Question 1

I run an oilfield service or hot-shot trucking business. Will my deposits actually reflect what I make?

Accepted Answer

That's the point of qualifying on deposits instead of a return. Crew-service operators, hot-shot truckers, consultants to Permian Basin E&P companies, and other 1099 earners are the exact borrower profile a bank statement loan is built for: strong cash flow, a return written to hold taxable income down. Twelve to 24 months of business or personal deposits gives us a fuller picture than a single year's filing. We review the file and a lending partner funds it, and terms, pricing, and documentation are set in underwriting rather than quoted up front.

Question 2

My income moves with the rig count. Does a down quarter in the oil cycle wreck my chances?

Accepted Answer

A single soft stretch doesn't have to define the file, because we're reading a run of deposits, not one year's number. The Permian Basin rig count was 263 as of the week of August 7, 2026, and WTI has traded from about $76.78 to $86.16 a barrel over the prior weeks, so income tied to drilling activity moves with that range. A 12 to 24 month deposit history captures a fuller cycle than a single tax return does, which matters for a borrower whose best and worst months can be far apart. We still underwrite conservatively to the trend, not the peak month.

Question 3

I'm a mineral rights owner with royalty income and no W-2. Does that count?

Accepted Answer

Royalty income is part of the same picture bank statements are built to capture. Royalty owners are a recurring borrower type in this market alongside crew-service operators and consultants, because none of them fit a conventional pay-stub-and-W-2 box. Bring us the deposit history and we'll tell you whether bank statements or an asset-based no-doc structure fits your file better. Midland County's per capita income of $47,178 (2024) reflects a metro with real self-employed and ownership wealth behind those deposits, not just wage income.

Question 4

Does it matter whether I buy the rental in Midland or in Odessa, 20 miles apart?

Accepted Answer

It changes what the property costs you to carry, even though it doesn't change how we qualify your income. A City of Midland / Midland ISD parcel stacks to roughly $1.47 per $100 of value in 2025 property tax, while the four sourced Ector County / City of Odessa units alone stack past $2.09 per $100 before the hospital district, a gap of roughly $1,900 a year on a $300,000 rental. Bank statement qualification looks at your deposits either way, but a bigger tax bill on the Odessa side still has to fit your numbers. Run both sides before you commit to a metro.

Question 5

I want to run the rental as short-term crew housing near the oilfield. Does that income qualify?

Accepted Answer

Yes, once you have it set up correctly, but register with the city first. City of Midland short-term rentals must register with the city and collect and remit a 7% hotel occupancy tax, effective since February 1, 2022; Odessa charges the same 7% hotel occupancy tax on STRs. Demand for this kind of unit here is largely crew and contractor lodging that tracks drilling activity, not vacation travel, so the deposits from an STR business can run lumpy with the rig count. If you already operate it as a business, those deposits are exactly what a bank statement loan is built to read. Talk to us before you count on projected STR income; we underwrite what the deposits actually show.

Question 6

What do I need to bring to a $300,000 Midland rental purchase on a bank statement loan?

Accepted Answer

From 20% down, so about $60,000 on a $300,000 Midland or Odessa rental (300,000 x 80% = 240,000 from us). Closing costs and reserves sit on top of that. The program runs $100,000 to $3M, on either a short-term or a 30-year structure, and it is investment and business-purpose only. Remember that the Odessa side of a $300,000 buy carries roughly $1,900 a year more property tax than the Midland side, which is carry, not down payment, but it still has to fit. Subject to underwriting.

Question 7

My credit took a hit in an oil downturn. Where does a Midland bank statement loan start?

Accepted Answer

Credit starts at 640 on this program. We run credit, but the income side is the part bank statements fix: 12 to 24 months of deposits instead of tax returns. If the score is not at 640 yet, the asset-based programs are a different story, since fix and flip, bridge, and construction carry no minimum score and weaker credit there is usually offset with lower leverage rather than a decline. There is no hard credit pull to start. Given how far income tied to the rig count can swing between a good year and a bad one, tell us the real picture up front. Subject to underwriting.

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