Question 1

Do Lubbock's cotton gins, custom harvesters, and ag-services owners fit this loan?

Accepted Answer

They are the archetype: deposits that tell a better story than the tax return. The Lubbock EDA describes the region as one of the largest contiguous cotton-growing areas in the world, with sorghum, wheat, peanuts, and an emerging wine-grape industry alongside it, and that base supports gin operators, custom harvesters, trucking, and other ag-services businesses. Those are exactly the seasonal, write-off-heavy, cash-flowing operations a bank statement loan is built for. We haven't seen a count of how many Lubbock businesses fall into that category, so we won't put a number on it, but the local economy is structured for owners whose returns understate their income.

Question 2

My write-offs keep my Lubbock tax returns low. Does that hurt me buying investment property here?

Accepted Answer

No, because we're not underwriting off the tax return. We look at 12 to 24 months of bank statements, or structure a no-doc loan around the property and your reserves. That matters more in a metro like Lubbock, where the entry price is manageable: the metro's mid-tier home value ran about $214,000 in June 2026, and stock in Slaton and Levelland sits under $150,000, so a strong deposit history can qualify you for the loan size the deal actually needs without a lender trying to reverse-engineer your income from a Schedule C.

Question 3

I'm buying rental property in an LLC. Does Texas tax the income differently for a self-employed owner?

Accepted Answer

Texas has no state individual income tax, which helps your net cash flow regardless of how the loan is documented. That's a real benefit for an out-of-state or self-employed owner, but it isn't a substitute for federal tax planning, and Texas recovers the revenue elsewhere: through property tax and a franchise tax that applies to entities. If you're titling in an LLC, talk to your CPA about the franchise tax filing question before closing.

Question 4

What will property taxes look like on a Lubbock rental if my income is bank-statement or no-doc?

Accepted Answer

The loan documentation doesn't change the tax bill, and it runs wider than most buyers expect. Inside Lubbock city limits alone, the total rate ranges from about 1.77% of value on Lubbock ISD parcels to about 2.06% to 2.07% in the Frenship and Lubbock-Cooper ISD areas, a roughly 30-cent-per-$100 spread for the same city services. Investment property gets no homestead exemption or appraisal cap, so build the higher end of that range into your underwriting rather than the lower one.

Question 5

Are there submarkets where self-employed buyers with non-W2 income typically get the most for a bank statement loan?

Accepted Answer

The lower entry points stretch a deposit-qualified loan the furthest. Slaton, about 15 minutes southeast of Lubbock, has mid-tier home values around $147,000, and Levelland, the Hockley County seat to the west, sits near $144,000. Wolfforth, the fastest-growing city in the metro, runs closer to $268,000 and is the corridor building the most new construction. A bank statement or no-doc loan can be structured for any of them; where you land depends on the deal and your reserves, not the documentation type.

Question 6

What does 20% down come to on a $215,000 Lubbock or a $147,000 Slaton purchase?

Accepted Answer

$43,000 and $29,400, and the 640 score floor does not move with the price. This program starts at a 640 credit score with a down payment from 20%. On a $215,000 Lubbock purchase, 20% is $43,000 (215,000 x 20% = 43,000); on a $147,000 Slaton house it is $29,400 (147,000 x 20% = 29,400). Same requirement, much smaller check than the same percentage buys in Austin or Fort Worth. Income comes from bank statements or no documents at all rather than tax returns. Subject to underwriting.

Question 7

Does a loan on a sub-$150,000 Levelland or Slaton house clear your minimum?

Accepted Answer

Loan amounts run from $100,000 to $3M. That floor is worth checking in this metro, because Slaton and Levelland stock sits under $150,000 and a 20%-down loan on the lowest-priced doors can land near it. Terms run short-term or 30-year, on investment and business-purpose property only. Send us the purchase price before you write the offer and we will tell you whether it clears. Subject to underwriting.

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