Texas Self Employed Mortgage applicants are now able to purchase or refinance a Texas home using bank statement for income. Self employed Texas mortgage applicants can qualify for a mortgage using bank statement deposit averages over the past 12 to 24 months for income without having to provide tax returns.
In the past, these Texas mortgage loans were called stated income loans or even no documentation loans. Over time, the programs disappeared and then when they came back these loan programs developed into what we now call bank statement no tax return mortgage loans.
NO Tax Return Mortgage Document Checklist
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.
PDF proof of down payment source or season down payment and closing cost 60 days bank statements PDF all pages.
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.
Most recent 12 months proof of rental history. Or 15% down and 6 months reserves.
Divorce decree, Child support or court order required payment statements.Only if applies.
Purchase and Sale Contact. Only if you have one.
Profit and Loss statement. Only if we asked for one.
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.
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.
Satisfactory inquiry letter that no new debt has been taken out that does not reflect on the credit report.
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.
Self-Employment Business Questionnaire and Certification to be completed by borrower when business bank statements are used to document income
Texas Self Employed Get Mortgage Approval with NO Tax Returns!
- Min 660 Credit for 10% Down Min 3 months reserves.
- Min 600 Credit for 15% Down Min 3 months reserves.
- No tax returns required
- 12 month personal bank statements
- 24 month business bank statements
- Loans up to $3 million
- Credit scores down to 600
- Up to 90% LTV on Personal and Business with no MI
- DTI up to 50% considered
- Owner-occupied, 2nd homes and investment properties
- 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Non-warrantable condos considered
- Jumbo loans down to 600 score
- 5/1 ARM or 30-year fixed
- No pre-payment penalty for owner-occ and 2nd homes
- Seller concessions to 6% (2% for investment)
- 2 year self-employed required
ALL ABOUT NO TAX RETURN Texas MORTGAGE LENDERS
Texas Mortgage applicants who can’t provide tax returns or pay stubs to show their income are getting stated income loans again as Texas mortgage can no longer afford to ignore the business they are losing.
Texas bank statement only mortgage lenders say these no tax return mortgage approvals are the same products as the so-called “liar loans” that were common before the Texas housing crash. Rather, the no tax return loan approvals are going to self-employed owners or investors buying Texas properties they intend to rent who can demonstrate an ability to repay, verifiable through 12 or 24 months Texas bank or brokerage statements. Texas bank statement only mortgage lenders said they look for enough assets to pay six to 12 months of mortgage payments, while also demanding high down payments starting at 10% down to reduce the chance of mortgage default.
The CFPB’s rules don’t give specific minimums for assets required to demonstrate an ability to repay a bank statement only mortgage, but critics said 24 months bank statements to prove income may not be enough.
Texas BUSINESS OWNERS
Texas mortgage lenders are targeting are small business owners, whose personal income tax returns may not reflect their ability to repay a Texas mortgage loan. Many self employed keep income in their Texas business to reduce their personal income tax obligation. Stated income Texas mortgage lenders are also often geared toward Texas investors, who don’t fall under the same rules imposed by the 2010 Dodd-Frank financial reform legislation.
Other Texas mortgage lenders lowering their standards to win new business include Texas biggest banks in Texas, which said earlier this year it is willing to make loans to borrowers with credit scores as low as 600, down from a previous limit of 680.
The Dodd-Frank law said that, for all owner-occupied Texas mortgage lenders must make sure the borrower has the capacity to repay, or face enforcement from the Consumer Financial Protection Bureau as well as consumer claims in court, where Texas mortgage lenders could be liable for up to three years of finance charges and fees.
ABILITY TO REPAY Texas MORTGAGE LENDERS
Ability-to-repay rules apply only to Texas mortgages for primary residence in otherwise for people who will live in the Texas house. That means there is potential for abuse if borrowers apply for the Flo0rida mortgage loan saying they’ll rent out the property when in fact they intend to live there. Because these kinds of loans are not subject to ability-to-repay rules and require less documentation, Texas mortgage applicant could be talked into taking on Texas mortgage loans they cannot afford.
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