Texas No Tax Return Mortgage Lenders
BANK STATEMENT TEXAS MORTGAGE LENDERS
BANK STATEMENT – NO TAX RETURN TEXAS MORTGAGE LENDERS
- Texas No Tax Return Mortgage Programs for Primary – Second Home – Investments
- Serving All Texas Stated Income Including And Not Limited To: Fort Worth Texas Stated Income , Austin Texas Stated Income, Dallas Texas Stated Income , San Antonio Texas Stated Income , Houston Texas Stated Income
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 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 Texas, Austin Texas, Dallas Texas, San 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 Funding, Citadel Servicing, First National Bank of America, Mortgage Depot, Angel Oak mortgage solutions, Carrington, and others.
Bank Statement Mortgage Lenders Serving All Texas Including
POPULAR TEXAS SELF EMPLOYED MORTGAGE PAGES INCLUDE: