TEXAS BAD CREDIT NO TAX RETURN MORTGAGE LENDERS

TEXAS BAD CREDIT NO TAX RETURN BANK STATEMENT MORTGAGE LENDERS
Are you self-employed or 1099 wage earner and having a hard time getting pre-approved for a TEXAS mortgage because you have BAD CREDIT NO TAX RETURN?  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. BAD CREDIT NO TAX RETURN TEXAS bank statement Business Lenders can help!…

NO TAX RETURN BAD CREDIT NO TAX RETURN TEXAS USE BANK STATEMENT FOR INCOME!

previewBAD CREDIT FLORIDA BANK STATEMENT LENDERS

NO TAX RETURN BAD CREDIT NO TAX RETURN TEXAS MORTGAGE LENDERS

  • GENERAL INFO LOAN TERMS: ● 5 year ARM, 7 year ARM or 30 Year Fixed ● No Pre-payment penalty● Floor = Start rate ● Caps are 2/2/5 (2% initial change cap / 2% annual cap / 5% lifetime cap) ● Index – 1 year libor ● All loans require impound for tax and insurance
  • PROPERTY TYPES: ● SFRs, condos, townhouses, 2-4 units (no rural properties < $200,000) ● Property must show “pride of ownership”
  • DEBT TO INCOME RATIO: ● 50% max DTI (up to 55% case by case) ● See guidelines for residual income calculations * Requires 0x30 mortgage payment history last 12 months. Full Doc Only

DOWN PAYMENTS: ● All down payment funds must be verified prior to drawing loan documents ● Secondary Financing 80% Max LTV/90% Max CLTV TAX LIENS,

JUDGMENTS: ● All tax liens and judgments must be paid at closing

COLLECTION ACCOUNTS: ● Collections and charge offs need to be paid off except: – Medical Collections – Collection accounts older than 2 years

FIRST-TIME HOME BUYER: ● A , A- and B credit grades. B- grade case by case

BAD CREDIT NO TAX RETURN LENDING CRITERIA: Loan programs for Owner Occ and 2nd homes only ● See InvestorX rate sheets for Non OCC programs

BAD CREDIT NO TAX RETURN TEXAS MORTGAGE LENDERS LOAN AMOUNTS: ● Minimum loan amount $100,000 RESERVES: ● 6 months required above 85% LTV ● 6 months required on 12 Mo Cash Flow Product ● See loans > $1M for additional info

INCOME DOCUMENTATION: ● Full Doc – 2 year (W-2 & paystubs, 1040s, K1’s) ● Full Doc – 1 year (W-2 and Current YTD paystub, K1’s) ● Full Doc – 1 year (One year Tax Return and YTD P&L Self Empl) ● Alt Doc – 12 or 24 months BAD CREDIT NO TAX RETURN TEXAS business or personal bank stmts (Self Empl only), Full Doc income with lease agreements, ok (rental income qualified by lease agreements) ● Asset Xpress – 100% of amount needed to amortize loan plus monthly debts for 60 months, max 80% LTV to $1.0M; Max 75% LTV to $1.5M ● Asset Assist – Assets divided by 120 is added to income. $1.5M max loan amount to 75% LTV, Max 80% LTV to $1M ● ALT Doc—3-month Bank Statement (24-month CPA compiled and signed P&L statement supported by 3-months bank stmts) ● ALT Doc—Profit and Loss (P&L) only. 24-month P&L compiled and signed by CPA. CPA must also attest to filing tax returns for borrower for 24-months. ● ALT Doc—VOE only.

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