Question 1

What should I budget for property taxes on a bank-statement purchase in the City of Tyler?

Accepted Answer

Plan on roughly 1.63% of assessed value, with no homestead relief on an investment property. The City of Tyler investor stack runs Smith County 0.364231 plus city 0.236452 plus Tyler ISD 0.845000 plus Tyler Junior College 0.185068, for 1.630751 per $100 on the Texas Comptroller's 2025 rate table. That's the same regardless of how your income is documented, so build it into the deposit-based cash flow you're using to qualify. Confirm the parcel's exact overlays with Smith County Appraisal District before you close, and check the math with your CPA.

Question 2

Does it change my numbers if I buy outside the Tyler city limits, in Whitehouse or Lindale instead?

Accepted Answer

Yes, meaningfully. The full county-plus-city-plus-ISD stack runs 2.046986 per $100 in Whitehouse and 1.664471 in Lindale, against 1.630751 in the City of Tyler and just 1.463164 on an unincorporated parcel in Tyler ISD with no city rate at all. On a $250,000 purchase that's a real swing in annual carry between submarkets that sit within a few miles of each other, and it's worth running before you lock in a bank-statement deal on the deposit history you have.

Question 3

My deposit history is thin. Are there other no-tax-return options for a Smith County rental?

Accepted Answer

Possibly a DSCR loan instead, which qualifies on the property's rent rather than your bank statements or your tax returns. Tyler's gross rental yields run about 6.1% to 6.9% on Zillow's June 2026 figures (Tyler 6.45%, Whitehouse 6.87%, Lindale 6.15%), and rents rose 1.2% year over year while values slipped 1.0%, a combination that tends to help a DSCR ratio. Which product fits depends on your file; talk to us and we'll tell you straight which one qualifies faster.

Question 4

How does closing actually work on a bank-statement purchase in Smith County?

Accepted Answer

The same as any other purchase here, plus one East Texas wrinkle worth checking. A title company runs escrow, Texas has no real estate transfer tax, and title premiums are set by the Texas Department of Insurance so they don't vary by title company. Smith County sits at the edge of the historic East Texas Oilfield, so read Schedule B of the title commitment for a mineral reservation before you close. If one shows up, the Minerals and Surface Damage Endorsement (Form T-19.2) costs a flat $50 on an owner's policy under TDI Rate Rule R-29.1, and it's worth asking your title company for it. If you're weighing a quick close against holding for rehab, our fix and flip loan is the faster-turnaround option; talk to us about which fits your deal.

Question 5

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 6

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 7

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 8

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 9

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 10

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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