TEXAS ITIN BANK STATEMENT+NO TAX RETURN TEXAS MORTGAGE
Serving ALL Texas – 2 Texas Bank Statement Mortgage Lenders Loan loan options
Personal Texas Bank Statement mortgages: qualify using 100% 12 or 24 months Texas Bank statements.
Business Texas Bank Statement mortgages: 12 or 24 months avg Texas Bank statement deposits..
TEXAS TIN MORTGAGE LENDERS-NO SOCIAL SECURITY NUMBER –
NON-PERMANENT RESIDENT TEXAS MORTGAGE LENDERS
Down to a 600 FICO up to 75% LTV
FNMA loan limits
OO Primary Only
No Visa or EAD Required
Must have a valid ITIN # and ID
Full Doc only
Sellers assist allowed
SFR, 2-4 Units, Townhomes, Warrantable Condos
ITIN# & SSN on W2 does not have to match – MAX 85%LTV
Texas Visa Mortgage Lenders Acceptable Visa Classifications
The following visa classifications are allowed as NPRA:
• E-1, E-2, E-3
• G-1 through G-5
• TN (NAFTA)
Texas Visa Mortgage Lenders Documentation Requirements
Copies of the borrower’s passport and unexpired visa must be obtained.
Acceptable alternative documentation to verify visa classification is an I-797
form (Notice of Action) with valid extension dates and an I-94 form
(Arrival/Departure Record). Borrowers unable to provide evidence of lawful
residency status in the U.S. are not eligible for financing under the NPRA
A valid employment authorization document (EAD) must be obtained if the
visa is not sponsored by the borrower’s current employer. If the visa will
expire within 12 months of loan application, it is acceptable to obtain a letter
from the employer documenting the borrower’s continued employment and
continued visa renewal sponsorship (employer on the loan application must
be the same as on the unexpired visa). If a NPRA is borrowing with a U.S.
citizen, it does not eliminate visa or other residency requirements.
Individuals in possession of spouse or family member visas are to qualify as
co-borrowers only. A valid EAD must be provided to use their income for
Borrowers who are residents of countries which participate in the State
Department’s Visa Waiver Program (VWP) will not be required to provide a
valid visa. Participating countries can be verified through the U.S.
Department of State website at http://travel.state.gov/content/visas/english/visit
Texas Visa Mortgage Lenders Qualifying Foreign Credit
The Qualifying Foreign Credit designation refers to NPRA borrowers who do not meet the Standard Tradeline requirements in Tradeline Requirements guidelines. A Qualifying Foreign Credit borrower may or may not have a U.S. credit report with no credit score, a single score, or a score with insufficient tradelines. If no credit score is available,
the NPRA borrower will be graded based on the A- credit grade.
Qualifying Foreign Credit borrowers must establish an acceptable credit history subject to the following requirements:
• Three open accounts with a 2-year history must be documented for each borrower reflecting no late
• A 2-year housing history can be used as a tradeline.
• U.S. credit accounts can be combined with letters of
reference from verifiable financial institutions in a foreign country to establish the 3 open accounts and an acceptable
credit reputation. If letters of reference are obtained, they
o State the type and length of the relationship, how the accounts are held, and status of the account;
o Provide contact information for person signing the letter; and
o Translations must be signed and dated by a certified translator
ITIN Texas Mortgage Lender?
An ITIN Texas Mortgage lender is a lender that uses Individual Taxpayer Identification Number ( ITIN Texas) is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9 and has a range of 70-88 in the fourth and fifth digit. Effective ITIN Texass are issued regardless of immigration status because both resident and nonresident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code. ITIN Texas Mortgage lender use this number to verify and confirm borrowers stable predictable income for mortgage loan qualification. Individuals must have a filing requirement and file a valid federal income tax return to receive an ITIN Texas unless they meet the ITIN Texas exception. Application for Texas IRS Individual Taxpayer Identification Number to apply
Individual Taxpayer Identification Number (ITIN) Program
Borrower/Product Eligibility- Borrowers eligible under the ITIN Program are Resident Aliens who do not comply with the Non-Permanent Resident Alien program. They may purchase property for owner-occupied purposes only.
Credit- Credit will be pulled using borrower’s ITIN number and must have a minimum of two (2) FICO scores.
Tradelines-The minimum credit depth is three (3) acceptable trade lines aged to a minimum of two (2) years for LTVs
greater than 70%. Only one (1) of the three (3) trade lines needs to be seasoned greater than two (2) years
for LTVs equal to or less than 70%. INTIN Mortgage Lenders have. the discretion to determine the
acceptability of a trade line.
OFACA check will be run on all borrowers and any positive returns must be satisfactorily cleared.
Eligible Properties- The following property types are acceptable for financing provided they meet general property guidelines:
• Single Family Residence (SFR)
• Planned Unit Development (PUD)
• Low & High-Rise Condo
• Duplex, Triplex, & Fourplex (2-4 units)
The maximum LTV for the transactions are shown below:
• Purchase – 80%
• Rate/Term Refinance – 80%
• Cash Out Refinance – 75%
Minimum Loan Amount: $100,000- Maximum Loan Amount: $1,000,000
Texas ITIN Texas Mortgage Lenders – Loan Amounts & Downpayment!
- 10% Down up to 300k Texas ITIN Texas Mortgage Lenders.
- 20% down up to 400k Texas ITIN Texas Mortgage Lenders.
- 30% Down up to 500k Texas ITIN Texas Mortgage Lenders.
- 40% down up to 600k Texas ITIN Texas Mortgage Lenders.
Texas ITIN Texas Mortgage Lenders – Purchase or Refinance
In order to qualify for an ITIN Texas loan in Texas, you will need to satisfy the ITIN Texas mortgage lenders requirements. Most ITIN Texas mortgage lenders offering these programs will require proof the following:
- ITIN Texas card, state ID, drivers license, or passport.
- The most recent 2 years W2 or 1099 proof of stable predictable income.
- A down payment of at least 20-25% depending on the ITIN Texas Mortgage lender.
- A credit report or Proof of payment history.
- Your most recent 2 months bank statements
Texas ITIN Texas Mortgage Lenders Refinance
• If the property was purchased within 12 months of the application date, Property Value is equal to the lower of the sales price or appraised value. If the property was purchased more than 12 months prior to the application date, the property value is equal to the appraised value.
• For Texas homes where capital improvements have been made to the property after purchase, LTV/CLTV/HCLTV can be based on the lesser of the current
appraised value or original purchase price plus the documented improvements. Receipts are required to document cost of improvements.
Texas ITIN Texas Mortgage Lenders Property Types
Eligible: Single Family Residences, PUDs, Townhouses, Condominiums (warrantable only)Property Types – All Condos FNMA Warrantable Only; Warrantable Types S, T or U • New condominium projects (Type R) with Condo Project Manager (“CPM”) or PERS approval • Site (detached) Condos • Limited Review is not eligible
Ineligible: 2-4 Units • Texas Non-Warrantable condos • Acreage greater than 10 acres (appraisal must include total acreage) • Agricultural zoned property • Condo
hotel • Co-ops • Hobby Farms • Income producing properties with acreage • Leaseholds • Log Texas homes • Manufactured housing • Mixed-use Texas properties • Modular
Texas homes • Properties subject to oil and/or gas leases •Unique properties • Working farms, ranches or orchards.
Texas ITIN Texas Mortgage Lenders Income Documentation
A minimum of two (2) years employment and income history
• Gaps in employment in excess of 30 days during the past two (2) years require a satisfactory letter of explanation and the Texas ITIN Texas mortgage applicants must be
employed with their current employer for a minimum of six (6) months to qualify.
• For a Texas ITIN Texas mortgage applicants who has less than a two-year employment and income history, the Texas ITIN Texas mortgage applicants’s income may be qualifying income if the Mortgage file
contains documentation to support that the Texas ITIN Texas mortgage applicants was either attending school or in a training program immediately prior to their current
employment history. School transcripts must be provided to document.
IRS Form 4506‐T / Tax Transcripts
• A completed, signed, and dated IRS form 4506-T must be completed for all Texas ITIN Texas mortgage applicantss at closing whose income is used to qualify for the mortgage.
• The 4506-T must be processed and tax transcripts obtained (for each year requested) to validate against all tax returns used for qualifying and/or W-
2 forms. For self-employed Texas ITIN Texas mortgage applicantss, this applies to both personal and business returns (for businesses where Texas ITIN Texas mortgage applicants(s) has 25% or more
ownership) regardless of whether or not income is used to qualify, a separate form must be filled out for each business entity.
Texas ITIN Texas Mortgage Lenders Documentation requirements:
• Pay Stub – 1 full month with YTD earnings
• W-2’s and/or 1099’s – prior two (2) years for all Texas ITIN Texas mortgage applicants
• 1040’s – prior two years, including all pages, schedules, statements
• Year to date Profit and Loss Statements and Balance Sheets are required for all self-employed Texas ITIN Texas mortgage applicants (in addition to two years of tax returns)
• K-1’s on all corporations and Schedule E business entities prior two years
• Texas Business returns on all Corporations and Schedule E business entities prior two years if ownership is > 25%, including all pages, schedules,
• 1120S, 1120 and 1065’s – prior two (2) years if General Partner and/or percentage of ownership is > 25%, including all pages, schedules,
Texas ITIN Texas Mortgage Lenders Max Payment Shock
Payment shock is 150%
Payment Shock Calculation: Payment shock is a function of the percentage of the pay increase of a new payment when compared to a prior rental or housing monthly payment.
Texas ITIN Texas Mortgage Lenders After Bankruptcy
Chapter 7 and 11:
Texas Chapter 7 and Chapter 11 bankruptcies must be discharged for a minimum of 36 months from closing date. Seasoning is measured from the month and year of discharge.
Texas Chapter 13 bankruptcies must be discharged for a minimum of 36 months from closing date. Seasoning is measured from the month and year of discharge. If
the Chapter 13 bankruptcy was dismissed, 36 months’ seasoning is required from the date of the dismissal.
Texas ITIN Texas Mortgage Lenders Checking and Savings Accounts
• The two (2) most recent, consecutive months’ statements for each account are required.
• Large deposits inconsistent with monthly income or other deposits must be verified.
• Two (2) most recent, consecutive months stock/securities account statements are required.
• 70% of stock accounts can be considered in the calculation of assets for closing and reserves.
• Non-vested or restricted stock accounts are not eligible for use as down payment or reserves.
Earnest Money Deposit (EMD)
Earnest money deposit (EMD) must be sourced and verified on all loans
• Most recent Texas retirement account statement covering a minimum of two (2) month period.
• Evidence of liquidation is required when funds are used for down payment or closing cost
• 60% of the vested value of retirement accounts, after reduction of any outstanding loans, may be considered toward the required reserves.
• Excluding 401k’s & IRA’s, verification of the terms of liquidation if funds are used for reserves
• Retirement accounts that do not allow any type of withdrawal are ineligible for use as reserves.
• The Texas mortgage applicant withdrawal of cash from a business may not have a severe negative impact on the business’ ability to continue operating. If a Texas ITIN Texas mortgage applicants
is trying to use business funds for closing/down payment or reserves, an analysis must be completed by the underwriter to ensure the cash
withdraw will not impact the business.
Texas ITIN Texas mortgage applicants(s) must be 100% owner and the following is required:
• Cash flow analysis required using 3 months business bank statements to determine no negative impact to business based on withdrawal of funds
• A letter from the Texas ITIN Texas mortgage applicants(s) accountant must include the following statements or comments:
• The Texas ITIN Texas mortgage applicants has access to the funds.
• The funds are not a loan.
• The accountant may not be related to the Texas ITIN Texas mortgage applicants or be an interested party to the transaction.
• Gift of Equity • Grant Funds • Pooled Funds • Builder Profits • Cash on Hand • Unsecured loans • No Employer Assistance Assets • Sale of an asset
other than real property or publicly traded securities Age of Documents
Credit Report/Credit Documentation: 90 days old at the time of closing
Income and Asset Documentation: Dated within 90 days of closing
Title Report/Title Commitment: Dated no later than 60 days prior to closing Texas
Texas ITIN Texas Mortgage Lenders Appraisals
Full Interior / Exterior appraisal required. Fannie Mae/Freddie Mac Forms 1004/70, 1025/72, 1073/465 or 2090 must be used. All Fannie Guidelines apply to
appraisal process and value determination, in addition, an Appraisal Management Company must be utilized for appraiser selection.
The Appraisal should be dated no more than 120 days prior to the Note Date. After a 120 day period, a new appraisal is required. Re-certification of value is
not acceptable. Minimum Square Footage 800 Sq. Feet
Not eligible: Properties for which the appraisal indicates condition ratings of C5 or C6 or a quality rating of Q6, each as determined under the Uniform Appraisal
Dataset (UAD) guidelines. GreenBox will consider if issue has been corrected prior to loan funding with proper documentation.
TEXAS APPRAISAL REVIEW : An Appraisal Desktop Review (ARA) from Computer Share is required on all transactions.
Texas ITIN Texas Mortgage Lenders Seller Concessions
All seller concessions must be addressed in the sales contract, appraisal and Closing Disclosure, as applicable, and be compliant with applicable federal and local state law. A seller concession is defined as any interested party contribution beyond the stated limits, or any amounts not being used for closing costs or prepaid expenses (i.e. funds for repairs not completed prior to closing is a seller concession). If a seller concession is present, both the appraised value and sales price must be reduced by the concession amount for purposes of calculating the LTV/CLTV/HCLTV.
Interested party contributions include funds contributed by the property seller, builder, real estate agent/broker, mortgage lender, or their affiliates, or any other party with an interest in the real estate transaction. Interested party contributions may only be used for closing costs and prepaid expenses, and may never be applied to any portion of the down payment or contributed to the Texas ITIN Texas mortgage applicants’ financial reserve requirements.
When and Why should I apply for an ITIN Texas?
You should complete Form W-7 as soon as you are ready to file your federal income tax return, since you need to attach the return to your application.
If you meet one of the exceptions to the tax filing requirement, submit Form W-7, along with the documents that prove your identity and foreign status. You are also required to include supplemental documents to substantiate your qualification for the exception, as soon as possible after you determine that you are covered by that exception.
You can apply for an ITIN Texas any time during the year. However, if the tax return you attach to Form W-7 is filed after the return’s due date, you may owe interest and/or penalties. You should file your current year return by the prescribed due date to avoid this situation.
What is a ITIN Texas Bank Statement mortgage Lender?
Texas Bank Statement Mortgage Lenders have taken over the traditional Texas Bank Statement mortgage 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 Texas Bank Statement mortgage loan allows the borrower to verify his or her income with Texas Bank Statements.
Special Considerations By Texas 1 Year Self Employed TEXAS ITIN Bank Statement Mortgage Lenders
- You can use either business or personal no commingling.
- Use 12 months business Texas 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 Texas Bank Statement mortgage income as long as the income is not being counted twice.
- Foreign Texas Bank Statement mortgages and Foreign Assets may be considered and must be translated to English.
Texas 1 Year Self Employed ITIN Bank Statement mortgage Loan Application Process
To apply for a Texas Bank Statement mortgage loan you would fill out our full mortgage application. Then provide your last 12 or 24 months’ worth of Texas Bank Statement mortgages from a personal or business Texas Bank account. 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.
Texas ITIN 1 Year Self Employed Bank Statement mortgage loan:
- You must prove self-employment for a minimum 1 years.
- Must provide proof of 12-month rental history or and 3-6 months future payments in reserves.
- You must have at least 10-20% down.
- You must have 4-6 months of PITI reserves
- You may qualify with as little as a 12-months Texas Bank Statement mortgage.
- 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 1 Year Texas ITIN Bank Statement mortgage Lender?
- Proof of income = Your most recent 12- or 24-months Texas Bank Statement mortgages Business or Personal Texas Bank Statement mortgages EVERY PAGE EVEN BLANKS in PDF labeled by month.
- PDF proof of down payment statement= 2 Months Texas Bank Statement mortgages 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 Self Employed For 1 Year Texas ITIN Bank Statement mortgage Loan?
In summary, these are the advantages of a Texas Bank Statement mortgage loan:
- The lender can look at 12 or 24-month Texas Bank Statement mortgages.
- 30 Year Fixed Options.
- Texas Bank Statement mortgage 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 Texas Bank Statement mortgage 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 1 Year Self Employed Texas ITIN Bank Statement Mortgage Loan?
Eligibility for a Texas Bank Statement mortgage requires total deposits minus disallowed deposits. This amount is then divided by the number of Texas Bank Statement mortgages, 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 Texas Bank Statement mortgage income from the borrower or assets from the co-borrower and Texas Bank Statement mortgages from the borrower. Non-QM loans can use multiples sources of blended incomes to qualify.
Deposits which are disallowed in regards to a Texas Bank Statement mortgage loan include transfers between Texas Bank accounts and cash or large deposits, which can raise a level of concern and may require a letter of explanation.
ITIN MORTGAGE LENDERS SERVING ALL TEXAS INCLUDING