San Antonio has long been the steadier, more affordable of the big Texas metros. Prices did not swing as hard as Austin's, a large military and medical workforce keeps rental demand consistent, and rent relative to value is often strong enough to support a full cash-out.
In short: Yes. LendingStreet finances DSCR cash-out refinances on San Antonio-area rentals up to 75% LTV, qualifying on the property's rent with no tax returns or W-2s. The rent has to cover principal, interest, Bexar County taxes, insurance and any HOA dues at the 1.0x standard minimum. Loans start at $150,000, LLCs are standard and the minimum credit score is 620.
San Antonio prices rose in 2021 and 2022 alongside the rest of Texas, then leveled off as new subdivisions on the north, west and south edges of the metro added supply. Compared with Austin, the pullback was milder, so investors who bought in the last several years are less likely to be underwater.
Demand comes from several large, stable employers. Joint Base San Antonio, which includes Fort Sam Houston, Lackland and Randolph, brings a steady flow of service members and civilian staff, many of whom rent. The South Texas Medical Center on the northwest side and the downtown and Pearl area employers add more.
Rentals near the bases, including Universal City, Converse, Live Oak, Schertz and the far west side near Lackland, often lease to military households. Those leases can include military clauses that allow early termination on orders, and move-ins cluster around reassignment seasons.
For a cash-out, what matters is a current lease or a supportable market rent estimate. If the house is between tenants at the time of the appraisal, the appraiser's market rent opinion is what the ratio uses, so time the refinance after a new lease is signed if you can.
As in the rest of Texas, rentals pay full property tax with no homestead exemption or homestead appraisal cap, and the Bexar Appraisal District can raise a rental to market value each year. Combined rates vary by school district, which is one of the biggest differences between neighborhoods.
Newer subdivisions in places like Alamo Ranch, Cibolo, Converse and parts of Comal County may carry MUD, PID or special district assessments on top of the regular rate. Texas has no state mortgage recording tax or transfer tax, so a refinance's closing costs are mostly title, escrow and lender fees.
This example is illustrative and not a quote. An investor owns a three-bedroom home near Converse appraised at $285,000, with $110,000 owed. It leases to a military household for $2,250 a month. Taxes are about $540 a month and insurance about $185.
At 75% LTV the new loan is $213,750, which pays off the old loan and leaves $103,750 before closing costs. On 30-year amortization, principal and interest is about $1,458. The total payment is about $2,183 and the DSCR is about 1.03x, just above the 1.0x minimum. A higher insurance quote or a tax increase after the next appraisal notice could push it under, in which case a slightly smaller loan or a sub-1.0 program would be the fix.
| Item | Amount |
|---|---|
| Appraised value | $285,000 |
| Loan at 75% LTV | $213,750 |
| Existing loan payoff | $110,000 |
| Cash before closing costs | $103,750 |
| Principal and interest (30 years) | About $1,458 |
| Taxes, insurance and any HOA (monthly) | $725 |
| Total monthly payment | About $2,183 |
| Monthly rent | $2,250 |
| DSCR | About 1.03x |
San Antonio is far enough inland to avoid most direct hurricane exposure, but hail and severe storms are common, and premiums have risen across Texas. Carriers look closely at roof age. Some parts of the metro sit near creeks and drainage channels with mapped flood zones, in which case flood insurance is required and counts in the payment.
A current quote, not last year's renewal, is the number to use.
The City of San Antonio requires a permit for short-term rentals and limits the density of non-owner-occupied STRs on some blocks. Areas near downtown, the River Walk and the Pearl see the most short-term activity. Surrounding cities and Hill Country towns set their own rules.
Some DSCR programs can qualify an STR on projected income, but confirm your permit status first. For most investors, a long-term lease is the simpler basis for a cash-out.
Older neighborhoods inside Loop 410 have a lot of small postwar homes and some duplexes and fourplexes, especially on the near east, south and west sides. Outside Loop 1604, most rentals are newer subdivision homes, many with HOAs. Values in older neighborhoods sometimes fall close to the $150,000 minimum loan, so a small multifamily or a higher-value house is usually the easier fit for a cash-out.
Two to four unit properties qualify on combined rent, and 5 to 8 unit buildings can qualify on residential programs at a lower maximum LTV that varies by program.
The most common uses are paying off a renovation loan, buying the next rental and adding reserves.
Have these ready to keep the file moving.
Yes. We finance DSCR cash-out refinances on non-owner-occupied rentals across San Antonio and nearby cities, up to 75% LTV, from $150,000.
Generally no. The ratio uses the lease rent or the appraiser's market rent. A military clause is a normal feature of leases near the bases.
The appraiser's market rent estimate is typically used. Some programs adjust leverage on vacant properties, so a signed lease often helps.
Up to 75% of the appraised value, minus the payoff and closing costs, as long as the rent covers the new payment at the program minimum.
If you want to qualify on short-term income, the property should be properly permitted under the city's rules. Confirm with the city before applying.
Those rules are written for homesteads. A non-homestead rental is generally outside them, which is why investment property can go to 75% LTV.
Seasoning varies by program. Some allow cash-out soon after purchase; others want several months or limit the loan to cost plus improvements.
No. The loan qualifies on rent. You need a 620 or higher credit score and reserves.
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