Texas No Tax Return Mortgage Lenders+Texas Bank Statement Mortgage  Lenders 

Texas No Tax Return Mortgage Lenders
BANK STATEMENT TEXAS MORTGAGE LENDERS
BANK STATEMENT – NO TAX RETURN  TEXAS MORTGAGE LENDERS

Texas No Tax Return Mortgage  Lenders 

Texas self employed mortgage applicants can now qualify based on the average of 12 months bank deposits using Texas business or Texas personal bank statements as income. These bank statements are what Texas no tax return mortgage  lenders will use to verity your stable predictable income needed to qualify for a Texas mortgage. It is a great alternative for self employed people who cannot qualify based upon the net income on their tax returns and are looking for a self employed mortgage in Texas.

Texas No Tax Return  Mortgage Lenders Checklist

Texas Bank Statement Mortgage  Lenders 

Texas No tax return bank statement  mortgage  lenders are for self employed individuals who cannot provide the standard tax returns used to qualify for a prime mortgage. Self employed Texas No tax return bank statement  mortgage  loans instead are used to prove (ATR) ability to repay required by the 2010 Frank Dodd wall street reform act. These new Texas No tax return bank statement mortgage only lenders allow Texas self employed mortgage applicants may qualify for a mortgage using alternative income such as bank statements, 1099, lease agreements to verify the ability to repay the mortgage. Getting approved for a self employed mortgage is much easier now that Texas No tax return bank statement  mortgage   lenders have resurfaced. We will walk you through everything you need to know about Texas No tax return bank statement  mortgage   lenders so you fully understand the path that self employed are taking to qualify for a mortgage.

What is a Texas No tax return bank statement mortgage  Loan?

No tax return bank statement  mortgage  loans have taken over the traditional No tax return 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 No tax return bank statement  mortgage loan allows the borrower to verify his or her income with No tax return bank statement  mortgages.

What kind of property and I finance with a Texas No tax return bank statement mortgage  Loan?

  • Single Family homes
  • Condos (Warrantable & Non-Warrantable),
  • PUDs 2-4 units including Townhomes and Villas
  • Rural properties

 

What income documentation is needed for a no tax return No tax return bank statement  mortgage  in Texas?

  • Alt Doc – 12 or 24 months personal or business bank statements or 1099’s.
    ● Min. 1 year self employment history isrequired.
    ● Assets only—100% of amount needed to amortize loan plus monthly debts for 36 months (Cash-out not allowed)
    ● Asset Assist—Assets divided by 36 are added to income. Max 25% of total income.
    ● Use 70% of Lease agreements for income.
    ● Full Doc – 1 or 2 years W-2, paystubs, tax returns or K1’s.

Eligible for a Texas No tax return bank statement mortgage loan:

  • You must prove self-employment for a minimum of 1 years.
  • Must provide proof of 12-month rental history or reserves.
  • You must have at least 10-20 % down.
  • Qualify with 12-months No tax return 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  No tax return bank statement  mortgage?

  • Proof of income = Your most recent 12- or 24-months No tax return bank statement  mortgage  Business or Personal No tax return bank statement  mortgage  EVERY PAGE EVEN BLANKS in PDF labeled by month.
  • PDF proof of down payment statement= 2 Months No tax return bank statement  mortgage  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 it applies.
  • ID = Driver’s license, SS Card.
  • mortgage statements = For rental properties including taxes and insurance statements. Only if it 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 for the most recent 12 months to verify timely rental payment history.

What Are the Advantages of a No tax return bank statement mortgage loan?

In summary, these are the advantages of a No tax return bank statement  mortgage  loan:

  • The lender can look at 12 or 24-month No tax return bank statement  mortgage .
  • 30 Year Fixed Options.
  • No tax return 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 No tax return 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.

What are the Eligibility Requirements for a Texas  No tax return bank statement  mortgage loan?

Eligibility for a No tax return bank statement  mortgage  requires total deposits minus disallowed deposits. This amount is then divided by the number of No tax return bank statement  mortgage , 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 No tax return bank statement  mortgage  income from the borrower or assets from the co-borrower and No tax return bank statement  mortgage  from the borrower. Non-QM loans can use multiples sources of blended incomes to qualify.

Deposits which are disallowed in regards to a No tax return bank statement  mortgage  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.

What special considerations are their for no tax return bank statement  mortgage lenders?

  • You can use either business or personal no commingling.
  • Use a 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 No tax return bank statement  mortgage  income as long as the income is not being counted twice.
  • Foreign No tax return bank statement  mortgage  and Foreign Assets may be considered and must be translated to English.

Why do mortgage lenders provide No tax return bank statement mortgages?

Lenders need to verify whether you have the assets needed to close the loan and reserves for the next few months payments. In the case of a Texas No tax return bank statement  mortgage   lenders, the lender wants to see that you have a steady flow of money coming in because they are going to use that flow to qualify you for the loan.

One month Texas No tax return bank statement  mortgage  lenders are available but the terms are not as favorable. You may see higher down payments, higher interest rates, less forgiving on your credit history and limited availability.

Are Texas No tax return bank statement  mortgage  lenders non QM loans? Texas No tax return bank statement  mortgage   lenders are considered to be non QM or Non-Qualified because they do not meet the qualifications of a conventional Fannie mae or Freedie mac mortgage.

Severy All Texas Including Fort Worth TexasAustin TexasDallas TexasSan Antonio Texas,  Houston Texas
Are you Texas self-employed or 1099 wage earner and having a hard time getting pre-approved for a Texas 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 Stated Income Texas Bank Statement Only Mortgage Lenders has the answer…

Who are some of the lenders that offer Texas No tax return bank statement  mortgage   lenders? Some of the Texas No tax return bank statement  mortgage  lenders include North Star FundingCitadel ServicingFirst National Bank of AmericaMortgage DepotAngel Oak mortgage solutions, Carrington, and others.

Bank Statement Mortgage Lenders Serving All Texas Including

Laredo Texas No Tax Return Bank Statement Mortgage
Plano Texas No Tax Return Bank Statement Mortgage Lenders
Dallas Texas No Tax Return Bank Statement Mortgage
Austin Texas No Tax Return Bank Statement Mortgage
Corpus Christi No Tax Return Bank Statement Mortgage Lenders
Arlington Texas No Tax Return Bank Statement Mortgage
El Paso Texas No Tax Return Bank Statement Mortgage Lenders
Fort Worth Texas No Tax Return Bank Statement Mortgage Lenders
San Antonio No Tax Return Bank Statement Mortgage Lenders
Austin Texas No Tax Return Bank Statement Mortgage
Laredo Texas No Tax Return Bank Statement Mortgage
Lubbock Texas No Tax Return Bank Statement Mortgage
Garland Texas No Taxa Return Self Employed Mortgage Lenders
Irving Texas No Tax Return Bank Statement Mortgage lenders

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