NO TAX RETURN – NO DOC – TEXAS MORTGAGE LENDERS

12 or 24 Month Texas Bank Statement Home Loan Program For Texas Self Employed

  • Being self-employed in Texas comes with several benefits, such as setting your own hours and even working from home! There is one potential drawback, however. It can be more difficult for you to obtain a Texas mortgage than it is for people on salary. Take heart, though; while the process is more complicated and involves stricter requirements, it is still possible to get a Texas mortgage if you’re self-employed.

    TEXAS BANK STATEMENT ONLY MORTGAGE LENDERS BENEFITS INCLUDE:

    • 2 Years Self Employed Required!
    • Bank statement deposits used to qualify!
    • No tax returns required
    • 12 months personal bank statements or 24 months Business Statements used for income
    • Loans up to $3 million
    • Credit scores down to 600
    • Rates starting in the 5-6% range.
    • Up to 90% Loan to Value!
    • DTI up to 50% Debt To Income Ratio
    • Owner-occupied, 2nd homes, and investment properties
    • 2 years seasoning for foreclosure, short sale, BK, DIL
    • Non-warrantable condos considered
    • Jumbo loans down to 640 score
    • 5/1 ARM or 30-year fixed
    • No pre-payment penalty for owner-occ and 2nd homes
    • SFRs, townhomes, condos, 2-4 units
    • Seller concessions to 6% (2% for investment)

    Let’s start by taking a look at how the secondary market including government-backed lenders Fannie Mae and Freddie Mac approach the process. Fannie Mae’s list of income requirements includes analyzing multiple factors. These include your income stability, your Texas business type and location, the demand for your services, and projected future business income. They generally require two years of earning history owning the Texas business, though they sometimes make exceptions. Freddie Mac’s income qualifying requirements are similar. And they may also include an analysis of your experience in the business, asset verification, and third-party proof that the business exists.Lending Requirements

    Debt-to-Income Ratio The most important factor in your qualification is your debt-to-income ratio. This can make it harder to get a mortgage if you’re self-employed. Why? Because you likely take several tax deductions, which reduces your overall taxable qualifying  income. This makes it seem as if your earnings are much lower than what you actually bring home. In turn, it reduces the loan amount you qualify for. There is a way around this. You can claim fewer deductions in the two years leading up to your home purchase. The result is a higher net income, making your application more attractive to lenders. It’s a good idea to speak to your accountant about the benefits and drawbacks of this approach in your situation. Just remember that your debt-to-income ratio can be no higher than about 40% in order to receive approval.

    BANK STATEMENT DEPOSITS USED TO CALCULATE INCOME:

    • MAXIMUM INCOME USED FOR PERSONAL BANK STATEMENTS – A self-employed borrower’s income is calculated by averaging 100% of personal bank statement related deposits from their most recent 12 months of personal bank statements. If your statements show low deposits for two or three months, then a large deposit the following month, the underwriter may request an additional 12 months to confirm your monthly income normally fluctuates. TEXAS SELF EMPLOYEDBank Statement Only Lenders Approvals varies Case By Case from lender to lender.
    • MAXIMUM INCOME USED FOR BUSINESS BANK STATEMENTS – For business bank statements only lenders will allow as much as 90% of the job-related deposits can be used for income qualifying, not 100%. Texas self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

    The maximum “Debt to Income”(DTI) ratio is 55%. Self-employed borrowers with a lower debt to income ratio may receive better a better rate & pricing. Texas self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

    MINIMUM BANK STATEMENT ONLY CREDIT SCORE NEEDED

    600 or higher middle FICO scores. As much as 80% financing depending on appraised value

    Bank statement only lenders require a credit Score of 640-679 are acceptable at lower LTV up to 85% and slightly higher interest rates occur with low down payment options.

    Refinance with cash back: 680+ credit = 75% financing;

    REQUIRED SELF EMPLOYMENT DOCUMENTATION

    All self-employed mortgage lenders are required to prove stability in the line of employment by providing a copy of their business license or “Articles of Incorporation” showing they have been self-employed in the most recent (2) two years OR have a licensed CPA or enrolled IRS agent draft a letter confirming the same. Texas self-employed Mortgage Lenders using Bank Statement Only varies Case By Case from lender to lender.

    BANK STATEMENT ONLY REQUIRES MONTHLY RESERVES = MONIES IN ACCOUNT AFTER CLOSING REQUIRED BY TEXAS SELF EMPLOYEDMORTGAGE LENDERS-

    Case By Case 1 -12 months of P.I.T.I future payments required in the account at closing.

    If the loan amount is over $1 million, then 12 months. IF over $2M, then 18 months. Bank Statement Only Approvals varies Case By Case from lender to lender.

    ACCEPTABLE BANK STATEMENT ONLY LENDERS LENDER ON PROPERTIES THAT INCLUDE: Condos, Townhomes, single family homes, condotel, duplex, triplex or four-plex all qualify on various programs. Property can be as a primary residence, second home, or rental property. Texas self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

    BANK STATEMENT ONLY LENDERS TERMS INCLUDE – This self-employed loan type is offered on a 30 year fixed-rate or adjustable-rate mortgages with 5, 7, or 30 years fixed terms then it becomes adjustable. TEXAS SELF EMPLOYED Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

    • 2 Years Self Employed Required!
    • Bank statement deposits used to qualify!
    • No tax returns required.
    • 24 months personal bank statements (Personal and Business)
    • Loans up to $2 million.
    • Credit scores down to 500.
    • Rates starting in the 5’s.
    • Up to 85% LTV.

    Texas-Bank Statement Only Mortgage Lenders – FHA mortgage lender

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    TEXAS BANK STATEMENT ONLY MORTGAGE LENDERS DETAILS INCLUDE: 2 Years Self Employed Required! Bank statement deposits used to qualify! No tax returns required. 24 months personal bank statements (Personal and Business) Loans up to $2 million. Credit scores down to 500. Rates starting in the 5’s. Up to 85% LTV.

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    Are you Texas self-employed or 1099 wage earner and having a hard time getting pre approved for aTexas mortgage? We know the story. They have a great top line, but after the accountant works their magic there isn’t much adjusted gross income left to by a Texas home. Texas Bank Statement OnlyMortgage Lenders

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    TEXAS STATED INCOME MORTGAGE LENDERS SUMMARY! No tax returns required.Bank statement deposits used to qualify.Bus or personal bank statements Credit start 600’s. Same Day Pre Approvals! Call Now 954-667-9110.

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    BANK STATEMENT ONLY MORTGAGE LENDERS– Use 24 month bank statement deposits to qualify for a mortgage!

    Texas Self Employed Mortgage Lenders Cities:
    Texas Cities with populations over 10,000 include and are not limited to: Abilene, Alice, Alvin, Amarillo, Andrews, Angleton, Arlington, Athens, Bay City, Beaumont, Beeville, Belton, Big Spring Self Employed Mortgage Lenders, Borger, Brenham, Brownsville, Brownwood, Bryan, Burkburnett, Canyon Self Employed Mortgage Lenders, Carrollton, Cedar Park, Cleburne, College Station, Conroe, Converse, Copperas Cove, Corpus Christi Self Employed Mortgage Lenders, Corsicana, Dallas Self Employed Mortgage Lenders, Del Rio, Denison, Denton, Dumas, Eagle Pass, Edinburg, El Campo, El Paso, Ennis, Fort Worth Self Employed Mortgage Lenders, Freeport, Gainesville, Galveston, Gatesville, Georgetown, Greenville, Groves, Harlingen, Henderson Self Employed Mortgage Lenders, Hereford, Hewitt, Houston Self Employed Mortgage Lenders, Humble, Huntsville, Ingleside, Irving, Jacksonville, Kerrville, Kilgore, Killeen, Kingsville, La Marque, Lake Jackson, Lamesa, Laredo, Levelland, Lewisville, Live Oak Self Employed Mortgage Lenders, Lockhart, Longview, Lubbock, Lufkin, Mansfield, Marshall, McAllen, McKinney, Midland, Missouri City, Mount Pleasant, Nacogdoches Self Employed Mortgage Lenders, New Braunfels, Palestine, Pampa, Paris, Pasadena, Pecos, Plainview, Plano, Port Arthur, Port Lavaca, Portland, Richmond, Rio Grande City Self Employed Mortgage Lenders, Rockwall, Roma, Round Rock, San Angelo, San Antonio, San Benito, San Marcos, Seguin, Sherman, Snyder, Socorro, Stephenville, Sugar Land, Sulphur Springs, Sweetwater, Taylor, Texas City, Tyler, Uvalde, Vernon, Victoria, Vidor, Waco, Waxahachie and Wichita Falls.

    https://mycpa.cpa.state.tx.us/coa/ Search. Tax ID. Use the 11-digit Comptroller’s Taxpayer Number or the 9-digit Federal Employer’s Identification Number. OR. Entity Name. OR. File Number. Use the File Number assigned by the TexasSecretary of State.

    https://www.sos.state.tx.us/

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    Are you Texas self-employed or 1099 wage earner and having a hard time getting pre approved for aTexas mortgage? We know the story. They have a great top line, but after the accountant works their magic there isn’t much adjusted gross income left to by a Texas home. Texas Bank Statement OnlyMortgage Lenders …

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    Jan 8, 2018 – TEXAS BANK STATEMENT ONLY MORTGAGE LENDERS DETAILS INCLUDE: 2 Years Self Employed Required! Bank statement deposits used to qualify! No tax returns required. 12 months personal bank statements or 24 months Business Statements used for income. Loans up to $3 million. Credit scores down to 600.

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    TEXAS STATED INCOME MORTGAGE LENDERS PROGRAMS

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    Texas Bank Statement Only Lenders 12 or 24 Month Bank Statement

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