Bank Statement Loans in Texas
Qualify for a mortgage using your bank deposits instead of tax returns. Bank statement loans in Texas let self-employed borrowers and business owners get approved based on what they actually deposit, not what they report as income on their tax returns.
- Tailored to self-employed borrowersÂ
- Qualify with bank statementsÂ
- Down payments as low as 10%
- Streamlined underwritingÂ
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Benefits
Texas Bank Statement Loan Benefits
No tax returns or pay stubs required:
Qualify using personal or business bank statements instead of tax returns.
Low down payments:
Down payments start at 10% for qualified borrowers.
High loan amounts:
Loan amounts available from $100,000 up to $20 million.
Streamlined underwriting process:
Faster approval process with simplified documentation requirements.
Up to 100% of deposits qualify:
100% of personal account deposits count as income; 50% of business deposits count.
Tailored to self-employed workers:
Ideal for self-employed borrowers with significant tax write-offs.
How it Works
How Do Bank Statement Loans Work in Texas?
A bank statement loan is a type of self-employed home loan in Texas that allows you to qualify for a mortgage by submitting 12-24 months of bank statements instead of W-2s, pay stubs, or tax returns. Lenders evaluate your deposits to determine income rather than relying on traditional documentation that often underrepresents what self-employed individuals actually earn.
Bank statement mortgage loans in Texas work well for business owners, freelancers, and entrepreneurs who write off expenses that reduce their taxable income. You can buy a new home or refinance an existing property using a Texas bank statement loan.Â
Check out our bank statement loan examples to learn more about how this type of financing can be beneficial.
Key Bank Statement Loan Features
- No employment verificationÂ
- No tax returns or pay stubs requiredÂ
- Qualify using bank statementsÂ
- Self-employed mortgage solutionÂ
- Flexible qualification
Requirements
Bank Statement Loan Requirements in Texas
Self-employed:
Self-employed for at least 2 years; 1+ year considered if you have prior experience in the same industry.
Bank statements:
12-24 months of personal or business bank statements to verify income.
Credit score:
Minimum 620+ credit score.
Down payment:
10% minimum down payment for qualifying borrowers.
PITI reserves:
3-6 months PITI for loans under $1.5 million; 12 months PITI for loans over $3 million.
Today’s Bank Statement Loan Rates
Take a look at current bank statement loan rates as you prepare to buy or refinance.
Bank Statement Mortgage Loan Types
Purchase a home using 12 to 24 months of bank statements rather than traditional income verification. Available to self-employed borrowers. Primary residences, vacation homes, and investment properties all qualify.
Refinance your existing mortgage to potentially lower your rate, change your loan term, or replace your existing loan structure. Qualify with 12 to 24 months of bank statements, no tax returns or pay stubs required.
A bank statement cash-out refinance loan allows borrowers to pull cash out of their home equity by replacing their existing mortgage with a new, larger mortgage and pocketing the difference. Cash-out refinance up to 80% of the property’s value.
A bank statement HELOAN or HELOC allows borrowers with an existing home mortgage to pull cash out of their home equity by taking out a second mortgage. Use a HELOAN to obtain a lump sum or access a revolving line of credit with a bank statement HELOC.
A 6-month SOFR bank statement loan is an adjustable-rate mortgage (ARM) that starts at an initial rate and then adjusts every six months based on the 30-day average Secured Overnight Financing Rate (SOFR) index.
Bank Statement Loan Calculators
Use our free bank statement loan calculators to see what it might look like to buy or refinance with a bank statement loan in Texas.
FAQ
Frequently Asked Questions
Not all lenders offer bank statement loans, which is why finding the right lender matters. Most traditional banks don’t provide these products, but specialized non-QM lenders like Griffin Funding focus specifically on alternative documentation mortgages.Â
We have extensive experience helping self-employed borrowers qualify when conventional Texas mortgage options don’t work for their situation.
You’ll typically need 12 or 24 months of bank statements to qualify. The specific timeframe depends on your financial situation and the strength of your deposits.Â
Personal bank statements allow lenders to count 100% of deposits as income, while business bank statements use 50% of deposits. Providing 24 months of statements generally results in a more accurate income calculation and stronger application.
Applying for a bank statement mortgage in Texas is a fairly straightforward process with Griffin Funding. Here’s how it works:
- Discovery meeting: Begin with a consultation to discuss your financial situation and determine your eligibility for a bank statement loan in Texas.Â
- Get pre-approved: If you believe a bank statement loan is right for you, you can get pre-approved for the loan, which can give you more negotiating power and set expectations while you house hunt. Getting pre-approved also lets you lock in your interest rate.Â
- Submit application: Once you’ve found your dream home, you’ll submit your mortgage loan application online or over the phone. We’ll ask for the necessary documentation, including bank statements and other financial records.Â
- Review and approval: Our experienced team will review your application and the appraisal of the home to determine whether to approve your loan application.Â
- Closing: Upon approval, you’ll receive details about the loan terms, including interest rates, repayment terms, and specific conditions associated with the bank statement loan. At closing, you’ll sign the paperwork and receive the keys to your new home.
Download the Griffin Gold app today to see if you qualify for a bank statement loan in Texas.Â
It’s not difficult when you meet the requirements and work with an experienced lender. You need consistent bank deposits, a minimum 620 credit score, at least 10% down, and two years of self-employment history.Â
The process is actually simpler than conventional loans because you’re not gathering tax returns, W-2s, or employment verification letters. Griffin Funding specializes in these applications and can guide you through them efficiently.