San Antonio rentals are priced below Austin and Dallas, but Texas property taxes are just as heavy here. On a jumbo loan the tax line can be larger than the insurance, HOA and maintenance combined.
In short: LendingStreet offers jumbo DSCR loans, about $1.5M to $5M+, for 1-8 unit rentals in San Antonio, Alamo Heights, Boerne, New Braunfels and across Bexar County, qualified on rent rather than tax returns. Jumbo balances here usually finance 5-8 unit buildings near the Pearl and downtown, high-value homes in Alamo Heights, Olmos Park and The Dominion, or portfolios. Because investors get no homestead exemption, property taxes often decide how much leverage works.
Near downtown, Tobin Hill, the Pearl, Monte Vista and King William have older homes and small apartment buildings that lease to young professionals, medical staff and military families. Alamo Heights, Olmos Park and Terrell Hills hold the most expensive in-town homes.
On the north side, Stone Oak and The Dominion have large newer houses, and the Hill Country towns of Boerne and New Braunfels have grown fast. Joint Base San Antonio and the medical center keep steady demand for leases across the metro.
| Area type | Examples | What a jumbo loan usually covers | Check first |
|---|---|---|---|
| Near downtown | Tobin Hill, the Pearl, Monte Vista, King William | 5-8 unit buildings, historic homes | Historic district review, tax bill |
| Close-in high value | Alamo Heights, Olmos Park, Terrell Hills | Executive home leases | Rent support, lower leverage |
| North and Hill Country | Stone Oak, The Dominion, Boerne, New Braunfels | Large homes, groups of newer rentals | HOA rules, PID or MUD lines |
Rents in San Antonio are moderate relative to the tax and insurance costs on expensive homes. On a $2M+ single-family home the ratio at full leverage is often well under 1.0x. Multi-unit buildings and portfolios of mid-priced homes tend to carry jumbo balances more easily.
If you are set on a high-value single home, plan for a lower loan amount or consider a sub-1.0 DSCR program. A two-scenario comparison, like the one below, is the quickest way to see where the deal lands.
Texas has no state income tax and relies on local property taxes. A San Antonio property can be taxed by Bexar County, the city, a school district, the hospital district, the community college district and others. Newer suburbs may add a public improvement district or utility district line.
Homestead exemptions and the homestead appraisal cap apply only to a primary residence, so the seller's bill can be far below yours. Look up every taxing unit on the Bexar Appraisal District record, or Comal or Kendall for Hill Country homes, and budget on the full amount. Texas has no transfer tax, which helps closing costs.
This example is illustrative and not a quote. An investor buys an eight-unit building in Tobin Hill for $2,250,000. The units rent for a combined $15,200 a month. Bexar County taxes without any homestead exemption are budgeted at $4,100 a month, and insurance with a hail deductible is $1,000.
At 65% LTV the loan is $1,462,000. Estimated principal and interest is about $9,727 a month. Adding taxes of $4,100 and insurance of $1,000 brings the payment to about $14,827, and $15,200 of combined monthly rent puts the DSCR at about 1.03x.
At 60% LTV the loan is $1,350,000 and estimated principal and interest is about $8,982, so the payment drops to about $14,082 and the ratio improves to about 1.08x.
Taxes run more than a quarter of the payment, which is why Texas jumbo files lean toward lower leverage.
| Line item | At 65% LTV | At 60% LTV |
|---|---|---|
| Value | $2,250,000 | $2,250,000 |
| Loan-to-value | 65% | 60% |
| Loan amount | $1,462,000 | $1,350,000 |
| Estimated principal and interest | $9,727 | $8,982 |
| Property taxes | $4,100 | $4,100 |
| Insurance | $1,000 | $1,000 |
| Total monthly payment | $14,827 | $14,082 |
| Combined monthly rent | $15,200 | $15,200 |
| DSCR | About 1.03x | About 1.08x |
San Antonio requires a permit for short-term rentals. Non-owner-occupied STRs fall under a separate permit type with density limits on each block face in residential zones, so a permit is never assured. Many north-side HOAs ban rentals under 30 days. Confirm the permit before counting on nightly income.
Hail and severe storms drive insurance costs, and many policies carry percentage-based wind and hail deductibles. Flash flooding is a known risk along creeks and low-water crossings, and some parcels near the San Antonio River and Leon Creek sit in mapped flood zones.
The basics stay the same at any size: the loan qualifies on the property's rent, not your W-2s or tax returns, the minimum credit score is 620, LLC borrowers are standard and 30-year terms are available. What changes on a jumbo balance is the depth of review.
Maximum LTV is often lower than the 80% purchase and 75% cash-out ceilings that apply to smaller loans, reserve requirements are often higher, and some programs ask for a second appraisal or a desk review. All of it varies by program, so the right comparison is two or three structures side by side, not one headline number. Bring recent leases on similar San Antonio rentals to support the rent the appraiser uses.
A jumbo-sized request in the San Antonio market is often a refinance rather than a purchase. A cash-out refinance can reach 75% LTV on standard programs, subject to the rent covering the new payment, and seasoning rules vary by program.
If the balance comes from several properties, a blanket loan groups five or more rentals under one note with portfolio pricing. Buildings with 5 to 8 units stay residential and qualify on combined rent; anything with 9 or more units is a commercial loan instead. Mixing the two approaches across a large holding is common.
A clean package gets clearer terms. Have these ready when you reach out:
Send the address, value, rent and target loan amount, call (877) 298-1001, or use the form below. LendingStreet will run the ratio at a few loan sizes and come back with options. Our investor loans are business-purpose loans on non-owner-occupied property. For statewide rules and costs, see our Texas jumbo DSCR page.
Texas funds local services through property taxes, and investors do not get homestead exemptions. Several taxing units bill each property, so the combined amount is significant.
Possibly, but the city caps non-owner-occupied STR permits on each block face in residential zones. Check availability for the specific address.
No. Texas has no real estate transfer tax, though you will pay title, recording and lender costs.
Yes. We finance 1-8 unit rentals across the metro, including Kendall and Comal counties. Check each county appraisal district for taxing units.
Our DSCR programs have no stated maximum. Loans start at $150,000, and balances from about $1.5M to $5M+ are reviewed case by case, usually with lower maximum LTV and higher reserves than smaller loans. The rent still has to cover the full payment.
You can lower the loan amount, add rent, or look at a sub-1.0 DSCR program. Each changes the terms, so compare them side by side before you decide. Small changes to taxes or insurance can also move the ratio.
Yes. Buildings with 5 to 8 units are financed as residential and qualify on combined rent, though maximum LTV can be lower than on 1-4 units and varies by program. Nine or more units is a commercial loan.
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