Texas Bank Statement Loans

Self-employed borrowers, as well as those who earn seasonal income, may be eligible to qualify for a bank statement loan program.  Bank statement loans allow you to use your bank statement to verify income instead of tax returns.  These programs are utilized by a wide range of self-employed professionals, including small business owners, freelancers, independent contractors, and many other types of self-employed people.

What Do Bank Statement Loans Offer?

Bank statement lenders offer programs with the following advantages:

  • Credit scores as low as 500 accepted.
  • Loan amounts available up to $5,000,000.
  • DTI ratios as high as 59%.
  • LTVs up to 90% with no MI.
  • Financing is available for primary residences, second homes, and investment properties.
  • Personal or business bank accounts can be used.
  • Options to use 12 or 24 months worth of bank statements (and one lender that allows you to use only 1 month’s bank statement).

The exact requirements to get a bank statement loan vary from lender to lender.  You can view 5 of the best bank statement lenders below.  If you would like some assistance finding a lender, we can help match you with a lender.

Click here to get matched with a bank statement mortgage lender

Texas Bank Statement Mortgage Lenders:

Below is a list of some of the best lenders that offer bank statement loans in Texas:

1 – Acra Lending

2 – Angel Oak Mortgage Solutions

3 – Caliber Home Loans

4 – Cross Country Mortgage

5 – HomeExpress Mortgage

The lenders featured above are some of the best mortgage lenders that offer bank statement loans.  Would you like some assistance finding a lender?  We can help match you with a bank statement lender that offers these loans in Texas. Click here to get matched with a mortgage lender

Frequently Asked Questions

What is the minimum credit score required?

The minimum credit score required to get a bank statement loan depends on the lender.  We work with a bank statement lender that offers bank statement loans to borrowers with credit scores as low as 500.

How much is the minimum down payment required?

The minimum down payment required depends on the lender.  Several bank statement lenders allow down payment as low as 10%.  The higher your credit score, the lower the down payment you will likely qualify for.  Also, the loan amount will also influence the minimum down payment required (the larger the loan amount, the more the lender will likely require for the down payment).

What types of self-employed people are eligible?

Any type of self-employed professional might be eligible for a bank statement loan.  This includes a wide range of people, including business owners, entrepreneurs, freelancers, gig workers, contractors, and many other types of self-employed professionals.

What types of properties can be purchased using this program?

Between all the lenders that offer this program type, nearly any type of home eligible.  This includes single family residences, 2-4 unit properties, townhomes, condos, non-warrantable condos, and co-ops. Bank statement loans are available to finance second homes and investment properties.

How do I know if I eligible for a bank statement loan?

It is easy to find out if you qualify for a bank statement loan.  All you will need to do is speak with a bank statement lender, and they can help you see if you qualify.  If you would like to find out if you are eligible for a bank statement loan, we can help match you with a lender in your location. Click here to get matched with a bank statement lender

What documentation might be required to obtain the loan?

In addition to your bank statements, you should expect to be required to submit a business license, tax preparer’s letter, or your corporate paperwork.  The exact documentation requirements will depend on the lender.

Is it possible to have a W-2 co-borrower?

Yes, you can have a co-borrower who uses their W-2 tax returns and income. They will be verified in a traditional manner, along with your income that is verified through bank statements.

Are there options to refinance with a bank statement program?

Yes, you there are options to refinance your mortgage with a bank statement program. This includes rate and term refinancing (to lower your rate and payment), as well as cash out refinancing.

Do lenders accept income received through credit card clearing houses?

Yes, some lenders allow income that is received through a credit card clearing house, such as PayPal, AMEX, or Square.  All income sources are considered on a case-by-case basis, but as long as the income you receive makes sense for your type of business, you should be able to use the income received through these sources.

Can you use retirement income for these programs?

Any retirement income that is deposited into your bank account should be eligible to use for qualifying purposes.

Will having any NSF (non-sufficient funds) or overdrafts on my bank account affect my chances of qualifying?

Some lenders will have restrictions on the amount of NSF / overdrafts present on your account within a 12 month period.  You may receive an exception, but it will ultimately depend on the lender’s guidelines, and the underwriter’s decision.

Have More Questions About Bank Statement Loans?

A bank statement lender can answer all of your questions about bank statement loans.  If you would like to have a lender contact you, please fill out this form.