No Tax Return-Texas-Bank Statement Only Mortgage Lenders
TEXAS BANK STATEMENT MORTGAGE LENDERS

BANK STATEMENT+NO TAX RETURN TEXAS MORTGAGE
Serving ALL Texas – 2  Texas Bank Statement Loan loan options 

• Personal Bank Statement mortgages: qualify using 100%  12 or 24 months bank statements.
• Business Bank Statement mortgages: qualify on 12 or 24 months average  Texas business bank statement deposits..

What is a Texas Bank Statement mortgage Lender?

 San Antonio Texas Bank Statement Mortgage Lenders   have taken over the traditional  San Antonio 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 Statement mortgages

Special Considerations By San Antonio 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 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.

The San Antonio Texas 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 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.

Eligible for a Texas Bank Statement mortgage 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 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 Texas Bank Statement mortgage only Mortgage?

• 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.

• San Antonio Texas  Bank Statement Mortgage Lenders – 12 or 24 months San Antonio Texas  business or personal bank stmts (Self Employed, Contactors, Freelancers in the same line of work for a full 2  years.
  (San Antonio Texas  Bank Statement Mortgage Lenders qualify rental income qualified by lease agreements) 
• San Antonio Texas  Bank Statement Mortgage Lenders—3-month Bank Statement (24-month CPA compiled and signed P&L statement supported by 3-months bank stmts) 
• San Antonio Texas  Bank Statement Mortgage Lenders—Profit and Loss (P&L) only. 24-month P&L compiled and signed by CPA. CPA must also attest to filing tax returns for borrowers for 24-months.
• San Antonio Texas  Bank Statement Mortgage Lenders—Verification of bank statement income  only.

PROPERTY TYPES – SAN ANTONIO Texas  BANK STATEMENT MORTGAGE LENDERS:
● SFRs, condos, townhouses, 1-4 units (no rural properties < $200,000)
● Property must show “pride of ownership”
● Minimum $25,000 equity required

 

CREDIT SCORE -San Antonio Texas  BANK STATEMENT MORTGAGE LENDERS:
LTV/CLTV Maximum Loan Amount 

Min 600+ Fico San Antonio Texas  Bad Credit Bank Statement Mortgage Lenders

San Antonio Texas  Bank Statement Mortgage Lenders 85% $1,500,000 720+Credit Score 

San Antonio Texas  Bank Statement Mortgage Lenders 80% $2,000,000 75% $2,500,000 80% $1,000,000 

San Antonio Texas  Bank Statement Mortgage Lenders 75%  $2,000,000 

San Antonio Texas  Bank Statement Mortgage Lenders Primary Residence & Second Home – Cash Out Refinance 

San Antonio Texas  Bank Statement Mortgage Lenders Credit Score  LTV/CLTV  Maximum Loan Amount  75%  $1,500,000 70% $2,000,000 70% $1,500,000 65%  $2,000,000 

San Antonio Texas  Bank Statement Mortgage Lenders Non-Owner Occupied – Purchase, R/T & Cash Out Refinance – Credit Score LTV/CLTV Maximum Loan Amount 60% $1,500,000 

SAN ANTONIO TEXAS BANK STATEMENT MORTGAGE APPLICANTS  MUST BE SELF-EMPLOYED TO QUALIFY FOR THIS PROGRAM.

Using Personal San Antonio Texas  bank statements  to Qualify

Validation of minimum of 2 years existence of the business from one of the following: Business License, Letter from Tax preparer, Secretary of State Filing or

equivalent.

Most recent 12 or 24 months personal San Antonio Texas  bank statements  – Utilize 12 or 24 months average deposits to qualify (minus disqualified/unrelated deposits)

Most recent 2 months business San Antonio Texas  bank statements  – Demonstrate transfers from business to personal bank account statements provided

Borrowers must own a minimum of 25% of business to be considered Self-Employed, for use of personal San Antonio Texas  bank statements .

Qualifying income may not exceed the income indicated on the initial 1003.

Personal Bank Statement Analysis

Income should be calculated based on a 12 or 24 month average of total deposits minus any unusually large deposits exceeding 50% of the monthly

income (as defined by Fannie Mae) into personal accounts must be explained via LOE. If LOE is sufficient, no sourcing required.

Pattern of deposits and payment should be consistent

ATM deposits may be included if a consistent pattern of such deposits is present;

Expectations of changes in deposit pattern must be considered;

Income documented separately but comingled must be backed out of deposits;

Two months business San Antonio Texas  bank statements ;

o Must evidence activity to support business operations, and

o Reflect transfers to the personal account

 

Using Business San Antonio Texas  bank statements  / Co-mingled (Business & Personal) to Qualify Validation of minimum of 2 years existence of the business from one of the following: Business License, Letter from Licensed Tax preparer, Secretary of

State Filing or equivalent. Borrowers utilizing business San Antonio Texas  bank statements  that own > 50% but < 100% of a business will be qualified at the P&L net income multiplied by their ownership. Less than 50% ownership will require exception approval for use of Business San Antonio Texas  bank statements 

Documentation Options: Business Expense Statement Letter:

o An expense statement specifying business expenses as a percent of the gross annual sales/revenue prepared and signed by a licensed tax preparer. 

o 12 or 24 months of business San Antonio Texas  bank statements  covering the most recent time period.

o Net Income determined by total deposits per San Antonio Texas  bank statements  less total expenses. Total expenses calculated by multiplying total deposits by the

expense factor provided by licensed tax preparer.  Qualifying income is the lower of the net income from the analysis or the income indicated on

the initial 1003 2. 12 or 24 Month P&L Statement (Option 2)

o 12 or 24 Month P&L prepared by a licensed tax preparer

o 12 or 24 Months of business San Antonio Texas  bank statements  covering the most recent time period and matching the time period of the P&L.

o P&L Sales/Revenue must be supported by the provided San Antonio Texas  bank statements . Total deposits per San Antonio Texas  bank statements , minus any inconsistent deposits,

must be no more than 10% below revenue reflected on P&L. The San Antonio Texas  bank statements  and P&L must cover the same time period. Qualifying income

is the lower of the Net Income indicated on the P&L or the income indicate d on the initial 1003 

12 or 24 Month Borrower Prepared P&L Statement: (Option 3)

o 12 or 24-month P&L prepared and signed by the borrower

o A business narrative provided by the borrower which includes detail regarding the size and operating profile of the business addressing;

location/rent, number of employees/contractors, COGS, Trucks/Equipment (Owned or leased).  The expenses listed on the P&L should address

all items disclosed in the narrative.

o 12 or 24-months of business San Antonio Texas  bank statements  covering the most recent time-period and matching the same period covered by the P&L

o Borrower is required to provide separate P&Ls & business narrative for each business being used in qualifying

o P&L Sales/Revenue must be supported by the provided San Antonio Texas  bank statements . Total deposits per San Antonio Texas  bank statements , minus any inconsistent deposits,must be no more than 10% below sales/revenue reflected on the P&L.  The San Antonio Texas  bank statements  and P&L must cover the same time periods. 

Qualifying income is the lower of the Net Income indicated on the P&L or the income indicated on the initial 1003

o The analysis of the business and P&L will require a basic understanding of the borrowers business.  The narrative provided by the borrower

should be reviewed to determine if the business provides a service or produces/manufactures goods.  If the business has a web site, it should

be reviewed to gain additional information on the business and its size.  The goal of the analysis is to determine if the individual/total expenses as provided by the borrower on the P&L appear reasonable for the type of business.  The items to consider in this analysis;

Description of business from narrative

Location of business – Home based or lease space (Google address)

Utilities – Phone, electric, internet

Number of employees or contractors – employee taxes, payroll expense

Cost of Goods Sold – What type of materials does the business use or manufacture.

Equipment or Trucks/Vehicles owned or leased

Type of client base – retail or commercial

Any recurring payment on the San Antonio Texas  bank statements  should be compared to an expense item on the P&L for reasonableness. 

24 Month CPA Prepared P&L (Option 4) – (12 Months P&L Not Available)

o Available on LTV <=90%

o 24 (P&L) prepared/complied and signed by a CPA (proof of CPA current state license required) dated within 30-days of the loan application, and 

o A minimum 2-months of business San Antonio Texas  bank statements  covering the most recent 2-month period.

o The 2-months of business San Antonio Texas  bank statements  must support the sales reflected on the 24 month CPA (proof of current state licensing required)

prepared P&L. The average deposits from the San Antonio Texas  bank statements  must be greater than, or no more than, 10% below the average monthly sales. In

the event the 10% tolerance is not met, continuous San Antonio Texas  bank statements  may be added to the analysis until the tolerance is met.  

Self Employed/Wage Earner Combination – Joint borrowers with 1 wage earner and 1 self-employed business owner can verify income separately, with the

self-employed borrower utilizing San Antonio Texas  bank statements  and the wage earner providing pay stubs/W-2s. The wage earner 4506T should include W-2 transcripts

only. Combination scenario must be qualified and priced as a bank statement loan

 

Component Sources of Income – A borrower who has a self-employed business and also receives income from other sources is eligible for the bank

statement program. Income sources include but are not limited to rental properties, trust & investment, alimony, etc. These income sources must be

separately documented on the 1003 and must be separately supported by bank statement deposits.

o Rental Income

A current lease is required for all REO income properties

Must provide proof of ownership

Must provide rental payments of 2 months via cancelled checks, deposits clips, or bank records If lease is not available, market rent should be reduced by a vacancy/expense factor of 25% 

o Trust Income – Income from trusts may be used if constant payments will continue for at least the first 3 years of the mortgage term as evidenced by trust income documentation Trust Agreement required confirming amount, distribution frequency, and duration of payments

o Alimony Income

Final Divorce decree or legal separation agreement required

Must provide payment evidence of 6 months via cancelled checks, deposit slips, or bank records

o Note Receivable Income

Copy of the note confirming amount and length of payment

Must provide payment evidence of 12 months via cancelled checks, deposit slips, or bank records

o Royalty Payment Income 

Royalty contract, agreement, or statement confirming amount, frequency, and duration of the income must document a 3 year

continuance Must provide payment evidence of 12 months via cancelled checks or bank records/deposits 

 

The underwriter should provide notes of their analysis on the U/W approval form/1008/or within the bank statement analysis.

Expenses must be reasonable for the type of business;

Pattern of deposits and payment should be consistent;

Expectations of changes in deposit pattern must be considered;

Income documented separately but co-mingled must be backed out of deposits.

 

CREDIT REQUIREMENTS INCLUDING TAX LIENS, JUDGMENTS-San Antonio Texas  BANK STATEMENT MORTGAGE LENDERS  -All tax liens and judgments must be paid at closing

COLLECTION ACCOUNTS- San Antonio Texas  BANK STATEMENT MORTGAGE LENDERS  –Collections and charge offs need to be paid off except: – Medical Collections San Antonio Texas  Bank Statement Mortgage Lenders  –
Collection account requirements for San Antonio Texas  Bank Statement Mortgage Lenders  older than 2 years

Adjustable Rate -San Antonio Texas  Bank Statement Mortgage Lenders 

 

DOWN PAYMENT REQUIREMENTS BY San Antonio Texas  BANK STATEMENT MORTGAGE LENDERS- Down payment funds should be documented for 60 days per the Fannie Mae Verification of Deposits and Assets San Antonio Texas  Bank Statement Mortgage Lenders guidelines with the documentation included in the loan file.In addition to documenting the down payment, closing costs, and minimum PITIA reserve requirements, all San Antonio Texas  bank statement  only mortgage applicants  must disclose and verify all other liquid assets.

• Bank Account Statements should cover most recent 60-day period
• VOD should be dated within 30 days of loan application date
• Stocks/Bond/Mutual Funds -100% of stock accounts can be considered in the calculation of assets for closing and reserves;
• Vested Retirement Account funds –60% may be considered for closing and/or reserves;
• Non-vested or restricted stock accounts are not eligible for use as down payment or reserves.
• Assets being used for dividend and interest income may not be used for reserves requirements.
• When San Antonio Texas  San Antonio Texas  bank statements  are used, large deposits must be evaluated. Large deposits are defined as any single deposit that represents more than 75% of the

monthly average deposit balance.  Large deposits need to be sourced.

• Use of San Antonio Texas  business funds: may be used for down payment, closing costs and reserves if the borrower is the sole proprietor or 100% owner of the San Antonio Texas  business (or all

San Antonio Texas  bank statement  only mortgage applicants  combined own 100%).

o Calculation used to determine if San Antonio Texas  business funds are available

Average Monthly San Antonio Texas  business Expense: Use the most recent six (6) month San Antonio Texas  business San Antonio Texas  bank statements , total all San Antonio Texas  business withdrawals and divide by six(6).Two (2) Months Expenses: Take Average Monthly San Antonio Texas  business Expense and multiply by 2. Take the most recent San Antonio Texas  business account ending balance and subtract the Two (2) Months Expense. ( = ) Funds Available: The result, if positive, represents the maximum amount of San Antonio Texas  business funds available to use towards down payment, closing cost and reserves. 

 

CHARGE OFF, COLLECTION ACCOUNTS- San Antonio Texas  BANK STATEMENT MORTGAGE LENDERS

Individual collection and non-mortgage charge-off accounts equal to or greater than $250 and accounts that total more than $2,000 must be paid in full prior to or at closing. Medical collections may remain open with a max cumulative balance of $10,000 

Collections and charge-offs that have expired under the state statute of limitations on debts may be excluded. Evidence of expiration must be documented.  All open judgments, garnishments, and all outstanding liens must be paid off prior to or at loan closing.

Charge-offs and collections not excluded by the above bullet points must be paid or may stay open if using one or a combination of both of the following:  o Payments for open charge-offs or collections are included in the DTI (Subject to program DTI restrictions). If no payment plan, payment calculated at 5% of the balance of remaining unpaid collections and charge-offs.

o Reserves are sufficient to cover the balance of the charge-offs or collections and meet reserve requirements. 

 

AGE OF DOCUMENTS – San Antonio Texas  BANK STATEMENT MORTGAGE LENDERS

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 90 days prior to closing 

 

APPRAISAL- San Antonio Texas  BANK STATEMENT MORTGAGE LENDERS

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 Days period, a recertification of value is acceptable up to 180 days. After a 180 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.  San Antonio Texas  bank statement  mortgage lenders will consider if issue has been corrected prior to loan funding with proper documentation.

 

APPRAISAL REVIEW PRODUCTS: An enhanced desk review product, (from a San Antonio Texas  bank statement  mortgage lenders Approved AMC is required on all transactions.In lieu of an enhanced desk review product, a field review or second appraisal from a San Antonio Texas  bank statement  mortgage lenders’s AMC is acceptable.  If the Appraisal Review Product value is more than 10% below the appraised value a second appraisal is required. When a second appraisal is provided, the transactions “Appraised Value” will be the lower of the two appraisals.A second appraisal is required on loan amounts > $1,500,000 

San Antonio, Texas Bank Statement Mortgage Lenders Coverage Areas 

• Type Of Lender San Antonio Texas Zip Code Type County Population Area Code
• San Antonio San Antonio Texas Zip Code 78201 Standard Bexar 45,307 210
• San Antonio Texas Zip Code 78202 Standard Bexar 11,691 210
• San Antonio Texas Zip Code 78203 Standard Bexar 6,099 210
• San Antonio Texas Zip Code 78204 Standard Bexar 11,125 210
• San Antonio Texas Zip Code 78205 Standard Bexar 1,453 210 / 726
• San Antonio Texas Zip Code 78206 Standard Bexar 0 210 / 726
• San Antonio Texas Zip Code 78207 Standard Bexar 55,514 210
• San Antonio Texas Zip Code 78208 Standard Bexar 3,736 210
• San Antonio Texas Zip Code 78209 Standard Bexar 39,197 210
• San Antonio Texas Zip Code 78210 Standard Bexar 36,865 210
• San Antonio Texas Zip Code 78211 Standard Bexar 31,944 210
• San Antonio Texas Zip Code 78212 Standard Bexar 28,415 210
• San Antonio Texas Zip Code 78213 Standard Bexar 40,396 210
• San Antonio Texas Zip Code 78214 Standard Bexar 23,341 210
• San Antonio Texas Zip Code 78215 Standard Bexar 1,150 210 / 726
• San Antonio Texas Zip Code 78216 Standard Bexar 40,267 210
• San Antonio Texas Zip Code 78217 Standard Bexar 32,165 210
• San Antonio Texas Zip Code 78218 Standard Bexar 31,917 210
• San Antonio Texas Zip Code 78219 Standard Bexar 15,225 210
• San Antonio Texas Zip Code 78220 Standard Bexar 15,965 210
• San Antonio Texas Zip Code 78221 Standard Bexar 35,990 210
• San Antonio Texas Zip Code 78222 Standard Bexar 19,408 210
• San Antonio Texas Zip Code 78223 Standard Bexar 50,637 210
• San Antonio Texas Zip Code 78224 Standard Bexar 17,601 210
• San Antonio Texas Zip Code 78225 Standard Bexar 13,025 210
• San Antonio Texas Zip Code 78226 Standard Bexar 6,648 210
• San Antonio Texas Zip Code 78227 Standard Bexar 46,077 210
• San Antonio Texas Zip Code 78228 Standard Bexar 58,811 210
• San Antonio Texas Zip Code 78229 Standard Bexar 28,804 210
• San Antonio Texas Zip Code 78230 Standard Bexar 39,089 210
• San Antonio Texas Zip Code 78231 Standard Bexar 7,906 210
• San Antonio Texas Zip Code 78232 Standard Bexar 35,120 210
• San Antonio Texas Zip Code 78233 Standard Bexar 43,710 210
• San Antonio Texas Zip Code 78234 Standard Bexar 7,126 210
• San Antonio Texas Zip Code 78235 Standard Bexar 357 210
• San Antonio Texas Zip Code 78236 Standard Bexar 10,392 210
• San Antonio Texas Zip Code 78237 Standard Bexar 36,929 210
• San Antonio Texas Zip Code 78238 Standard Bexar 23,514 210
• San Antonio Texas Zip Code 78239 Standard Bexar 28,736 210
• San Antonio Texas Zip Code 78240 Standard Bexar 51,111 210
• San Antonio Texas Zip Code 78241 Standard Bexar 0 210
• San Antonio Texas Zip Code 78242 Standard Bexar 31,395 210
• San Antonio Texas Zip Code 78243 Standard Bexar 235 210
• San Antonio Texas Zip Code 78244 Standard Bexar 30,757 210
• San Antonio Texas Zip Code 78245 Standard Bexar 56,511 210
• San Antonio Texas Zip Code 78246 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78247 Standard Bexar 49,176 210
• San Antonio Texas Zip Code 78248 Standard Bexar 13,638 210
• San Antonio Texas Zip Code 78249 Standard Bexar 49,951 210
• San Antonio Texas Zip Code 78250 Standard Bexar 54,903 210
• San Antonio Texas Zip Code 78251 Standard Bexar 49,435 210
• San Antonio Texas Zip Code 78252 Standard Bexar 7,372 830
• San Antonio Texas Zip Code 78253 Standard Bexar 29,007 210
• San Antonio Texas Zip Code 78254 Standard Bexar 44,817 210
• San Antonio Texas Zip Code 78255 Standard Bexar 10,826 830
• San Antonio Texas Zip Code 78256 Standard Bexar 6,855 830Florida
• San Antonio Texas Zip Code 78257 Standard Bexar 3,950 830
• San Antonio Texas Zip Code 78258 Standard Bexar 40,586 830
• San Antonio Texas Zip Code 78259 Standard Bexar 22,660 210
• San Antonio Texas Zip Code 78260 Standard Bexar 24,844 830
• San Antonio Texas Zip Code 78261 Standard Bexar 13,513 210
• San Antonio Texas Zip Code 78263 Standard Bexar 4,673 210
• San Antonio Texas Zip Code 78264 Standard Bexar 12,339 210
• San Antonio Texas Zip Code 78265 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78266 Standard Comal 5,591 210
• San Antonio Texas Zip Code 78268 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78269 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78270 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78278 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78279 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78280 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78283 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78284 Standard Bexar 0 210
• San Antonio Texas Zip Code 78285 Standard Bexar 0 210
• San Antonio Texas Zip Code 78288 Unique Bexar 0 210
• San Antonio Texas Zip Code 78289 Unique Bexar 0 210
• San Antonio Texas Zip Code 78291 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78292 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78293 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78294 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78295 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78296 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78297 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78298 P.O. Box Bexar 0 210
• San Antonio Texas Zip Code 78299 P.O. Box Bexar 0 210