Texas Bad Credit Cash OUT Refinance UP To $500K In Hand!


Serving All Texas Including And Not Limited To:
Fort Worth TexasAustin TexasDallas TexasSan Antonio Texas,  Houston Texas

Texas Bad Credit Mortgage Lenders Loan Programs Include:

Lenders should be aware that Fannie Mae’s classification of loan transactions as “cash-out refinance” or “limited cash-out refinance” may differ from the way loans are classified under Texas law.

Lenders should not rely on Fannie Mae’s categorization of refinance loans for purposes of determining whether compliance with the provisions of Texas Constitution Section 50(a)(6) is required. Rather, such lenders should consult with their counsel to determine the applicability of Texas Constitution Section 50(a)(6) to a particular loan transaction.

Texas law determines whether or not a loan is a Texas Section 50(a)(6) loan, and Fannie Mae’s policy determines whether the loan must be delivered as a cash-out refinance transaction or as a limited cash-out refinance transaction.

The lender is responsible for determining:

  • the applicability of Texas Constitution Section 50(a)(6) regardless of Fannie Mae’s definitions of cash-out and limited cash-out refinance transactions; and
  • if the loan should be delivered to Fannie Mae as a cash-out refinance or a limited cash-out refinance transaction, including the applicable special feature codes and payment of all applicable LLPAs.

All loans that constitute Texas Section 50(a)(6) loans under Texas law must comply with these provisions, regardless of whether the loan is classified as a “cash-out refinance” or “limited cash-out refinance” in the Selling Guide. See B5-4.1-03, Texas Section 50(a)(6) Loan Underwriting, Collateral, and Closing Considerations

For any refinance of a Texas Section 50(a)(6) loan that results in a loan originated in accordance with and secured by a lien permitted by Article XVI, Section 50(a)(4) of the Texas Constitution, an affidavit referenced in Section 50(f-1) Article XVI of the Texas Constitution must be prepared and recorded in connection with each such transaction.

Texas Section 50(a)(6) loans must be fully amortizing loans with payments due on a monthly basis. The following are eligible as Texas Section 50(a)(6) loans:

  • first liens only;
  • fixed-rate mortgages; and
  • certain five-, seven-, and ten-year ARM plans.

The following are not eligible as Texas Section 50(a)(6) loans:

  • loans that are not in first-lien position,
  • ARM plans not listed in the Eligible ARM Plans table above, and
  • loans with temporary interest rate buydowns.

A Texas Section 50(a)(6) loan must be secured by a single-unit principal residence constituting the borrower’s homestead under Texas law. Loans secured by two- to four-unit properties, investment properties, or second homes are not eligible. The security property may be

  • a detached dwelling,
  • an attached dwelling,
  • a unit in a PUD project,
  • a unit in a condo project, or
  • a manufactured home. (A manufactured home is eligible only if it is classified as real property under Texas law, and satisfies all special Fannie Mae eligibility criteria for manufactured homes.)

The borrower’s homestead property may not exceed the applicable acreage limit as determined by Texas law when the Texas Section 50(a)(6) loan is originated.

A borrower that owns adjacent land must submit appropriate evidence, such as a survey, that the mortgaged homestead property is a separate parcel that does not exceed the permissible acreage.

Note: An inter vivos revocable trust that meets Fannie Mae’s borrower eligibility criteria (as described in B2-2-05, Inter Vivos Revocable Trusts), may be a borrower under a Texas Section 50(a)(6) loan, provided that the trust meets the requirements for a “qualifying trust” under Texas law for purposes of owning residential property that qualifies for the homestead exemption.


  • FHA Bad Credit HOUSTON TEXAS MORTGAGE LENDERS UNDERWRITING- Bad Credit HOUSTON TEXASFHA mortgage lenders must downgrade and manually underwrite an FHA mortgage applicant that does not have Automated underwriting system approval or if the the non-occupying co-borrower has a lower credit score. FHA mortgage applicants with no credit or insufficient credit payment histories may be approved for maximum FHA financing, but must be manually underwritten using the procedures in Handbook 4000. When the FHA mortgage application involves multiple borrowers, the FHA mortgage lender must determine the Bad Credit HOUSTON TEXASBad Credit HOUSTON TEXAScredit scores for each borrower, and then select the lowest middle credit score for all borrowers. Where the FHA mortgage involves multiple borrowers and one or more of the borrowers do not have No credit score  the FHA mortgage lender must select the lowest middle credit score of the borrower’s with the lowest credit score’s. The FHA mortgage lender must review the credit report to determine the borrower’s credit score and payment histories are acceptable under FHA minimum Bad Credit HOUSTON TEXAS mortgage lending requirements.
  • GOVERNMENT Bad Credit HOUSTON TEXASLOANS –An FHA or VA mortgage lender may be able to help you purchase a new home with 0 or 3.5% down payment even if you have bad credit. Even If you’ve had accounts forwarded to collections, past bankruptcies or Foreclosures, high debt to income ratio, then you still may qualify for our Bad Credit HOUSTON TEXASor no credit mortgage programs. These government-backed Bad Credit HOUSTON TEXAS mortgage loans can work for mortgage applicants that don’t have cash for a down payment or closing costs. And they are a much better choice than a money loan option.
  • WE HELP FHA MORTGAGE APPLICANTS WITH Bad Credit HOUSTON TEXASGET APPROVED–We work with all types of Bad Credit HOUSTON TEXAS mortgage applicants with all types of credit situations who described themselves as having “bad credit” – that are now homeowners! The truth is, there are many more Bad Credit HOUSTON TEXAS mortgage applicants that will qualify for an FHA mortgage over a conventional mortgage.
  • WHAT DO Bad Credit HOUSTON TEXASFHA MORTGAGE LENDERS LOOK FOR?Mostly Bad Credit HOUSTON TEXAS lenders like every other lender want to see stability for at least the last 12 months. Regardless of your past Bad Credit HOUSTON TEXAS lenders know they are taking a risk. But less of a risk with a borrower that is now back on track with proof of the last 12 months’ timely rental history. And no 30 day +plus late payments within the last 12 months. Bad Credit HOUSTON TEXAS mortgage lenders are looking for borrower who can not prove they are back on their feet!
  • FREE Bad Credit HOUSTON TEXASREPAIR CHECKLIST ATTACHED (CLICK HERE)-Bad Credit HOUSTON TEXAS scores can indicate to mortgage lenders how well you manage money. You can improve Bad Credit HOUSTON TEXAS mortgage approval chances by cleaning up your Bad Credit HOUSTON TEXAS history.. Furthermore, since Bad Credit HOUSTON TEXAS scores could translate into high interest rates and a much larger down payment for most it always makes sense to focus on repairing the Bad Credit HOUSTON TEXASbefore applying with a Bad Credit HOUSTON TEXASmortgage lender.
  • HOW TO IMPROVE Bad Credit HOUSTON TEXASFAST IF YOU HAVE BAD CREDIT-Here are a few ways Bad Credit HOUSTON TEXASmortgage applicants can raise their credit scores and fix their Bad Credit HOUSTON TEXASfast.
  1. VERIFY TIMELY HOUSING PAYMENT HISTORY- Pay rent by check or bank transfer. Lets face it if you can prove to a Bad Credit HOUSTON TEXAS mortgage lender you can pay your rent on time, you can pay a mortgage. By providing either 12 months timely rental history either provide cancelled checks or verification of rent from a management company you can show the Bad Credit HOUSTON TEXAS lender you can handle the new obligation. In the hierarchy of Bad Credit HOUSTON TEXAS mortgage approvals, if you can prove timely rental history then you can pay a mortgage
  2. PAY DOWN BALANCES ON REVOLVING CREDIT CARDS ONLY-Pay down ONLY OPEN ACTIVE REVOLVING ACCOUNTS. The lower the balance the better. For simplicity pay down all charge revolving account you charge up and pay down below 10% of the limit.
  3. OPEN/ DEPOSIT MONEY ON A SECURED CREDIT CARD IF YOU DON’T HAVE ONE- Google search secured credit cards. Buy a secured credit card. Secured credit cards are a tool that can help you establish or build your credit history. Unlike prepaid cards, secured credit cards provide you with access to a credit line, and your payment activity will be reported to the major credit bureaus. Only you can build a good credit history. Make your payments on time each month, and keep your balance at approximately 10% or less of the credit limit.
  4. CALL ALL CREDITOR ASK FOR A 1 TIME EXCEPTION TO REMOVE ANY AND ALL LATE PAYMENTS ON YOUR REPORT–Bad Credit HOUSTON TEXAS loan applicants should call all creditors that reflect 30 60 90 day late payments and ask for a 1 time exception for removal. What do you have to lose? Calle every creditor showing any type of Bad Credit HOUSTON TEXAS remarks and ask for a “1-time exception for removal”.
  5. NEGOTIATE AND OR SETTLE ALL Bad Credit HOUSTON TEXASCOLLECTIONS TO ZERO BALANCE- Negotiate all past Bad Credit HOUSTON TEXAS collections on your credit report other than medical bills to show a zero balance.
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