TEXAS BAD CREDIT CASH-OUT REFINANCE- CAN BE A GOOD OPTION!
Serving All Texas Including And Not Limited To: Fort Worth Texas, Austin Texas, Dallas Texas, San Antonio Texas, Houston Texas
Texas Self Employed Get Mortgage Approval with NO Tax Returns .
Texas Bad Credit Cash-Out Refinance UP To 500K In Hand!
Bad Credit Florida Business Loans Based On Business Bank Statement Deposits. Are you self-employed or 1099 wage earner and having a hard time getting pre-approved for a Bad Credit Florida mortgage because you have bad credit? We know the story. They have a great top line, but after the accountant works their magic there isn’t much adjusted gross income left to by a Bad Credit Florida home. Bad credit Bad Credit Florida bank statement Business Lenders can help!…
NO TAX RETURN BAD CREDIT Bad Credit Florida MORTGAGE LENDERS
- GENERAL INFO LOAN TERMS: ● 5 year ARM, 7 year ARM or 30 Year Fixed ● No Pre-payment penalty● Floor = Start rate ● Caps are 2/2/5 (2% initial change cap / 2% annual cap / 5% lifetime cap) ● Index – 1 year libor ● All loans require impound for tax and insurance
- PROPERTY TYPES: ● SFRs, condos, townhouses, 2-4 units (no rural properties < $200,000) ● Property must show “pride of ownership”
- DEBT TO INCOME RATIO: ● 50% max DTI (up to 55% case by case) ● See guidelines for residual income calculations * Requires 0x30 mortgage payment history last 12 months. Full Doc Only
DOWN PAYMENTS: ● All down payment funds must be verified prior to drawing loan documents ● Secondary Financing 80% Max LTV/90% Max CLTV TAX LIENS,
JUDGMENTS: ● All tax liens and judgments must be paid at closing
COLLECTION ACCOUNTS: ● Collections and charge offs need to be paid off except: – Medical Collections – Collection accounts older than 2 years
FIRST-TIME HOME BUYER: ● A , A- and B credit grades. B- grade case by case
BAD CREDIT LENDING CRITERIA: Loan programs for Owner Occ and 2nd homes only ● See InvestorX rate sheets for Non OCC programs
BAD CREDIT Bad Credit Florida MORTGAGE LENDERS LOAN AMOUNTS: ● Minimum loan amount $100,000 RESERVES: ● 6 months required above 85% LTV ● 6 months required on 12 Mo Cash Flow Product ● See loans > $1M for additional info
INCOME DOCUMENTATION: ● Full Doc – 2 year (W-2 & paystubs, 1040s, K1’s) ● Full Doc – 1 year (W-2 and Current YTD paystub, K1’s) ● Full Doc – 1 year (One year Tax Return and YTD P&L Self Empl) ● Alt Doc – 12 or 24 months bad credit Bad Credit Florida business or personal bank stmts (Self Empl only), Full Doc income with lease agreements, ok (rental income qualified by lease agreements) ● Asset Xpress – 100% of amount needed to amortize loan plus monthly debts for 60 months, max 80% LTV to $1.0M; Max 75% LTV to $1.5M ● Asset Assist – Assets divided by 120 is added to income. $1.5M max loan amount to 75% LTV, Max 80% LTV to $1M ● ALT Doc—3-month Bank Statement (24-month CPA compiled and signed P&L statement supported by 3-months bank stmts) ● ALT Doc—Profit and Loss (P&L) only. 24-month P&L compiled and signed by CPA. CPA must also attest to filing tax returns for borrower for 24-months. ● ALT Doc—VOE only.
- Bad Credit Texas Mortgage Lenders = Available In Texas!
- FHA Texas Mortgage Lenders =Not Available In Texas!
- Self Employed Mortgage Lenders =Available In Texas!
- Stated Income Texas Mortgage Lenders =Available In Texas!
- VA Texas Mortgage Lenders – Not Available In Texas!
- Private Cashout Mortgage Lenders = = Available In Texas!
Bad credit Texas mortgage lenders will cash-out refinance your home so you can use the equity in your to get the cash you need. But is a cash-out refinance a good idea? And who qualifies? We will answer these Bad Credit cashout refinance questions and more.
Bad Credit Cashout Refinance Are Approved Based ON Payment history and are No Credit Score Driven!
Why people Take Out A Bad Credit Refinance? Since you now owe less on your Texas home, the new mortgage payment could be close to the one you are paying now. As a bonus, you get additional cashout money on top of paying off your first loan. You can use this money any way you choose, whether to pay off higher interest credit card debt, remodel your home, or even take a vacation. Bad credit cash-out refinancing allows you to access the equity in your home by refinancing the entire loan.
- Down payment only 3.5% of the purchase price.
- Gifts from family or FHA Grants for down payment assistance and closing costs OK!
- Sellers can credit the buyer’s up to 6% of sales price towards buyers costs and pre-paid.
- No reserves or future payments in account required.
- FHA regulated closing costs.
- Read more about buying a home with an FHA mortgage Bad Credit –No Credit – Investment –Second Home –Multi Family –
- 12 months after a chapter 13 Bankruptcy FHA mortgage Lender approvals!
- 24 months after a chapter 7 Bankruptcy FHA mortgage Lender approvals!
- 3 years after a Foreclosure FHA mortgage Lender approvals!
- No Credit Score FHA mortgage Lender approvals!
- 580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
- 500 required for 90% financing or 10% down payment FHA mortgage Lender approvals.
- BAD CREDIT TEXAS with minimum 500 FICO credit score with 10% Down Payment FHA. For FHA mortgage applicants with credit scores between 500 and 579 must make down payments of at least 10% down!
- Read more about FHA Qualifying Qualification Summary – Manual Underwrite – Collections-Judgement’s – Bankruptcy or Foreclosure – Compensating Factors –
- FHA allows higher debt ratio’s than any conventional mortgage loan programs.
- Less than two years on the same job is OK!
- Self-employed buyers can also qualify with FHA Mortgage Lenders.
- Read More about Gifts For Down Payment – Documents Checklist – Debt To Income – Student Loans –
- Bad Credit GA Mortgage Lender Programs– Case By Case situational approvals!
- FHA Bad Credit Texas Mortgage Lenders– Min 580 middle 3.5% Down min 550 With 10% Down.
- VA Bad Credit Texas Mortgage Lenders – Min 550 middle credit score with 100% financing.
- Texas Mortgage After Foreclosure – Short Sale – Bankruptcy- Foreclosure– Private Portfolio GA Bad Credit lenders.
- Bad Credit Texas Portfolio Lenders- Private GA mortgage lenders that do not sell the loans.
- Hard Money GA mortgage lenders- Hard money for case by case bad credit Texas mortgage applications.
- No Credit Score Texas Mortgage– No Credit score Texas with a bad credit past!
- Modular Home Bad Credit Texas Mortgage Lenders– Factory built bad credit modular home loans.
- Texas Bad Credit Jumbo Mortgage lenders– Bad Credit GA jumbo mortgage lenders down to a 500 fico!
- Debt Consolidation Bad Refinance in Texas – Refinance to lower your total monthly obligations to provide financial relief..
BAD CREDIT CASHOUT ADVANTAGES INCLUDE:
- Take advantage of lower home interest rates
- Pay off higher-interest credit cards
- Pay off student loans or other types of debts
- Make upgrades or renovate your home
- Mortgage payments are tax deductible
- Spend cash as you please
- One mortgage payment
Is a Bad Credit cash-out refinance a good idea? Usually, a bad credit cash-out refinance is a good idea if you plan on using the cash you receive to reinvest into the Texas home. Making upgrades or repairs that can increase the value of your Texas home are a great investment. Many people use a bad credit cash-out refinance to pay off higher interest debt or to make large purchases, but this can backfire. If you pay off credit card debt using a cash-out refi, you are turning that unsecured debt into debt that’s secured by your Texas home. If anything were to happen and you cannot afford to pay the payment, you now could possibly lose your Texas home. While if a financial hardship were to happen and you couldn’t pay your credit cards your Texas home would be safe. You can use the money however you wish. You can use the money received from a cash-out refinance to buy a Texas investment property.
What is a Bad Credit cash-out refinance? A bad credit cash-out refinance replaces your existing mortgage. Plus gives you cash back up to 80% of the value of the value of the Texas home. In order to qualify for a bad credit cash-out refi, you will need to have at least a 30% equity in your Texas Texas home. The new cashout refinance loan can be for up to 80% Loan To Value. The difference can be given to you as cash. For example, Your Texas home is worth $500,000 and your payoff mortgage balance is $200,000 Then your current loan to value is 200,000 / 500,000 =40%. If you want to cash out up to 80% LTV then takes 500k/80% = 400k.
Bad Credit Cash Out Refinance Could Be Tax Deductible- One of the advantages of a mortgage compared to other higher interest debt like credit cards is that the interest is tax deductible. When you choose to do a cash-out refinance the same applies. The interest paid on the cash received is also tax deductible. You’ll have only one monthly mortgage payment to make.
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BAD CREDIT MORTGAGE LENDERS IN EVERY Texas Bad Credit Mortgage Refinance AND COUNTY IN TEXAS INCLUDING: