Question 1

Who in Corpus Christi actually needs a bank statement loan instead of a conventional one?

Accepted Answer

Mostly the self-employed side of the ship channel economy. The Port of Corpus Christi moved 203.4 million tons in 2025 and finished deepening the channel from 47 to 54 feet, and Cheniere's Corpus Christi Stage 3 LNG expansion has been completing trains through 2025 and into 2026, all of which run on contractors and turnaround crews who get paid as 1099 or through an LLC rather than a W-2. Marine services, port-adjacent contractors, charter and fishing operators, and vacation-rental managers on the coast fill out that same self-employed base. A return built to hold taxable income down reads as thin to a conventional underwriter; 12 to 24 months of deposits reads what the business actually took in.

Question 2

My income from managing vacation rentals or running a charter swings with the tourist season. Does that rule me out?

Accepted Answer

No, a bank statement loan is built for exactly that. Instead of two years of flat, provable W-2 income, we look at what actually moved through your accounts over 12 to 24 months, seasonal swings included. That fits the coastal side of this metro: Port Aransas and Rockport are the vacation-rental submarkets here, and Corpus Christi requires a permit for any short-term rental, with non-owner-occupied units capped at 15% of the block face on a first-come, first-served basis. If your income comes from managing those properties or running trips out of the harbor, we're reading your deposits, not asking your season to look like a salary.

Question 3

What should I budget for property taxes on a Corpus Christi investment property?

Accepted Answer

Plan on roughly 2.2% of value, with no homestead relief since it's not your primary residence. Inside the city that's county 0.289789 plus hospital district 0.089495 plus city 0.599774 plus Corpus Christi ISD 0.9583 plus Del Mar College about 0.276, per $100 of assessed value on the 2025 rates, about $2.21 per $100. On a typical Corpus Christi home value of $226,792 (June 2026) that runs about $5,020 a year. Confirm the exact number on your Nueces CAD account, since drainage districts and other special-district overlays exist here and aren't in that base stack, and check the math with your CPA.

Question 4

I'm looking at the no-doc option that leans on the property instead of my income. What should I know about insurance here first?

Accepted Answer

Budget for wind as a separate policy, because in Nueces County it usually is. All three Corpus Christi MSA counties sit in the Texas Windstorm Insurance Association's designated catastrophe area, and TWIA carried 54% of Nueces County's residential wind exposure in 2025, with an average residential premium around $2,541 as of mid-2026. If the property has had any work since January 1, 1988, including a re-roof, it needs a windstorm certificate of compliance (WPI-8) or that TWIA policy, and the coverage a no-doc loan is leaning on, can fall through. You also can't finance a TWIA premium through a premium finance company as of September 2025, so plan to carry it as cash or use TWIA's own installment plan.

Question 5

How much does it cost to permit a rehab or new build here, and does that affect how I should budget the loan?

Accepted Answer

More than most inland Texas cities, so build it into your draw schedule. Corpus Christi charges $0.146 per square foot for plan review and $0.461 per square foot for the building permit on new construction or a remodel, plus separate electrical, mechanical and plumbing permits at $0.075 per square foot each and a 4.5% surcharge on top, all indexed to the Engineering News-Record construction index and raised automatically every October 1, so pull the current schedule before you budget. A 2,000 square foot new house runs close to $1,740 in permit fees before any floodplain review; a rehab that only pulls a general repair permit ($146.41) or a roofing permit ($33.10 plus a $100 inspection) is far less. If you're using bank statement income or a no-doc structure to fund a rehab near the coast, that permit line, and the windstorm inspection trail behind it, needs to be in your budget from day one.

Question 6

What is a bank statement loan, and how is it different from a no-doc loan?

Accepted Answer

A bank statement loan qualifies you on 12 to 24 months of business or personal bank deposits instead of tax returns, which suits self-employed borrowers whose returns understate their real income. A no-doc (or no-ratio) loan goes further and leans on the property and your reserves rather than any income calculation. Both are business-purpose loans for investment property, not consumer mortgages.

Question 7

Do I really not need tax returns or W-2s?

Accepted Answer

Correct. We do not ask for tax returns, W-2s, or pay stubs on these programs. We verify the deal, your credit, and either your bank-statement cash flow or your reserves, depending on the structure. It is built so write-offs and a complex return do not work against a strong borrower.

Question 8

Who is a bank statement or no-doc loan best for?

Accepted Answer

Self-employed investors, business owners, and 1099 or commission earners whose write-offs shrink their taxable income. If your bank deposits tell a stronger story than your tax return, this is usually the right fit.

Question 9

What credit score and down payment do I need?

Accepted Answer

We lend from a credit score of 640, with the best terms going to stronger credit, and a down payment starting around 20%. Across the market these programs often want 660 or higher and 20% to 30% down. Stronger credit and more equity improve both your rate and your leverage.

Question 10

What rates and terms can I expect?

Accepted Answer

Pricing is higher than a fully documented conventional loan because the lender takes on more uncertainty, and it varies with your credit, leverage, and the structure. We offer both short-term and long-term options, so we match the term to whether you are flipping, bridging, or holding.

Question 11

Can I close in an LLC?

Accepted Answer

Yes. These are business-purpose loans and routinely close in an LLC or other entity. Holding investment property in an entity is standard and often preferred.

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