A true 580 product, available starting at $100k, this product permits jumbo bad credit Texas loan applicants at the low and high-end of the spectrum. Options for bad credit Texas loan applicants who need a loan above the FHA loan limits but inside the agency threshold. And of course, Bad CreditJumbo options up to $1,250,000 at competitive rates.
Bad Credit Loan amounts starting at $100,000 up to 80% LTVLTV’s up to 70% at $1,250,000Bad Credit Jumbo Cash out options1-4 family and Fannie eligible condominiumsAs low as 4 months reservesInterest only options availableBAD CREDIT JUMBO 640 CREDIT
PROGRAM ID: SP M1Payment shock restriction on bad credit Texas first time home buyers only.
Bad Credit Jumbo Mortgage Lenders Program Description:
PROGRAM ID: SP M1Payment shock restriction on bad credit Texas first time home buyers only.
Bad Credit Jumbo Mortgage Lenders Program Description:
640 credit score jumbo loan program
Products and Terms:
5/1 ARM: Fully Amortizing
5/1 ARM: With 7 or 10 year Interest Only period
7/1 ARM: Fully Amortizing
7/1 ARM: With 10 year Interest Only period
Eligible borrowers: Jumbo bad credit Texas loan must have been continuously employed for two years, self-employed
jumbo bad credit Texas loan must have been operating the same business for two years
Maximum debt to income ratio: 46%
Minimum credit score: 640*, based on no less than three trade lines established for one or more years, no
history of foreclosure or bankruptcy over past four years, no late mortgage or rental payments over past
year and no late installment debt over past six months
Loan amounts and loan to value limits:
Purchase and rate & term refinance
80% to $450,000**
75% to $850,000
65% to $1,250,000
Acceptable occupancy: Primary Texas residences only (no second home or investor occupancy properties)
Acceptable property types: Single-family and Fannie eligible condominiums
Acceptable borrowers: US Citizens and permanent resident aliens only
Required reserves: 4 months
Payment shock restriction: Proposed Texas housing expense cannot exceed 250% of current
housing expense***
ARM re-prices at 1 year LIBOR + 3.99% subject to 5% Initial, 2% periodic and 5% lifetime caps
Escrow for taxes and insurance
Products and Terms:
5/1 ARM: Fully Amortizing
5/1 ARM: With 7 or 10 year Interest Only period
7/1 ARM: Fully Amortizing
7/1 ARM: With 10 year Interest Only period
Eligible borrowers: Jumbo bad credit Texas loan must have been continuously employed for two years, self-employed
jumbo bad credit Texas loan must have been operating the same business for two years
Maximum debt to income ratio: 46%
Minimum credit score: 640*, based on no less than three trade lines established for one or more years, no
history of foreclosure or bankruptcy over past four years, no late mortgage or rental payments over past
year and no late installment debt over past six months
Loan amounts and loan to value limits:
Purchase and rate & term refinance
80% to $450,000**
75% to $850,000
65% to $1,250,000
Acceptable occupancy: Primary Texas residences only (no second home or investor occupancy properties)
Acceptable property types: Single-family and Fannie eligible condominiums
Acceptable borrowers: US Citizens and permanent resident aliens only
Required reserves: 4 months
Payment shock restriction: Proposed Texas housing expense cannot exceed 250% of current
housing expense***
ARM re-prices at 1 year LIBOR + 3.99% subject to 5% Initial, 2% periodic and 5% lifetime caps
Escrow for taxes and insurance
