want to get a bank statement loan in Cheyenne or Jackson, we can provide financing across the state of Wyoming. Below are just some of the cities where Griffin Funding provides bank statement loans in Wyoming:

• Cheyenne
• Casper
• Laramie
• Gillette
• Rock Springs
• Sheridan
• Green River
• Evanston
• And more

Griffin Funding is committed to providing bank statement loans throughout the entire state of Wyoming, ensuring that you can achieve your homeownership goals with a simplified, flexible and accessible process no matter where you reside.

A bank statement loan is a non-QM mortgage product, which are home loans designed for borrowers who may not meet the criteria of traditional qualified mortgage (QM) guidelines, offering more flexible underwriting standards to accommodate diverse financial situations.

If you are looking for a mortgage option designed for individuals who are self-employed or have non-traditional income sources, a bank statement loan is the answer. Instead of relying solely on traditional income documentation like W-2 forms or tax returns, this type of loan utilizes bank statements to verify income. By reviewing at least 12 months of bank statements, lenders assess the borrower’s cash flow and financial stability.

Bank statement loans provide a pathway to homeownership for those who may not meet the criteria of conventional loans, making the mortgage application process more accessible and accommodating.

Advantages of Bank Statement Loans

Some might have heard of stated income loans. Whereas originally stated income loans allowed borrowers to declare their income without providing direct documentation, it eventually evolved into bank statement loans, which require borrowers to submit 12 to 24 months of personal or business bank statements to verify cash flow and assess financial stability. This evolution offers lenders more concrete evidence of the borrower’s income.

The verification for bank statement loans is more rigorous now, but it still holds many advantages compared to traditional loans. Some of the key benefits of bank statement loans include:

• No Traditional Income Documentation: Eliminates the need for W-2s, tax returns, and pay stubs.
• Low Down Payments: Borrowers can qualify for bank statement loans with a down payment as low as 10%.
• Flexible Qualification Criteria: Accommodates self-employed individuals, freelancers, business owners, and retirees with non-traditional income sources.
• Reflects Actual Cash Flow: Uses at least 12 of bank statements to provide a realistic picture of financial health.
• Streamlined Application Process: Simplifies the loan approval process by focusing on bank deposits rather than extensive paperwork.
• Access to Homeownership: Enables those with diverse income streams to secure mortgages and invest in real estate.
• High Loan Amounts: Borrow a minimum of $100,000 up to a maximum of $20 million.
• Flexible DTI Ratio Requirements: Qualify with a maximum of 50% DTI ratio.

Griffin Funding’s bank statement loan programs in Wyoming offers a comprehensive suite of loan options that goes beyond standard bank statement mortgages, providing tailored solutions to meet diverse financial needs.

• Bank Statement Mortgages: Ideal for home buyers with non-traditional sources of income who want to use their bank statements to verify income and secure a mortgage, offering flexibility and accessibility.
• Bank Statement Home Equity Loans (HELOANs): Also known as a second mortgage, which allows homeowners to tap into their home’s equity to pull cash out. A borrower can use bank statements to prove financial stability and qualify for a bank statement HELOAN.
• Bank Statement Cash-Out Refinance Loans: For a bank statement cash-out refinance, borrowers can use bank statements for income verification to refinance their existing mortgage and access cash to put towards renovations, debt consolidation, or other major expenses.

To make sure that you are financially prepared and ready for one of the bank statement loans that Griffin Funding offers, use the bank statement loan calculator to estimate how big of a loan you can afford. Griffin Funding is here to help you achieve homeownership and investment goals.

Qualifying for a bank statement loan in Wyoming with Griffin Funding involves meeting specific criteria designed to assess your financial stability through alternative documentation. These loans are ideal for self-employed individuals, freelancers, and those with non-traditional income sources. Here are the basic requirements to qualify for a bank statement loan:

• Self-Employment Verification: To be eligible for any of the bank statement loan programs, you have to be self-employed or a business owner. You will need to provide documentation showing at least two years of self-employment history.
• Proof of Income: Provide at least 12 months of personal or business bank statements to verify your financial health, consistent cash flow, and ability to repay the mortgage loan.
• Credit Requirement: A minimum credit score requirement of 620 is required, and it is often tied to your down payment. A higher credit score tends to lead to a lower down payment requirement.
• Property Equity: For refinance and home equity loans, a borrower needs sufficient equity in the property, generally at least 20%.
• Cash Reserves: A borrower needs adequate reserves to cover several months of mortgage payments, demonstrating financial stability. For example, for loans under $1.5 million, you would need three to six months of PITI reserves; for loans over $3 million, you will need 12 months of PITI reserves.
• DTI Ratio: You will need an acceptable debt-to-income ratio, usually below 50%, to show your ability to manage monthly payments.

Not sure whether you qualify for a bank statement home loan in Wyoming? Contact us today to learn more or download the Griffin Gold app to review eligibility and compare your financing options.

Qualifying for a bank statement loan in Wyoming with Griffin Funding is a straightforward process designed to accommodate self-employed individuals and those with unique income sources.

If you are a self-employed individual taking your first step to homeownership, looking for a second vacation home, or considering an investment property, then reach out today. We can help walk you through the bank statement loan application process and provide you with excellent customer service every step of the way. If you’re ready to start your homeownership journey, fill out an online application and get pre-approved for a bank statement mortgage in Wyoming!