Non-Bank, EasyQualifying ITIN, Self-Employed, Bank Statement, Foreign Nationals
You Pick The Home You Want! Non-Bank Qualifying!
Texas Mortgage Capital has been in the housing business in Texas since 1992. In 2022 we initiated a special program for home buyers that are unable to qualify for a conventional mortgage loan, but still desire to enjoy the benefits of home ownership.
In this program, Texas Mortgage Capital represents a capital fund that invests in mortgage notes that have been originated by Texas Licensed Loan Originators and Lenders.
This program is open to any borrower that can meet the non-bank program requirements, including ITIN borrowers, self-employed buyers,wage earner buyers and Foreign National buyers. You pick the home you want , you are not limited to seller/owner financed homes. Any home on the market might qualify.
The following pages contain guidelines for qualifying borrowers and qualifying properties and potential acceptable mortgage note terms available to be placed in the program.
This program process is very similar to regular home purchase procedures and the steps to the program are briefly outlined below:
A potential buyer meeting the enclosed buyer guidelines obtains a pre-approval from our selected Texas Licensed Loan Originator. Approval considers many factors that typical programs do not allow.
Upon approval, a buyer contacts our approved Real Estate Agent and enters into a Buyer Representation Agreement.
Using the MLS and other sources, the buyer and agent identify your new home of your choice, meeting the guidelines below, and enters into a purchasecontract with the seller for the property.
The terms of the purchase contract, including appraisal and inspection, are carried out and the contract closes. The Insured Title to the property is granted to the buyer and the buyer enters into a mortgage loan with the Texas Licensed Lender.
The buyer takes possession of the property and enjoys the benefits of home ownership.
Buyer Qualification Guidelines
Approval: Buyer must obtain a pre-approval before the search for a home process begins. Buyer will be asked to submit documents, outlined below, for review and, upon acceptance, the issuance of a Pre-Approval Letter from the Texas Licensed Lender. Approval letters are accepted only from our selected lenders.
Acceptable Buyers: U.S. Citizens ITIN Buyers Permanent Resident Aliens Foreign Nationals
Identification: US Citizens: Current Drives License and SS card ITIN and Foreign Nationals: Current Passport and Matricula Card
Matricula cards only are not acceptable.
Income: Buyer must be able to show ability to repay the loan W-2 wage earner: Current paystubs (3 months) Self-Employed: Bank Statements, P & L, proof of business Bank Statement: 6 months bank statements showing sufficient deposits 1099- Year end 1099 from last year, current income, checks, etc.
Work History: Must be currently employed and if self-employed it is best to be in current line of work for the last two years.
Credit Score: If buyer has established credit through Social Security number or ITIN number: Minimum 600 credit score If no established credit: 2-3 trade lines from alternative credit sources
Documents Required for pre-approval: Application Identification documents Income or bank statements Paystubs if applicable 1099’s if applicable Written verification of employment if applicable Proof of Funds for down payment and closing costs
Purchase Price: The program is available for homes with a sales price of $150,000 – $400,000
Area: Any Metro and Suburban area No rural properties without special exception Any Metro area and it’s surrounds in Texas
Neighborhood: Ideally the selected house would be average for the neighborhood
Types: Single Family Residential (preferred) Duplex No commercial or mixed use property
Condition: House must show pride of ownership No major foundation or roof defect No unusual or architectural style not consistent with the neighborhood
Appraisal: An appraisal by a licensed appraiser, selected by lender, will be required that indicates property value is no less than sales price. If appraisal comes in lower than sales price, buyer may cancel contract or fund the difference
Inspection: An inspection of the property by a licensed home inspector will be required
Agency: Buyer must be represented in the purchase under a Buyer Representation Agreement with Texan Real Estate or an approved licensed real estate company. Any representation fees will be paid by the property seller.
Loan Amount: Up to 85% of purchase price of the home or appraised value of the home (whichever is less)
Term: 10-30 year fixed or adjustable rate, fully amortizing mortgage. No pre-payment penalty or balloon payment
Interest Rate: TBD by licensed loan originator. RMLO will provide all details and disclosures. Typically not to exceed maximum rate set by Consumer Financial Protection Bureau APOR
Title: Granted to buyer at closing with Title Insurance
Closing: Title company specified in the sale contract
Documents Provided at Closing: Note, Deed of Trust, ancillary docs and all state and National Disclosures required by law
Escrows: Tax and insurance escrow required. Home Owners Insurance must be provided.
Payment Includes: Principal and Interest Escrow for taxes and insurance Monthly servicing fee ($25.00)
Place of payment: Servicing Company or as directed by Noteholder. Servicing Company provides statements, year-end tax reports, handles you escrow payments and will provide you with methods to make your payment.
Payment date: 1st of each month during loan term. Late Fee if not paid by 15th of month
Costs (approx.): Origination Fee: 1% of loan amount
Doc Prep: $500.00
Funding Fee: $500.00
Appraisal: $600 (est)
Lender Title Policy: $125.00
Inspection: $225.00 (est)
Tax Cert: $45.00
Loan Set Up Fee: $125.00
Call 210-493-5300 for more info or Connect With Us below to start the process.
Texas Mortgage Capital Corp. 311 Howard St. San Antonio, TX 78212