TEXAS MORTGAGE AFTER BANKRUPTCY OR FORECLOSURE =OK

TEXAS MORTGAGE AFTER BANKRUPTCY, FORECLOSURE OR SHORT SALE.

BAD CREDIT TEXAS MORTGAGE LENDERS Archive Include:

Bad Credit Texas Mortgage Lenders After A Bad Credit Event!

Have you heard the term “boomerang buyer” is a Texas mortgage applicant who’s been kept out of the housing market due to a prior Texas foreclosure, short sale or bankruptcy but want buy a Texas home again?

BAD CREDIT TEXAS MORTGAGE LENDERS?

• Credit scores as low as 500
• 1 Day out a foreclosure, short sale, deed-in-lieu, or bankruptcy
• Up to 90% LTV / No MI
• No active trade lines required/ Rent free OK/ Gift funds ok
• Loans up to $1 million
• Non-warrantable condominiums allowed
• Owner-occupied, second homes, and investment properties
• Mortgage lates ok

RECENT TEXAS BAD CREDIT HOUSING EVENT?

• 1 day out of foreclosure, short sale, deed in lieu, or bankruptcy
• Credit scores as low as 500 • Up to 80% LTV
• Up to 50% DTI • Loans up to $1 million
• Owner-occupied, second homes, and investment properties
• No pre-pay penalty for owner-occupied and second homes

POPULAR TEXAS FHA MORTGAGE TOPICS INCLUDE

• Texas Bad Credit CashOut Refinance UP To 500K In Hand!
• 3.5% Plano Texas FHA Mortgage Lenders Min 580 FICO!
• 3.5% Corpus Christi Texas FHA Mortgage Lenders
• 3.5% Arlington Texas FHA Mortgage Lenders
• 3.5% El Paso Texas FHA Mortgage Lenders
• 3.5% Fort Worth Texas FHA/VA Mortgage Lenders
• 3.5% Down Austin Texas FHA Mortgage Lenders
• 3.5% Down Dallas Texas FHA Mortgage Lenders
• BAD CREDIT TEXAS MORTGAGE LENDERS
• 3.5% San Antonio Texas FHA Mortgage Lenders

Roughly 10,000 million people lost their Texas homes in the Great Recession. But a lot has happened since then; the passage of time healed Bad credit. Credit scores have risen across Texas. Waiting periods – the amount of time that must transpire between a major derogatory credit event and getting a new Texas mortgage – for Texas mortgage r loan programs have been met. For example, a Texas bad credit mortgage applicant who lost his/her home at one time may now qualify for a FHA loan with a 580 FICO score if 3 years out from foreclosure.

For people who lost their Texas homes a few years ago, underwriting guidelines for most loan programs will be accommodating.

TEXAS MORTGAGE WAITING PERIODS

All mortgage programs have borrower and property requirements. One requirement is a waiting period, the amount of time that must pass after derogatory credit events like bankruptcy, foreclosure or a short sale. If any of those events have been a part of a borrower’s past, they’ll need to:

Re-establish their credit, and

sit out of the housing market for a specified period.

After a minimum waiting period, which varies depending upon the type of home loan program and severity of the credit event, borrowers may be eligible to buy a home again.

Regardless of how long a borrower sits out the market, they’ll also need to re-establish good credit. That means paying bills on time and in full, which helps improve one’s credit score.

TEXAS EXTENUATING CIRCUMSTANCES

If the original derogatory credit event happened because of extenuating circumstances, waiting periods may be reduced.

Extenuating circumstances are nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations. For example, a serious illness or death of a wage earner could qualify. Borrowers will need to verify that circumstances beyond their (or their spouse’s control) such as unemployment, prolonged strikes, medical bills not covered by insurance, etc.

In many cases, the extenuating circumstances included a creditor requirement for a short sale or deed-in-lieu of foreclosure. So many borrowers find that they are eligible for a shorter waiting period.

CONVENTIONAL LOAN / FANNIE MAE WAITING PERIODS

TEXAS  CHAPTER 7 BANKRUPTCY

4-year waiting period required from the discharge or dismissal date to the lender’s credit report date.

5 years for borrowers with more than one bankruptcy filing within the last seven years.

7 years for borrowers who own 5 to 10 financed properties (including primary residence).

TEXAS CHAPTER 13 BANKRUPTCY

2-year waiting period from discharge date or 4 years from dismissal date to the lender’s credit report date.

5 years for borrowers with more than one bankruptcy filing within the last seven years.

7 years for borrowers who own 5 to 10 financed properties (including primary residence).

TEXAS FORECLOSURE ,DEED-IN-LIEU OF  PRE FORECLOSURE (SHORT SALE)

4 years from completion date to the disbursement date of the new loan.

Reduced to 2 years if due to extenuating circumstances.

TEXAS FORECLOSURE

7 years from the completion date of the foreclosure action to the disbursement date of the new loan.

Reduced to 3 years if foreclosure due to extenuating circumstances.

TEXAS MORTGAGE CHARGE-OFF

4 years from the mortgage charge off date to the disbursement date of the new loan.

Reduced to 2 years if charge-off due to extenuating circumstances.

TEXAS FHA MORTGAGE  WAITING PERIODS

TEXAS CHAPTER 7 BANKRUPTCY

2-year waiting period required from the discharge or dismissal date to the lender’s credit report date.

TEXAS CHAPTER 13 BANKRUPTCY

Minimum 1 year of timely payout according to the repayment plan at the time of application.

Trustee permission letter required for a new mortgage.

TEXAS DEED-IN-LIEU OF FORECLOSURE, PRE FORECLOSURE (SHORT SALE)

3-year waiting period required from foreclosure end date to loan approval date.

TEXAS FORECLOSURE MORTGAGE LENDERS

3-years from foreclosure end date to loan approval date.

TEXAS MORTGAGE CHARGE-OFF MORTGAGE LENDERS

Not addressed by FHA guidelines. Falls to HUD Homeownership Center jurisdiction.

TEXAS USDA RURAL DEVELOPMENT WAITING PERIODS

TEXAS CHAPTER 7 BANKRUPTCY MORTGAGE LENDERS

3-year waiting period

TEXAS CHAPTER 13 BANKRUPTCY MORTGAGE LENDERS

Minimum 1 year of timely payout according to the repayment plan at the time of application.

Trustee permission letter required for a new mortgage.

TEXAS DEED-IN-LIEU OF TEXAS FORECLOSURE, PREFORECLOSURE (SHORT SALE)

3-years required at the time of an application for new loan.

TEXAS FORECLOSURE MORTGAGE LENDERS

3-years required at the time of a new loan application.

TEXAS MORTGAGE CHARGE-OFF MORTGAGE LENDERS

3-years required at the time when the borrower applies for a new loan.

TEXAS VA LOAN WAITING PERIODS MORTGAGE LENDERS

TEXAS CHAPTER 7 BANKRUPTCY MORTGAGE LENDERS

2 years since bankruptcy discharge.

TEXAS CHAPTER 13 BANKRUPTCY MORTGAGE LENDERS

Minimum 1 year of timely payout according to the repayment plan at the time of application.

Trustee permission letter required for a new mortgage.

TEXAS DEED-IN-LIEU OF FORECLOSURE, PREFORECLOSURE (SHORT SALE)

The effect on the veteran’s credit must be examined on a case-by-case basis. Cause for the short sale or DIL may have been beyond the borrower’s control (extenuating circumstances).

TEXAS FORECLOSURE MORTGAGE LENDERS

2 years since date of foreclosure.

TEXAS MORTGAGE CHARGE-OFF MORTGAGE LENDERS

VA does not specify a minimum waiting period. A mortgage charge-off must be considered recent, derogatory credit and must be reviewed by the underwriter and taken into consideration regarding the borrower’s satisfactory credit risk.