Cashout Refinance Using Bank Statement Loans – Explained
- SELF EMPLOYED TEXAS CASH-OUT REFINANCE UP TO 500K!
- 10% DOWN+TEXAS BANK STATEMENT MORTGAGE LENDERS
- Texas-Bank Statement Only Mortgage Lenders – FHA mortgage lender
- TEXAS BANK STATEMENT MORTGAGE LENDERS
- TEXAS BANK STATEMENT ONLY MORTGAGE LENDERS
Texas mortgage lenders offer a 12 or 24-Month Bank Statement Loan Program.
Self Employed Borrower Employment Types Include:
>Self-employed at least 2 years!
>1099 for at least 2 years!
Texas Mortgage Lenders will use your Personal or Business Bank Statements. However, qualifying income will be calculated differently.
Refinance Using Texas Personal Bank Statements:
Add all bank statement deposits for all 12 or 24 months and divide that amount by 12 or 24 to receive the monthly income amount we will apply as your qualifying income.Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.Ex. 12 months deposits total = $100,000 / 12 = $8,333 a month income.
Refinance Mortgage Using Texas Business Bank Statements
4 Different Options For refinancing using Business Bank Statement Only!Add all business deposits for all 12 or 24 months, then divide by 12 or 24 respectively to receive the monthly income amount we use for qualifying.Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 per month income. Only 50% is used because we have to assume the business has overhead.
3) 24 MONTH BUSINESS STATEMENTS (50% Of gross income used No questions asked)
Texas Cash-Out Refinances: Texas homeowners who have built sufficient amounts of equity in their homes may be eligible to cash out refinance their equity. This is known as a Texas cash-out refinance. But just because you can doesn’t mean you should.
How Texas Cash-Out Refinances Work
Texas Cash-out refinances are similar to other refinances, except the homeowner actually borrows more than they owe on their original Texas mortgage loan.For example, say your Texas home is worth $400,000, and you owe $200,000 on your Texas mortgage. If you get a new loan for $250,000, you can pull out $50,000 of your home’s equity. 250,000/400,000 = 62.5% loan to value.Texas mortgage laws that govern Texas cash-out refinances and home equity loans, which prohibit homeowners from borrowing more than 80% of the value of their home. For example, if your home is worth $300,000, in Texas the maximum amount you can borrow is 80% or $240,000. This is true for both Texas cash-out refinances and home equity loans. Texas homeowners must also have at least 20% equity in their homes to be eligible for a cash-out refinance or home equity loan.For more information about Texas-specific restrictions on cash-out refinances and home equity loans, visit the Office of the Consumer Credit Commissioner’s
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Texas Mortgage Statutes & Rules
These are the primary statutes and rules that apply to residential mortgage loan originators. This is not a complete list of laws that residential mortgage loan originators are required to comply with.
Primary State Statute
Chapter 180, Texas Finance Code: Texas SAFE Act
OCCC’s Rules
Title 7, Chapter 2, Texas Administrative Code
Other State Statutes
Texas Legislature Online
Federal Statutes & Rules
U.S. Government Publishing Office