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The Largest Non-QM Mortgage Lender in South Carolina | Home Spring Mortgage
Home Spring Mortgage is the the largest non-qm (non-qualified) mortgage lender in South Carolina, providing diverse mortgage loan options for borrowers to achieve their dream of homeownership. Learn more.
Bank statement loans
What Are Bank Statement Loans?
Bank statement loans are sometimes referred to as “self-employment mortgages.” They allow someone to borrow money without the documentation required by traditional lenders, like tax returns and W2s. A bank statement loan is typically used by entrepreneurs who might not be able to show a consistent background of earnings to verify salary.
How Do Bank Statement Loans Work?
Bank statement applicants aren’t required to supply things like employment verification forms, paystubs, tax returns, or W2s. Instead, they use their business or personal bank accounts to prove cash flow and income.
Some of the same documents are still necessary, however. The types of information that you might have to supply are:
- 12 to 24 months of business or personal bank account statements
- History of self-employment for two years
- A credit score that ranges from fair to good (minimum requirements are set by lender)
- Enough liquid reserves or cash to cover mortgage expenses
- Liquid asset verification (things like mutual funds or 401(k))
- Applicable business license
- Verification from an accountant or tax preparation service to prove -business expenses and verification that you file as an independent contractor
Bank statement loans usually involve more risk, so down payment requirements might be more substantial than normal, and the loans can come with higher interest rates
Who Benefits From a Bank Statement Loan?
Business professionals who have an inconsistent cash flow or those who can’t provide the documentation necessary to take a loan out from a traditional lender are prime candidates for a bank statement loan. Employment positions such as freelancers, consultants, contractors, doctors, real estate agents, investors, and lawyers usually have a harder time obtaining a loan. Sometimes a tax return doesn’t tell the whole picture, preventing credible borrowers from obtaining a loan.
Advantages of Bank Statement Loans
- You can have a higher debt-to
- income ratio
- No W2s, pay stubs, or tax returns necessary
- High loan limits
- Can be used on primary homes, investment purchases, and second homes
Disadvantages of Bank Statement Loans
- Larger down payment requirements
- Higher interest rates
- Not offered by all lenders
Bank Statement Home Loans in South Carolina
If you have ever applied for a mortgage loan, you know how arduous the process can be. If you don’t have the time to jump through all the hoops that it requires, consider bank statement home loans. Bank statement home loans aren’t based on things like your credit rating or history. They are considered solely on your assets. Bank statement home loans in South Carolina don’t take as much time as traditional mortgage loans can. All you need to have is your bank statements information and you can qualify very quickly.
Bank statement home loans are an excellent alternative when you need to be approved quickly because they aren’t based on the many factors that traditional loans require. Literally, all you need to qualify are your bank statements in South Carolina, and you can be on your way to buying the home of your dreams today!
Bank Statement Mortgage Loans in South Carolina
With the red-hot real estate market, many homebuyers do not have the luxury of the extensive time that it takes to get approved for a traditional loan. If you are under time constraints, bank statement mortgage loans might be your best option. Bank statement mortgage loans don’t have as long and arduous a process of applying as traditional loans. All you need to qualify for bank statement mortgage loans are your bank statements - yes, it really is that easy! At HomeSpring Mortgage, we offer many non-traditional lending options, including bank statement loans. Contact us to apply today!
Testimonials
Testimoial 1
Another couple weeks and we will have been in our new house 1 full year! What a journey – and thanks to you and HomeSpring it didn’t hurt too much, once I found you! Being Self-employed with some “past credit challenges” put me right into your preferred client range. Before you, we went through a multiple-months long, excruciating experience with another lender that didn’t work for us. Once we found you, the approval process was quick and painless! We had Schumacher Homes build our home and they told me your company was the quickest, easiest to work with and most enjoyable lender they have worked with… They’re nationwide and I believe they built about 200 homes in the Lowcountry last year. To underscore your ease of use… we refinanced the house after 6 months with a well-known national bank. What a pain in the butt! Took 3 months, we had to resubmit our financials every month and we had to work hard to get the refinance! Thank God that’s over!! Rest assured I’ll mention Chris Lathbury and HomeSpring Mortgage to anyone I meet who may need you! If you need a reference, feel free to pass on my name and I will sing your praises!! Thanks for all your work and help in making such a potentially stressful process go so well!
Testimonial 2
I want to say thank you to Chris Lathbury and the entire team at HomeSpring Mortgage for being so wonderful and gracious to me during the entire application, underwriting and funding process for the purchase of my home. It didn’t stop there Chris was very active in servicing the loan after funding. Whenever I would reach out with a question or had a concern Chris would always return my email or call within 24 hours max. Thank you from the bottom of my heart for all your help in accommodating the loan process to align with my relocation and new job appointment. It has been a pleasure to work with all of you! I highly recommend Home Spring Mortgage for all your real estate loan needs, you will not regret it.
Firstly, it is a major task to apply for and be approved for a mortgage and when going through that process you want a mortgage lender that understands your specific needs and how to make that a reality. HomeSpring Mortgage is that company. After dealing with several lenders and their numerous delays I found Chris and HomeSpring. They were professional, communicative, truthful and a company that gets the job done. HomeSpring is the way to go when looking to finance your home. Solutions is what they are about.
Testimonial 3
My clients and I found Chris after another lender let us down. He listened to us, looked over our contract, and even spoke with the seller of the home my client’s were purchasing to help salvage the deal. With an incredibly tight timeline, and tons of emotions, Chris was the true hero in this transaction and made it happen for us. Words truly do not express the level of gratitude I feel for how hard he worked for us. To say he went above and beyond is an understatement. This was my first time working with Chris, and the person who referred me to him told me he has a heart of gold, and he did an outstanding job living up to that reputation. He will be my go-to for these unique financing situations from now on!
DrewK
Hey Norb– We just closed and I just wanted to reach out and sincerely thank you, Chris, and HomeSpring Mortgage for working with us on this. As you can imagine, we’ve had a very difficult time getting back in the good graces of lenders, especially on this scale, and needed a chance, and ya’ll gave us that. We’re excited about being able to do our renovation project now, when only a month or two ago it was looking highly unlikely. Also, I appreciate the timeliness and level of communication that ya’ll showed throughout the whole process, which made everything run smoothly.
Our intentions are to not stick around at the higher rate for the long term, as I’m sure you can understand, when hopefully rates come down at some point and our credit profile should continue to improve. Whenever that time comes, we will most certainly work with y’all again to hopefully capture a lower rate.Thanks again!
Drew K
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