How To Get A Texas Mortgage With No Tax Returns?

If you are Texas self-employed, contract worker, business owner, consultant, or entrepreneur with plenty of Texas bank deposits then we can help you get approved for a Texas mortgage. You do not have to submit any tax returns or financial statements other than your Texas bank statements. Texas Self employed mortgage applicants must prove that they have been in business for 1+ years  to purchase a new Texas home or to Texas cash-out refinance their current home mortgage.

NO Tax Return Mortgage Document Checklist

  1. PDF labeled by month and year 12 or 24  months business or personal bank statements. Large out of the ordinary deposits may have to be sourced via check invoice.

  1. PDF proof of down payment source or season down payment and closing cost 60 days bank statements PDF all pages.

  1. Business licenses or satisfactory evidence of self employed to cover previous 24 months that could include: Articles of incorporation, 2 years of 1099 s, Business license more than 2 years or accountant letter stating more than 2 years in the same business.

  1. Most recent 12 months proof of rental history. Or 15% down and 6 months reserves.

  2. Divorce decree, Child support or court order required payment statements.Only if applies.

  1. Drivers license.

  1. Purchase and Sale Contact. Only if you have one.

  1. Profit and Loss statement. Only  if we asked for one.

  1. If you have No Rental history requires 6 months future mortgage payments ( reserves) in your account at closing. Or with 15% or more down i have a lender that will wave the reserve requirements.

  1. If funds are being transferred from business account. Borrower will need a signed and dated statement that the withdrawal of funds for down payment and closing will not negatively impact the business.

  1. Satisfactory inquiry letter that no new debt has been taken out that does not reflect on the credit report.

  2. Once we determine your income we may need a Profit and Loss statement for the most recent 24 months prepared by the borrower. Profit and loss needed for each year. 1 for last year. And 1 for year to date. Please ask us for profit and loss template.

  3. Self-Employment Business Questionnaire and Certification to be completed by borrower when business bank statements are used to document income

How do I qualify For A Texas Bank Statement Only Mortgage Loan?  

  • You be Self Employed for at least 1+  years.
  • Must be Self Employed for at least 1+ years
  • No tax returns
  • Use up to 90% of Deposits for income! 
  • Min 10% Down Payment Purchase or Refinance up to 85% LTV subject to market conditions.
  • Up to $3,000,000 Loan Amounts.
  • Minimum Loan Amount $100,000.
  • Purchase or Refinance cash out or rate and term.
  • Primary and second homes only.
  • No PMI mortgage insurance..
  • 30 Year Fixed or ARM Rates.
  • 12 or 24  Months Bank Statement Average Personal or Business OK

What is a Texas Bank Statement Loan?

Bank statement loans have taken over the traditional Bank Statement income loans as an alternative for self employed Texas mortgage applicants who are unable to verify their income by providing the previous two years tax returns, W2s and pay stubs. These loans are called non-QM loans, nontraditional loans or expanded criteria loans that allow other forms of documentation to prove the ability to repay. Just as it sounds, a bank statement loan allows the borrower to verify his or her income with bank statements

Eligible for a Texas bank statement loan:

  • You must prove self-employment for a minimum 2 years.
  • Must provide proof of 12-month rental history or and 3-6 months future payments in reserves.
  • You must have at least 10% down.
  • You must have 4-6 months of PITI reserves
  • You may qualify with as little as a 12-months bank statement.
  • You must have a credit score of 600 or above to qualify.
  • The minimum loan amount is $100,000, and the maximum loan is $5,000,000.

What Documents Do I need for a Texas Bank Statement only Mortgage?

  • Proof of income = Your most recent 12- or 24-months bank Statements Business or Personal bank statements EVERY PAGE EVEN BLANKS in PDF labeled by month.
  • PDF proof of down payment statement= 2 Months Bank Statements to source funds..
  • Proof of 2 years in the same business or line of work = To include business licenses or satisfactory evidence of self-employed to cover previous 24 months that could include: Articles of incorporation, 2 years of 1099 s, Business license more than 2 years or accountant letter stating more than 2 years in the same business.
  • Obligations = Divorce decree, Child support or court order required payment statements. Only if applies.
  • ID = Driver’s license, SS Card.
  • Mortgage Statements = For rental properties including taxes and insurance statements. Only if applies.
  • W2 or 1099= If you have separate W2 or 1099 income you would like to use to qualify please provide.
  • Purchase and Sale Contact. Only if you have one.
  • Verified Timely Rent Payments- For Purchases Only – Please send front and backs of checks clearing your account or wire transfer’s for the most recent 12 months to verity timely rental payments.

What Are the Advantages of a Texas Bank Statement Loan?

In summary, these are the advantages of a bank statement loan:

  • The lender can look at 12 or 24-month bank statements.
  • 30 Year Fixed Options.
  • Bank statement only mortgage lenders do not need to look at your tax returns.
  • Your income statements are made up of the average monthly income deposits.
  • You can get a bank statement home loan for as little as 10 percent down.
  • You can do a cash-out refinance.
  • You can borrow up to $5 million.
  • Debt to income ratio up to 55 percent.

Eligibility Requirements for a Texas Bank Statement Mortgage Loan?

Eligibility for a bank statement requires total deposits minus disallowed deposits. This amount is then divided by the number of bank statements, whether it is the 12 or 24 months statement.

Another option is that if the co-borrower is a W2 employee you can use a hybrid of W2 and tax return income from the co-borrower and bank statement income from the borrower or assets from the co-borrower and bank statements from the borrower. Non-QM loans can use multiples sources of blended incomes to qualify.

Deposits which are disallowed in regards to a bank statement loan include transfers between bank accounts and cash or large deposits, which can raise a level of concern and may require a letter of explanation.

Special Considerations By Texas Bank Statement Mortgage Lenders

  • You can use either business or personal no commingling.
  • Use 12 months business bank account or personal account depending on the lender.
  • Deposits which are transferred from a business account into a personal account are OK.
  • You may combine W2 income with bank statement income as long as the income is not being counted twice.
  • Foreign Bank Statements and Foreign Assets may be considered and must be translated to English.

The Bank Statement Loan Application Process

To apply for a bank statement loan you would fill out our full mortgage application. Then provide your last 12 or 24  months’ worth of bank statements from a personal or business bank account. Bank statement mortgage loans are processed through a manual underwriting process. This means the income is calculated by a person so the process can take 24 -48 hours.

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TEXAS BANK STATEMENT MORTGAGE LENDERS

Texas Bank Statement mortgage loans are processed through a manual underwriting process. This means the income is calculated by a person so the process can take 24 -48 hours. Eligible for a Texas Bank Statement mortgage loan: You must prove self-employment for a minimum 2 years.

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