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  • Texas Bad Credit Information

    The presence of significant derogatory bad credit events dramatically increases the likelihood of a future default and represents a significantly higher level of default risk. Examples of significant bad credit events include bankruptcies, foreclosures, deeds-in-lieu of foreclosure, preforeclosure sales, short sales, and charge-offs of mortgage accounts.

    Note: The terms “preforeclosure sale” and “short sale” are used interchangeably in this Guide and have the same meaning (see Deed-in-Lieu of Foreclosure, Preforeclosure Sale, and Charge-Off of a Mortgage Account below).

    The Texas mortgage lender must determine the cause and significance of the derogatory information, verify that sufficient time has elapsed since the date of the last derogatory information, and confirm that the borrower has re-established an acceptable bad credit history. The lender must make the final decision about the acceptability of a borrower’s bad credit history when significant derogatory bad credit information exists.

    This topic describes the amount of time that must elapse (the “waiting period”) after a significant derogatory bad credit event before the borrower is eligible for a new loan salable to Fannie Mae. The waiting period commences on the completion, discharge, or dismissal date (as applicable) of the derogatory credit event and ends on the disbursement date of the new loan for manually underwritten loans. See B3-5.3-09, DU Credit Report Analysis, for additional information pertaining to DU loan casefiles, including how the waiting period is determined. Also see B3-5.3-08, Extenuating Circumstances for Derogatory Credit, for additional information.

    Identification of Significant BAD Credit Events in the Credit Report

    Lenders must review the credit report and Section VIII, Declarations, of the loan application to identify instances of significant derogatory credit events. Lenders must review the public records section of the credit report and all tradelines, including mortgage accounts (first liens, second liens, home improvement loans, HELOCs, and manufactured home loans), to identify previous foreclosures, deeds-in-lieu, preforeclosure sales, charge-offs of mortgage accounts, and bankruptcies. Lenders must carefully review the current status of each tradeline, manner of payment codes, and remarks to identify these types of significant derogatory credit events. Remarks Codes are descriptive text or codes that appear on a tradeline, such as “Foreclosure,” “Forfeit deed-in-lieu of foreclosure,” and “Settled for less than full balance.”

    Significant derogatory credit events may not be accurately reported or consistently reported in the same manner by all creditors or credit reporting agencies. If not clearly identified in the credit report, the lender must obtain copies of appropriate documentation. The documentation must establish the completion date of a previous foreclosure, deed-in-lieu or preforeclosure sale, or date of the charge-off of a mortgage account; confirm the bankruptcy discharge or dismissal date; and identify debts that were not satisfied by the bankruptcy. Debts that were not satisfied by a bankruptcy must be paid off or have an acceptable, established repayment schedule.

    Note: Timeshare accounts are considered installment loans and are not subject to the waiting periods described below.

    Texas Bankruptcy (Chapter 7 or Chapter 11)

    A four-year waiting period is required, measured from the discharge or dismissal date of the bankruptcy action.

    Exceptions for Extenuating Circumstances

    A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.

    Texas Bankruptcy (Chapter 13)

    A distinction is made between Chapter 13 bankruptcies that were discharged and those that were dismissed. The waiting period required for Chapter 13 bankruptcy actions is measured as follows:

    • two years from the discharge date, or
    • four years from the dismissal date.

    The shorter waiting period based on the discharge date recognizes that borrowers have already met a portion of the waiting period within the time needed for the successful completion of a Chapter 13 plan and subsequent discharge. A borrower who was unable to complete the Chapter 13 plan and received a dismissal will be held to a four-year waiting period.

    Exceptions for Extenuating Circumstances

    A two-year waiting period is permitted after a Chapter 13 dismissal, if extenuating circumstances can be documented. There are no exceptions permitted to the two-year waiting period after a Chapter 13 discharge.

    Texas Multiple Bankruptcy Filings

    For a borrower with more than one bankruptcy filing within the past seven years, a five-year waiting period is required, measured from the most recent dismissal or discharge date.

    Note: The presence of multiple bankruptcies in the borrower’s credit history is evidence of significant derogatory credit and increases the likelihood of future default. Two or more borrowers with individual bankruptcies are not cumulative, and do not constitute multiple bankruptcies. For example, if the borrower has one bankruptcy and the co-borrower has one bankruptcy this is not considered a multiple bankruptcy.

    Exceptions for Extenuating Circumstances

    A three-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the most recent bankruptcy discharge or dismissal date. The most recent bankruptcy filing must have been the result of extenuating circumstances.

    Texas Foreclosure

    A seven-year waiting period is required and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.

    Exceptions for Extenuating Circumstances

    A three-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the completion date of the foreclosure action. Additional requirements apply between three and seven years, which include:

    • Maximum LTV, CLTV, or HCLTV ratios of the lesser of 90% or the maximum LTV, CLTV, or HCLTV ratios for the transaction per the Eligibility Matrix.
    • The purchase of a principal residence is permitted.
    • Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time.

    Note: The purchase of second homes or investment properties and cash-out refinances (any occupancy type) are not permitted until a seven-year waiting period has elapsed.

    Texas Foreclosure and Bankruptcy on the Same Mortgage

    If a mortgage debt was discharged through a bankruptcy, the bankruptcy waiting periods may be applied if the lender obtains the appropriate documentation to verify that the mortgage obligation was discharged in the bankruptcy. Otherwise, the greater of the applicable bankruptcy or foreclosure waiting periods must be applied.

    Texas Deed-in-Lieu of Texas Foreclosure, Texas Preforeclosure Sale, and Charge-Off of a Mortgage Account

    These transaction types are completed as alternatives to foreclosure.

    • A deed-in-lieu of foreclosure is a transaction in which the deed to the real property is transferred back to the servicer. These are typically identified on the credit report through Remarks Codes such as “Forfeit deed-in-lieu of foreclosure.”
    • A pre-foreclosure sale or short sale is the sale of a property in lieu of a foreclosure resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer. These are typically identified on the credit report through Remarks Codes such as “Settled for less than full balance.”
    • A charge-off of a mortgage account occurs when a creditor has determined that there is little (or no) likelihood that the mortgage debt will be collected. A charge-off is typically reported after an account reaches a certain delinquency status, and is identified on the credit report with a manner of payment (MOP) code of “9.”

    A four-year waiting period is required from the completion date of the deed-in-lieu of foreclosure, preforeclosure sale, or charge-off as reported on the credit report or other documents provided by the borrower.

    Exceptions for Extenuating Circumstances

    A two-year waiting period is permitted if extenuating circumstances can be documented.

    Note: Deeds-in-lieu and preforeclosure sales may not be accurately or consistently reported in the same manner by all creditors or credit reporting agencies. See Identification of Significant Derogatory Credit Events in the Credit Report above for additional information.

    Summary — All BAD CREDIT Waiting Period Requirements

    The following table summarizes the waiting period requirements for all significant derogatory credit events.

    Derogatory Event Waiting Period Requirements Waiting Period with Extenuating Circumstances
    Texas Bankruptcy — Chapter 7 or 11 4 years 2 years
    Texas Bankruptcy — Chapter 13
    • 2 years from discharge date
    • 4 years from dismissal date
    • 2 years from discharge date
    • 2 years from dismissal date
    Texas Multiple Bankruptcy Filings 5 years if more than one filing within the past 7 years 3 years from the most recent discharge or dismissal date
    Texas Foreclosure1 7 years 3 years additional requirements after 3 years up to 7 years:

    • 90% maximum LTV ratios2
    • Purchase, principal residence
    • Limited cash-out refinance, all occupancy types
    Texas Deed-in-Lieu of Foreclosure, Preforeclosure Sale, or Charge-Off of Mortgage Account 4 years 2 years

    Requirements for Re-establishing BAD Credit after bankruptcy

    After a bankruptcy, foreclosure, deed-in-lieu of foreclosure, preforeclosure sale, or charge-off of a mortgage account, the borrower’s credit will be considered re-established if all of the following are met:

    • The waiting period and the related additional requirements are met.
    • The loan receives a recommendation from DU that is acceptable for delivery to Fannie Mae or, if manually underwritten, meets the minimum credit score requirements based on the parameters of the loan and the established eligibility requirements.
    • The borrower has traditional bad credit as outlined in Section B3–5.3, Traditional Credit History. Nontraditional credit or “thin files” are not acceptable.
  • BAD CREDIT TEXAS MORTGAGE ADVANTAGES INCLUDE: 
  • BAD CREDIT MORTGAGE LENDERS IN EVERY CITY AND COUNTY IN TEXAS INCLUDING: 
Texas Population – FHA Mortgage Lenders 25,145,561
Houston city 2,099,451
San Antonio city 1,327,407
Dallas city 1,197,816
Austin city 790,390
Fort Worth city 741,206
El Paso city 649,121
Arlington city 365,438
Corpus Christi city 305,215
Plano city 259,841
Laredo city 236,091
Lubbock city 229,573
Garland city 226,876
Irving city 216,290
Amarillo city 190,695
Grand Prairie city 175,396
Brownsville city 175,023
Pasadena city 149,043
Mesquite city 139,824
McKinney city 131,117
McAllen city 129,877
Killeen city 127,921
Waco city 124,805
Carrollton city 119,097
Beaumont city 118,296
Abilene city 117,063
Frisco city 116,989
Denton city 113,383
Midland city 111,147
Wichita Falls city 104,553
Odessa city 99,940
Round Rock city 99,887
Richardson city 99,223
Tyler city 96,900
Lewisville city 95,290
College Station city 93,857
San Angelo city 93,200
Pearland city 91,252
Allen city 84,246
League City city 83,560
Longview city 80,455
Sugar Land city 78,817
Edinburg city 77,100
Mission city 77,058
Bryan city 76,201
Baytown city 71,802
Pharr city 70,400
Missouri City city 67,358
Temple city 66,102
Harlingen city 64,849
Flower Mound town 64,669
North Richland Hills city 63,343
Victoria city 62,592
New Braunfels city 57,740
Mansfield city 56,368
Conroe city 56,207
Rowlett city 56,199
Port Arthur city 53,818
Euless city 51,277
DeSoto city 49,047
Cedar Park city 48,937
Galveston city 47,743
Georgetown city 47,400
Bedford city 46,979
Pflugerville city 46,936
Grapevine city 46,334
Texas City city 45,099
Cedar Hill city 45,028
San Marcos city 44,894
Haltom City city 42,409
Wylie city 41,427
Keller city 39,627
Coppell city 38,659
Huntsville city 38,548
Duncanville city 38,524
Sherman city 38,521
Rockwall city 37,490
Hurst city 37,337
Burleson city 36,690
Texarkana city 36,411
Lancaster city 36,361
The Colony city 36,328
Friendswood city 35,805
Weslaco city 35,670
Del Rio city 35,591
Lufkin city 35,067
San Juan city 33,856
La Porte city 33,800
Nacogdoches city 32,996
Copperas Cove city 32,032
Socorro city 32,013
Deer Park city 32,010
Schertz city 31,465
Rosenberg city 30,618
Waxahachie city 29,621
Cleburne city 29,337
Farmers Branch city 28,616
Kyle city 28,016
Big Spring city 27,282
Lake Jackson city 26,849
Harker Heights city 26,700
Southlake city 26,575
Leander city 26,521
Eagle Pass city 26,248
Kingsville city 26,213
Little Elm city 25,898
Greenville city 25,557
Weatherford city 25,250
Seguin city 25,175
Paris city 25,171
San Benito city 24,250
Alvin city 24,236
Corsicana city 23,770
Balch Springs city 23,728
Marshall city 23,523
Watauga city 23,497
University Park city 23,068
Colleyville city 22,807
Denison city 22,682
Kerrville city 22,347
Plainview city 22,194
Benbrook city 21,234
Sachse city 20,329

  • Texas – FHA MORTGAGE LENDERS

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