On the Coastal Bend, the insurance quote can matter as much as the rent. Windstorm coverage through the Texas Windstorm Insurance Association, flood insurance and high Texas property taxes all land in the DSCR before the lender looks at anything else.
In short: LendingStreet offers jumbo DSCR loans of about $1.5M to $5M+ in the Corpus Christi area, qualified on rent with no W-2s or tax returns. Most large files here are portfolios of single-family rentals, with some waterfront homes on Padre Island and Ocean Drive and small buildings near downtown. Windstorm and flood insurance and the lack of a homestead exemption for investors are the numbers to get right.
Inland, Southside, Calallen, Flour Bluff and Portland have single-family rentals that lease to Naval Air Station Corpus Christi personnel, refinery and port workers and Texas A&M University-Corpus Christi staff. These homes are moderately priced, so jumbo balances come from portfolios.
Higher-value homes are along Ocean Drive, on North Padre Island's canals and in Port Aransas and Rockport. Many of those are vacation homes, where local short-term rental rules decide whether nightly income can count.
| Route | Areas | Check |
|---|---|---|
| Portfolio of single-family rentals | Southside, Calallen, Flour Bluff, Portland | Windstorm certificates, each parcel's tax |
| Waterfront home | Ocean Drive, North Padre Island, Port Aransas | TWIA and flood quotes, STR rules |
| 5 to 8 unit building | Downtown edges, near TAMU-CC | Wind coverage, older construction |
LendingStreet's jumbo DSCR program covers loans of roughly $1.5M to $5M+ for investors buying or refinancing 1 to 8 unit rental property, including cash-out.
Your income is not the test; the property's is. Divide the monthly rent by the full payment, including taxes, insurance and HOA dues, and most programs look for at least 1.0x. Credit starts at 620, title can sit in an LLC and 30-year terms are available. Maximum LTV is 80% on purchases and 75% on cash-out, and a large balance usually means a lower ceiling than that, which varies by program.
Texas has no state income tax and relies heavily on property taxes. The Nueces County Appraisal District sets values, and city, county, school and special district rates add up. Homestead exemptions and the homestead appraisal cap only apply to a primary residence, so an investor's bill reflects full value.
Texas has no real estate transfer tax, which helps closing costs. Still, taxes are often the largest line after principal and interest on a Corpus Christi rental.
Values on the island and along the bayfront can swing after storms and sales, and protesting the appraisal district's value each spring is common practice among Texas investors. Budget on the current value, and treat any protest savings as a bonus rather than part of the ratio.
This example is illustrative and not a quote. Consider a portfolio refinance. An investor owns 15 single-family rentals in Flour Bluff, Southside and Calallen, worth $2,250,000 together. Rent totals $24,000 a month, with taxes estimated at $4,100 a month and insurance at $2,600.
Borrowing $1,688,000, which is 75% LTV, gives estimated principal and interest near $11,659 and a full payment near $18,359: a DSCR of about 1.31x. Borrowing $1,462,000 at 65% LTV gives estimated principal and interest near $10,098, a payment near $16,798 and a DSCR of about 1.43x.
Insurance here includes windstorm coverage for each home. A blanket loan pulls all 15 into one closing and one payment, qualified on combined cash flow.
| Item | 75% LTV | 65% LTV |
|---|---|---|
| Loan amount | $1,688,000 | $1,462,000 |
| Estimated principal and interest | $11,659 | $10,098 |
| Property taxes | $4,100 | $4,100 |
| Insurance | $2,600 | $2,600 |
| Total monthly payment | $18,359 | $16,798 |
| Monthly rent | $24,000 | $24,000 |
| DSCR | About 1.31x | About 1.43x |
Much of the Coastal Bend is in a designated catastrophe area where many private insurers exclude wind, so owners buy wind coverage through the Texas Windstorm Insurance Association. TWIA generally requires a certificate showing the building meets windstorm code, especially for newer work. Flood insurance is separate.
Corpus Christi requires short-term rentals to register and remit hotel occupancy taxes, and Port Aransas and other coastal towns have their own rules. If a property qualifies on projected short-term revenue, our STR program can review it.
Most inland rentals are underwritten on 12-month leases. Military tenants from NAS Corpus Christi may end leases early on orders, so plan reserves for turnover.
Port and industrial projects around the Port of Corpus Christi and the refineries on the north side bring waves of contract workers. Some investors lease furnished homes to them for months at a time; underwriting still looks to market rent or an eligible short-term projection, not a single contract.
Inland Corpus Christi homes are moderately priced, so most jumbo loans here are portfolios. Waterfront homes can reach jumbo size on their own but face high insurance costs.
Expect more review on a jumbo file: larger reserve requirements, closer appraisal review and sometimes a second appraisal. Rent and value both have to be supported by real comparables, which are scarcer for unusual or high-end property.
A file that misses 1.0x is not dead. More equity, a smaller loan or a sub-1.0 DSCR program can bring it back.
If you already own the property, a cash-out refinance can go up to 75% LTV, usually less on a large loan, and a rate-and-term refinance up to 80% on some programs. Seasoning before a cash-out varies by program.
Send these with your request and the first answer will be more useful.
Our investor loans are business-purpose loans on non-owner-occupied property. See our Texas jumbo DSCR page for statewide context.
Send the address, price or estimated value, current or projected rent and the leverage you want. The LendingStreet team will run the ratio on realistic taxes and insurance, test it at a few loan sizes and come back with options. You can also call (877) 298-1001 or use the form below.
On much of the Coastal Bend, private policies exclude wind, so owners use TWIA. Get the certificate and quote early.
As big as its rent supports. Jumbo DSCR loans run about $1.5M to $5M+, with no stated maximum, but the property still has to cover the full payment, usually at 1.0x or better.
Only if local rules allow the use. Our STR program can review projected revenue.
No. Jumbo DSCR loans qualify on the property's rent compared with its payment. You still need a 620 minimum credit score, reserves and documentation of your down payment.
Investors do not get homestead exemptions or the homestead appraisal cap.
Yes. Most of our jumbo DSCR borrowers close in an LLC. Bring the articles, operating agreement and EIN letter, and expect to sign for the loan personally.
No. Our investor loans are business-purpose loans on non-owner-occupied property, and that applies to every unit.
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