BAD CREDIT TEXAS FHA MORTGAGE GUIDELINES

BAD CREDIT TEXAS FHA MORTGAGE GUIDELINES

 

TEXAS BAD CREDIT MORTGAGE LENDERS – SAME DAY PRE APPROVALS!

The four C’s of credit consist of a Texas mortgage applicants • credit history • capacity to repay • cash assets available to close the mortgage and • collateral.

Please note Bad Credit TEXAS FHA loan guidelines are a moving target and are subject to change without notice.

TEXAS BAD CREDIT MORTGAGE LENDERS PROGRAMS INCLUDE:

• FHA Texas Bad Credit Mortgage Lenders
• VA Bad Credit Florida Mortgage Lenders
• USDA Bad Credit Florida Mortgage Lenders
• Jumbo Bad Credit Florida Mortgage Lenders
• Condominium Texas Bad Credit Mortgage Lenders 
• Town House Texas Bad Credit Mortgage Lenders 
• Self Employed Texas Mortgage Lenders 
• Bad Credit Texas Bank Statment ONly Mortgage Lenders
• Non Warrant-able Condo Florida Bad Credit Mortgage Lenders

Texas Bad Credit mortgage applicants with credit scores between 530 and 579

• 12-month rental history
• 3 trade lines with 12-month rating
• NO non-occupying TEXAS Bad Credit Mortgage Applicants
• NO gifts allowed
• Borrower must have their own money for down payment and closings cost
• Borrower must have 3 months reserves
• No payment shock
• Max ratios 31//43
• All collections less than 2 years old must be paid
• Spouses that are not on the loan we must include her dept in the TEXAS Bad Credit Mortgage Applicants ratios
• All judgments must be satisfied

Texas Bad Credit mortgage applicants with Credit scores between 580 and 599

• 12-month rental history
• 3 trade lines with 12-month rating
• NO non-occupying TEXAS Bad Credit Mortgage Applicants
• NO gifts allowed
• Borrower must have their own money for down payment and closings cost
• Borrower must have 2 months reserves
• No payment shock
• Max ratios 31//43
• All collections less than 2 years old must be paid
• Spouses that are not on the loan we must include her dept in the TEXAS Bad Credit Mortgage Applicants ratios
• All judgments must be satisfied

Texas Bad Credit mortgage applicants FHA Mortgage with scores between 600 and 619

• 12 month rental history
• 2 trade lines with 12 month rating (1 has to be on the report the other can be rent.
• NO non occupying TEXAS Bad Credit Mortgage Applicants
• NO gifts allowed
• Borrower must have their own money for down payment and closings cost
• NO reserves needed
• Max ratios 40/45
• All collections less than 2 years old must be paid
• All judgments must be satisfied

Texas Bad Credit mortgage applicants FHA Mortgage with scores between 620 and 639

• No rental history (unless DU requires)
• 2 trade lines with 12 month rating ( 1 can be rental)
• NO non occupying TEXAS Bad Credit Mortgage Applicants
• Gifts are ok
• Max ratios 42/55 with DU approval
• Collections ok with DU approval
• All judgments must be satisfied

 Get a Good Credit TEXAS FHA Mortgage Credit scores over 640

• No rent verification
• No trade line requirements
• Texas Non occupying TEXAS Bad Credit Mortgage Applicants OK
• Gifts allowed
• Max ratios 43/56.99 with DU approval
• Collections do not have to be paid
• All judgments must be satisfied

BAD Credit TEXAS Mortgage – Definitions for Bad Credit TEXAS mortgage terminology.

VOR= verification of rent if the TEXAS mortgage applicant rents from a private individual TEXAS mortgage lenders require 12 months canceled checks or bank statements showing the exact amount of money coming out each month for money orders or automated rent payments or a property management company can verify in writing if the TEXAS home is managed by a property manager or it’s an apartment complex.

• Occupying co borrower= A co borrower that is not going to live in the house (example a daughter with no income buys a home and dad cosigns and we use his money for qualifying for the new payment and of course dad has his own home.)
• Reserves= cash in the bank after closing usually when a Bad Credit TEXAS Mortgage lender wants reserves it’s just for TEXAS mortgage payments. Example the mortgage payment including principal, interest, taxes and insurance is 1000.00 a month and the TEXAS mortgage lender wants 3 months reserves after all money is paid at closing $3000.00 is left in the bank.
• Debt to Income Ratios=  30/45 he first number is the new housing payment and the second is the new housing plus all other installment debt and revolving debt monthly payments reflected on your credit report.
• DU= an automated underwriting software that FHA, VA and Conventional TEXAS Bad credit mortgage lenders use to approve loans.
• Trade Lines= a trade line, for example, would be credit card, student loan,  car payment reporting to the credit bureau for at least 12 months.  Most bad credit TEXAS mortgage lender want 3 trade lines on time for the last 12 months in order to count as a good trade line.
• Alternative Trade Lines= example phone, cable water, electric, car insurance bill or rent (12 month history)