Texas Bank Statement ONLY MORTGAGE LENDERS – Explained

Texas Bank Statement Mortgage Lenders offer a 24-Month Texas Bank Statement Loan Program using Texas Bank Statements ONLY to qualify for a mortgage..

Texas Bank Statement Only borrowers that can document their income by providing the following 2 documents along with 24 months banks statements

Texas Bank Statement Lenders 24 Month Profit and Loss Statement Request

KEY POINTS TO THE Texas Bank Statement ONLY MORTGAGE PROGRAM

• Business or Personal Statements to 90%LTV!!!
  • 100% of Deposits for Personal Statements! or
  • 100% of Deposits for Business Statements!
  • Don’t look at Withdrawals!
  • Don’t look at Overdrafts!
  • No P&L!
  • No Reserves!

90% LTV – after Foreclosure, Short Sale or BK

Our Stated and Texas Bank Statement Only Loan Approvals Up to $3,000,000 Loan Amounts

BANK STATEMENT ONLY MORTGAGE LENDERS REQUIREMENTS  

1. Min 500 FICO!
2. 24 Months of Statements
3. Owner Occ. w/ 600 Fico, Non Owner & 2nd Homes w/500 Fico
4. Self Employed and 1099 borrowers only
5.  Only 6 NSF’s in most recent 12 months

FOR YOUR FREE NO OBLIGATION CONSOLATION 

24 Months Bank Statement Only Employment Types:

• Self Employed
• 1099
  o Must provide business license, Tax Preparer’s NOT Audited letter or corporate paperwork.

US Mortgage Lenders will accept Personal or Business Texas Bank Statements.  However, qualifying income will be calculated differently.

Personal Texas Bank Statements:  100% of Deposits- Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount we will apply as the borrower’s qualifying income.

Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.

Business Texas Bank Statements:  50% of Deposits- Add all deposits for all 24 months, divide by 2, and then divide by 24 to receive the monthly income amount we will give to the borrower.

Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 a month income. * Only 50% is used because we have to assume the business has overhead.

Details of Texas Bank Statement Only Lenders Program:

Personal & Business Guidelines

• Only deposits can be used Transfers are NOT counted on personal and case-by-case for business*
• Must have 24 consecutive months of statements (no gaps)
• Must provide All pages (even the last pages with advertising)
• Can not commingle (use two different accounts) statements**
• If the account was used and closed and new account for the remainder of statements must show the closing of old account and the opening of the new account

bank Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera).  Case-by-Case and must be considered normal for the company.

Texas Bank Statement only borrowers may use multiple bank accounts is considered on a case-by-case when (a) one account is closing and reopening the new account, or (b) for Business accounts that are two different and autonomous businesses.

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