FAQ

Mortgage questions, answered

Real answers to the questions Vanessa hears most about Texas mortgages, FHA and VA loans, bank statement and VOE-only programs, self-employed financing, and horse-property loans. Don't see what you're looking for? Get in touch.

Texas Mortgage

Who is a good mortgage lender in Texas?
Vanessa Jones Schlomer with Home Loans With Vanessa (NMLS #893657) helps borrowers across Texas with FHA, VA, conventional, jumbo, non-QM, bank statement, VOE-only, ITIN, and DSCR loans. The branch is based in Wimberley and serves buyers throughout the state.
What types of home loans do you offer in Texas?
We offer FHA, VA, USDA, conventional, jumbo, DSCR, bank statement, ITIN, non-QM, refinance, cash-out refinance, construction, land, and reverse mortgage options throughout Texas. The full menu lives at /programs.
Can I qualify for a mortgage if I am self-employed?
Yes. Many self-employed borrowers qualify using bank statement loans, profit and loss statements, VOE-only programs, or other alternative documentation programs.
Do you work with first-time homebuyers?
Absolutely. We help first-time homebuyers understand down payment options, credit requirements, and loan programs available in Texas, including FHA loans with as little as 3.5% down.

Bank Statement Loans

What is a bank statement loan?
A bank statement loan allows self-employed borrowers to qualify using personal or business bank statements instead of traditional tax returns.
How many months of bank statements are required?
Most programs require 12 to 24 months of bank statements, depending on the lender and the borrower's profile.
Can I qualify with lower tax returns?
Yes. Bank statement loans are designed for borrowers whose tax returns may not reflect their true income — for example, self-employed borrowers whose tax returns show heavy business write-offs.
Are bank statement loans available in Texas?
Yes. Home Loans With Vanessa offers bank statement loans throughout Texas, plus California, Colorado, Florida, Georgia, North Carolina, South Carolina, and Tennessee.

VOE-Only Loans

What is a VOE-only loan?
A VOE-only (Verification of Employment) loan uses an employer verification of employment in place of tax returns or pay stubs to qualify eligible borrowers.
Who benefits from VOE-only loans?
Borrowers with non-traditional income situations, commission income, or difficulty documenting income through standard means may benefit. Salaried W-2 borrowers can also use VOE-only loans to reduce paperwork.
Do VOE-only loans require good credit?
Credit requirements depend on the lender and the specific program. Reach out and we can walk through current parameters for your scenario.
Can VOE-only loans help buyers close faster?
In some situations, reduced documentation can streamline the underwriting process and shorten the time to close.

FHA Loans

What credit score is needed for an FHA loan?
Minimum credit score requirements vary by lender, but many FHA borrowers qualify with credit scores starting around 580.
How much down payment is required for FHA?
Many FHA loans allow as little as 3.5% down for eligible borrowers.
Can FHA loans be used for first-time buyers?
Yes. FHA loans are extremely popular with first-time homebuyers because of the low down payment requirement and more flexible credit guidelines.
Can I buy a horse property with FHA financing?
Some horse and acreage properties may qualify, depending on acreage, intended use, and FHA appraisal guidelines. Send us the property and we can pre-screen it.

VA Loans

Who qualifies for a VA loan?
Eligible veterans, active-duty service members, members of the Reserves and National Guard, and some surviving spouses may qualify.
Do VA loans require a down payment?
Many VA loans allow qualified borrowers to purchase with zero down payment.
Are VA loans available in Texas?
Yes. Home Loans With Vanessa helps veterans throughout Texas and across all of our other licensed states.
Can VA loans be used more than once?
Yes. Many veterans can reuse their VA loan benefit, sometimes for more than one loan at a time, depending on remaining entitlement.

Self-Employed Borrowers

Can I get a mortgage if I'm self-employed?
Yes. We work with self-employed borrowers regularly through bank statement loans, P&L-only loans, VOE-only programs, and other alternative documentation options.
Do I need two years of tax returns?
Not necessarily. Conventional and FHA loans typically request two years of tax returns, but bank statement, P&L-only, and VOE-only programs are designed to work without them.
What documents do self-employed borrowers typically need?
Common options include 12 to 24 months of personal or business bank statements, a CPA-prepared profit and loss statement, or a verification of employment, depending on the loan program. We tailor the document set to the program that fits your scenario.
What if my tax returns don't reflect my real income?
That is a common situation for business owners and contractors. Programs like bank statement loans qualify you on your actual cash flow rather than your taxable income.

Horse Property & Rural

Can I finance a horse property or ranch in Texas?
Yes. We work with buyers throughout the Texas Hill Country and beyond on horse properties, acreage homes, ranches, and rural real estate.
Are there acreage limits on horse property loans?
Loan eligibility depends on the program, acreage, intended use, and the appraisal. Some programs cap insurable acreage; others are more flexible. Send us the specific property and we will pre-screen the financing options.
Can I use FHA financing for a property with horses?
Sometimes. FHA can work on horse and acreage properties when the property meets FHA's residential-use, acreage, and appraisal guidelines. Each property is reviewed case-by-case.
Do you finance properties with barns or equestrian facilities?
Yes. Properties with barns, stables, arenas, and other equestrian outbuildings can often be financed, though the loan program and appraised value can vary depending on the property's character.

Conventional Loans

What is a conventional loan?
A conventional loan is a mortgage that follows guidelines set by Fannie Mae or Freddie Mac and is not insured or guaranteed by a government agency.
How much down payment is needed for a conventional loan?
Many conventional programs allow down payments as low as 3% to 5% for eligible borrowers. Larger down payments can unlock better pricing and remove private mortgage insurance.
Do conventional loans require mortgage insurance?
Private mortgage insurance (PMI) is typically required when the down payment is less than 20%. PMI can usually be removed once enough equity is built.
Can I use a conventional loan for an investment property?
Yes. Conventional loans can finance primary residences, second homes, and investment properties, though pricing and down payment requirements vary by occupancy type.

Jumbo Loans

What is a jumbo loan?
A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency. Because the loan size is larger, jumbo programs often carry stricter qualifying requirements.
When do I need a jumbo loan?
When the loan amount you need is higher than the conforming limit for your county. Conforming limits change each year and vary by area.
How much down payment is needed for a jumbo loan?
Down payment requirements depend on the lender, loan size, and property type, and are typically higher than for conforming loans.
Are jumbo loans harder to qualify for?
Often yes. Jumbo programs may look for stronger credit, larger cash reserves, and more thorough income documentation. We can walk through specific scenarios.

Non-QM Loans

What is a non-QM loan?
Non-QM stands for non-qualified mortgage. These loans are designed for borrowers whose situations don't fit the standard underwriting box of conventional or government loans.
Who uses non-QM loans?
Self-employed borrowers, real estate investors, foreign nationals, borrowers with non-traditional income, and others whose profiles benefit from flexible documentation.
Are non-QM rates higher than conventional?
Non-QM loans often carry higher interest rates than conventional in exchange for documentation flexibility. The trade-off is access to financing that wouldn't otherwise be available.
What types of non-QM loans do you offer?
Bank statement loans, P&L-only loans, VOE-only loans, DSCR investor loans, ITIN loans, and asset-based qualification programs.

ITIN Loans

What is an ITIN loan?
An ITIN loan is a mortgage program for borrowers who file taxes using an Individual Taxpayer Identification Number rather than a Social Security number.
Who is eligible for an ITIN loan?
Borrowers with a valid ITIN, typically including foreign nationals and others without a Social Security number who file U.S. taxes.
Do ITIN loans require a larger down payment?
Down payment requirements vary by lender and program, and may be higher than for conventional loans. We can review specific options.
What documentation is required for an ITIN loan?
Common requirements include a valid ITIN, proof of identity, income documentation, and standard mortgage paperwork. Each program has its own checklist.

DSCR Loans

What is a DSCR loan?
A Debt Service Coverage Ratio (DSCR) loan is investor financing where qualification is based on the rental income generated by the property rather than the borrower's personal income.
Do DSCR loans require personal income documentation?
Many DSCR programs do not require tax returns or pay stubs. Qualification focuses on the property's projected or actual rental income covering the debt service.
What DSCR ratio do I need to qualify?
Most programs look for the rental income to cover the mortgage payment at a minimum ratio, often 1.0 or higher, depending on the lender and program.
Can DSCR loans be used for short-term rentals?
Yes. Many DSCR programs allow short-term rental income (for example, Airbnb projections) to be used for qualification, though specific requirements differ by lender.

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Vanessa Jones Schlomer

Title
Branch Manager
Loan Officer NMLS Number
NMLS# 893657
State Licenses
Serving Texas, California, Colorado, Florida, Georgia, North Carolina, South Carolina, Tennessee
Office
14201 Ranch Road 12, Suite 3
Wimberley, TX 78676
Email
[email protected]
Phone number
+1 (512) 790-0947