{"id":5237,"date":"2022-12-05T21:32:18","date_gmt":"2022-12-05T21:32:18","guid":{"rendered":"https:\/\/griffinfunding.com\/?p=5237"},"modified":"2025-01-06T23:38:22","modified_gmt":"2025-01-06T23:38:22","slug":"bank-statement-loans-for-first-time-home-buyers","status":"publish","type":"post","link":"https:\/\/griffinfunding.com\/blog\/bank-statement-loans\/bank-statement-loans-for-first-time-home-buyers\/","title":{"rendered":"Bank Statement Loans: Get a Mortgage as a Self-Employed First-Time Home Buyer"},"content":{"rendered":"<div id=\"key_takeaways\"><h3>KEY TAKEAWAYS<\/h3><ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0Bank statement loans make it easier for self-employed first-time buyers to qualify for a mortgage by using 12\u201324 months of bank statements as proof of income.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">These loans offer flexibility with higher debt-to-income ratios, large borrowing limits up to $5 million, and down payments as low as 10%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Alternatives like conventional loans, 1099 mortgage loans, and government-backed options provide additional choices for buyers with diverse financial situations.<\/span><\/li>\n<\/ul>\n<\/div><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5239 size-full\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2022\/11\/unnamed-2.jpg\" alt=\"\" width=\"512\" height=\"341\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2022\/11\/unnamed-2.jpg 512w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2022\/11\/unnamed-2-300x200.jpg 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Bank statement loans for first-time buyers are a way to secure a mortgage using non-traditional means. When you have self-employed income that you are depositing into a bank account, you can obtain a mortgage through a bank statement loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A bank statement loan can make it easier for business owners, contractors, and freelancers to provide proof of income when applying for a mortgage. So, if you are looking to buy a home for the first time and you don&#8217;t have a typical job that provides pay stubs, consider applying for a bank statement loan through Griffin Funding.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below, we go into more detail about what bank statement loans are, how they work, and how you can qualify.<\/span><\/p>\n<h2 id=\"link1\"><b>What Is a Bank Statement Loan?<\/b><\/h2>\n<p><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/bank-statement-loans\/\"><span style=\"font-weight: 400;\">Bank statements loans<\/span><\/a><span style=\"font-weight: 400;\"> are an excellent option for individuals who are self-employed and don\u2019t have traditional <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/dscr-loans\/do-you-need-pay-stubs-to-buy-a-house\/\"><span style=\"font-weight: 400;\">pay stubs<\/span><\/a><span style=\"font-weight: 400;\"> for the lender to consider. You will need to have <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/bank-statement-loans\/what-is-a-bank-statement\/\"><span style=\"font-weight: 400;\">bank statements<\/span><\/a><span style=\"font-weight: 400;\"> for at least 12 months that provide proof of regular deposits in order to qualify for a bank statement mortgage. This allows you to seek a mortgage without having to show the net income listed on your taxes and makes it possible for you to qualify for a mortgage without pay stubs.<\/span><\/p>\n<h2 id=\"link2\"><b>How Does a Bank Statement Mortgage Work?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Bank statement loans make it possible to qualify for a non-traditional mortgage using your bank statements instead of pay stubs or tax returns. In order to get approved for a bank statement loan, you will have to fill out an application that includes at least 12 months of bank statements. Your bank statements, along with your credit score and debt-to-income ratio, will be considered during the application process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you are approved, a bank statement mortgage will function like a traditional home loan. Your loan will be funded, allowing you to purchase your home, and then you will begin repayment through monthly mortgage payments. With these <a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/\">non-QM loans<\/a>, the criteria for qualification is more flexible when compared to traditional loans.\u00a0<\/span><br \/>\n<div class=\"cta_banner gold_cta\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/gold-background-1.png)\"><h3>Download the Griffin Gold app today!<\/h3><p>Take charge of your financial wellness and achieve your homeownership goals <br><br>\r\nUse invitation code: <b>GRIFGOLD<\/b> to register.<\/p><div class=\"stores\"><a href=\"https:\/\/apps.apple.com\/us\/app\/griffin-gold\/id6460034387\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/apple-icon.svg\" \/><\/a><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.griffinfunding.gold\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/google-store.svg\" \/><\/a><\/div><\/div>\n<h2 id=\"link3\"><b>Benefits of Bank Statement Loans for First-Time Home Buyers<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are a number of benefits<\/span>\u00a0<span style=\"font-weight: 400;\">that come with<\/span><span style=\"font-weight: 400;\"> choosing bank statement loans for first-time home buyers, especially<\/span><span style=\"font-weight: 400;\">\u00a0if<\/span><span style=\"font-weight: 400;\"> you are <\/span><span style=\"font-weight: 400;\">a<\/span><span style=\"font-weight: 400;\"> self-employed<\/span><span style=\"font-weight: 400;\">\u00a0or <\/span><span style=\"font-weight: 400;\">a<\/span><span style=\"font-weight: 400;\"> couple without pay stubs. <\/span><span style=\"font-weight: 400;\">If<\/span><span style=\"font-weight: 400;\"> you are looking to <\/span><span style=\"font-weight: 400;\">buy your first home<\/span><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> but you can\u2019t provide proof of income through pay stubs or tax returns, <\/span><span style=\"font-weight: 400;\">this type of loan is<\/span><span style=\"font-weight: 400;\"> the way to go.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A first-time home buyer bank statement loan <\/span><span style=\"font-weight: 400;\">gives<\/span><span style=\"font-weight: 400;\"> the lender flexibility in the terms of the loan<\/span><span style=\"font-weight: 400;\">. This makes<\/span><span style=\"font-weight: 400;\">\u00a0it possible for potential home buyers to secure a mortgage they may not qualify for using traditional lending criteria. The benefits of bank statement loans to purchase a home or property include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Verified income through monthly deposits: <\/b><span style=\"font-weight: 400;\">Regular monthly deposits <\/span><span style=\"font-weight: 400;\">in your bank account<\/span><span style=\"font-weight: 400;\"> are reviewed and considered your verified income <\/span><span style=\"font-weight: 400;\">for the loan application.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Flexible documentation<\/b><span style=\"font-weight: 400;\">: You can show 12 or 24 months of bank statements to qualify for a bank statement loan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>No need for tax returns<\/b><span style=\"font-weight: 400;\">: There\u2019s no<\/span><span style=\"font-weight: 400;\">\u00a0requirement<\/span><span style=\"font-weight: 400;\"> to show your income tax returns in order to secure a mortgage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Low down payment: <\/b><span style=\"font-weight: 400;\">It is possible to secure a bank statement home loan with as little as 10% down.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Higher DTI ratio: <\/b><span style=\"font-weight: 400;\">You can qualify with a debt-to-income ratio as high as 55%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Large borrowing potential<\/b><span style=\"font-weight: 400;\">:<\/span> <span style=\"font-weight: 400;\">Depending on your qualifications, you may be able to borrow up to $5 million with a bank statement loan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rate flexibility<\/b><span style=\"font-weight: 400;\">: You can choose to secure an adjustable-rate or fixed-rate mortgage through the bank statement loan process.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The bank statement loan process is one where you are able to have more flexibility than with a traditional mortgage. I<\/span><span style=\"font-weight: 400;\">t is important to get your credit score as high as you can in order to qualify for the best home loan for your specific needs. Whether you are applying for <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/fha-loans\/\"><span style=\"font-weight: 400;\">FHA loans<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/asset-based-loans\/\"><span style=\"font-weight: 400;\">asset-based loans<\/span><\/a><span style=\"font-weight: 400;\">, or a bank stateme<\/span><\/p>\n<h2 id=\"link4\"><b>Bank Statement Loan Qualification Requirements<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are a number of key requirements you must meet in order to secure a bank statement mortgage with Griffin Funding. This type of non-traditional mortgage offers you more flexibility when it comes to the parameters for securing a loan to purchase a new home. The key requirements you must meet in order to qualify for a bank statement loans include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Self-employed<\/b><span style=\"font-weight: 400;\">: You must be self-employed or a business owner for a period of at least two years to secure a bank statement mortgage loan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit score<\/b><span style=\"font-weight: 400;\">: Your credit score has to be <\/span><span style=\"font-weight: 400;\">620<\/span><span style=\"font-weight: 400;\"> or higher for a bank statement mortgage loan to be approved.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Minimum and max loan amounts<\/b><span style=\"font-weight: 400;\">: The lowest amount you can borrow for a bank statement mortgage loan is $100,000, while the highest amount possible is $5 million.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>PITI reserves<\/b><span style=\"font-weight: 400;\">: As a guarantee for the mortgage, you must have four months of PITI in the bank if the loan is less than $1 million, and six months of PITI if the loan is higher than $1 million.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Minimum down payment<\/b>: You must be able put down at least 10% of the property\u2019s purchase price.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Take a look at the criteria for securing a bank statement loan, and make sure you meet the qualifications before you apply. If you\u2019re not sure whether you meet all of the requirements to qualify for a bank statement home loan, reach out and we can help you determine your eligibility.\u00a0<\/span><\/p>\n<h2 id=\"link5\"><b>How to Apply for a Bank Statement Loan as a First-Time Home Buyer<\/b><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5240 size-full\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2022\/11\/unnamed-3.jpg\" alt=\"\" width=\"512\" height=\"342\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2022\/11\/unnamed-3.jpg 512w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2022\/11\/unnamed-3-300x200.jpg 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">In order to secure a bank statement loan as a <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/first-time-home-buyer-checklist\/\"><span style=\"font-weight: 400;\">first-time home buyer<\/span><\/a><span style=\"font-weight: 400;\"> with Griffin Funding, we have established a straightforward process for you to follow:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Schedule a discovery meeting, where you have an in-person, virtual, or phone discussion to talk about what your mortgage goals are, what you have for a down payment, your credit score, and your monthly income.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fill out our online application. You can fill out the application during or after your initial discovery meeting if you want to work with Griffin Funding to secure a mortgage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Authorize our loan specialist to lock in the interest rate you have been quoted as part of your potential mortgage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We will send an initial loan application either digitally or via overnight mail, depending on your preference, and you will be able to review and sign it.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Get a checklist of all the documentation you will need to give our mortgage lender in order for your mortgage to be approved.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your mortgage paperwork will be submitted to our underwriting department and processed for approval.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The property goes through the appraisal process in order to establish the condition of the property and assess the value to determine the mortgage needed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Once your mortgage has undergone an underwriting and appraisal process, we will notify you if anything else must be completed before the final document signing.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sign all of your loan documentation in the presence of a notary.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your loan will be funded and recorded.<\/span><\/li>\n<\/ol>\n<h2><b>Alternatives to Bank Statement Loans<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While bank statement loans are a great option if you have non-traditional income, they still may not be the best fit for everyone. Here are some common alternatives to bank statement loans that are also great for first-time buyers:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/conventional-loans\/\"><b>Conventional loans<\/b><\/a><span style=\"font-weight: 400;\">: Offered by private lenders, conventional loans typically require a higher credit score and a larger down payment relative to other mortgage types, but they often come with lower interest rates and better terms if you qualify. They are a great option if you have stable, verifiable income and strong credit.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/asset-based-loans\/\"><b>Asset-based loans<\/b><\/a><span style=\"font-weight: 400;\">: These loans allow you to qualify based on the value of your assets rather than your income. For first-time buyers with significant savings or other assets, this can be an attractive option, as it may be easier to secure than a traditional mortgage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/1099-mortgage-loans\/\"><b>1099 mortgage loans<\/b><\/a><span style=\"font-weight: 400;\">: Instead of relying on tax returns, these loans use your 1099 income from the past 1-2 years. This option is ideal for freelancers, gig workers, and independent contractors who have non-traditional income streams and may not qualify for conventional loans.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Government-backed loans<\/b><span>: Government-backed loans \u2014 such as <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/va-loans\/\"><span>VA loans<\/span><\/a><span>, <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/fha-loans\/\"><span>FHA loans<\/span><\/a><span>, and <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/usda-loans\/\"><span>USDA loans<\/span><\/a><span> \u2014 are excellent for first-time buyers looking to purchase a home with more flexible requirements. VA loans are available to veterans and active-duty service members, offering lower interest rates and no down payment. USDA loans are designed for rural home buyers and offer low or no down payments and competitive rates. FHA loans require a low down payment but are easier to qualify for, making them ideal if you have less-than-perfect credit.<\/span><\/li>\n<\/ul>\n<h2 id=\"link6\"><b>Get a Mortgage as a Self-Employed First-Time Buyer<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Bank statement loans for first-time home buyers are an excellent option when you are self-employed and can show income via your bank statements. When you don\u2019t have a traditional paycheck, you can <\/span><span style=\"font-weight: 400;\">still<\/span><span style=\"font-weight: 400;\"> secure a mortgage if you are able to show income <\/span><span style=\"font-weight: 400;\">this way<\/span><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Plus<\/span><span style=\"font-weight: 400;\">, with a high credit score and low <\/span><span style=\"font-weight: 400;\">DTI<\/span><span style=\"font-weight: 400;\"> ratio, you can secure the best rate and terms for your loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At Griffin Funding, we\u2019re here to guide you through the process and help you find the perfect mortgage for your needs. With our<\/span><a href=\"https:\/\/gold.griffinfunding.com\/pfm\/registration\/invite?key=1c204fd9-839b-4775-aed1-9844766b60a6\"> <span style=\"font-weight: 400;\">Griffin Gold app<\/span><\/a><span style=\"font-weight: 400;\">, managing your mortgage journey is easier than ever. You can explore loan options, access smart calculators, and stay connected with our loan specialists, all in one place.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether you&#8217;re a first-time home buyer, self-employed, or want to explore other options, our team is ready to help. Reach out to<\/span><a href=\"https:\/\/griffinfunding.com\/full-page-form-quick-quote\/\/\"> <span style=\"font-weight: 400;\">get a quote<\/span><\/a> <span style=\"font-weight: 400;\">and see what you qualify for. It\u2019s time to find your dream home and secure the mortgage you need to make your purchase.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank statement loans for first-time buyers are a way to secure a mortgage using non-traditional means. When you have self-employed income that you are depositing into a bank account, you can obtain a mortgage through a bank statement loan.\u00a0 A bank statement loan can make it easier for business owners, contractors, and freelancers to provide<a class=\"moretag\" href=\"https:\/\/griffinfunding.com\/blog\/bank-statement-loans\/bank-statement-loans-for-first-time-home-buyers\/\">&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":5238,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[74],"tags":[],"class_list":["post-5237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-statement-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ 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