Texas Bank Statement Loans
How do Bank Statement Loans Work?
For self-employed borrowers that have been in business a minimum of 2 years you will have the option to apply for a Texas Bank Statement Loan. No income is required, no paystubs, no tax returns or any other financial information.
For many self-employed borrowers it can be challenging to round up all the paperwork from your CPA for tax returns and financial statement to apply for a Conventional Loan. Often times the tax returns that are filed are not an accurate representation of the income made to qualify for a loan, making the process challenging and frustrating for a traditional mortgage loan.
There are a variety of options we offer from 12 – 24 months of business or personal bank statements to qualify. As a Texas Mortgage Broker, we have the most advanced and newest products on the market. We are experienced and have a variety of Bank Statement Loans to fit your needs.
As rates continue to fluctuate we will review your specific scenario to determine the eligibility based on your credit score, down payment, reserves, and loan size. The chart below is a basic overview of the products offered and does not guarantee loan approval.
Our Bank Statement products offer loan options up to 90% LTV for 740 credit (10% Down Payment) on loan amounts up to $3M without requiring private mortgage insurance / PMI, allowing you to keep the monthly payments lower.
What are the Rates for a Texas Bank Statement Loans?
Bank Statement loans are slightly higher than normal banking loans but, again you aren’t providing income or the lengthy paperwork. If and when your self-employed income qualifies for a Conventional Loan in the future, we can also assist you with refinancing your loan to a lower rate in the future.
How do you Start the Process?
The process is simple to start. We will send you a private email to access your online application and a few checklist items: 12 -24 months of Personal or Business Bank Statements and your Photo ID. From there our team of underwriters will help review your bank statements to confirm your qualifying income upfront. Based off these results we will let you know your budget and what you qualify for with the purchase price, projected payment, and market rate. All of these details are sorted out before you start the purchase or refinance process. Our goal is to provide you with a great experience that is hassle-free.
Bank Statement Loans provide a great opportunity for self-employed borrowers who don’t qualify for the traditional route or simply don’t want to gather all the paperwork and struggle with a regular bank loan.
Contact your team of experts to help you through this process. Fill out the “Quick Quote” form on this page to start the process!