• Credit not a major factor in Texas Hard Money Approval (unless refinance is your exit strategy)
• 50-65% on 1-4 unit Texas investment properties cash out loans
• 50-60% on Texas commercial properties
• Seller second mortgage allowed
• Gap funding 2nd second Texas Mortgage lien allowed.• Texas Hard Money interest rates start at 8.95%.
Texas Hard Money RISK
Texas loan applicants with find that Texas Hard Money Texas lenders are more expensive than traditional Texas loans because they are not based upon traditional credit guidelines. Recently Texas Hard Money Texas lenders have had high default rates and now are more cautious about Texas home values. Some Texas Hard Money lenders may not require the income verification that typical mortgage lenders require. As a result Texas Hard Money Texas lenders experience higher default rates and, thus, charge a higher rate of interest to compensate for loses. Texas Hard Money loan applicants obtain Texas Hard Money Texas home loans typically because they are Texas Hard Money Texas mortgage applicants and they do not qualify for the traditional loan because they have acceptable credit or no credit score Texas loan documentation typically required by conventional Texas mortgage lenders. According to the new Dodd-Frank Act of 2010 enacted as a result of recent massive foreclosures, the federal law now requires that all Texas Hard Money lenders verify “ability to repay” – on all residential property loans. In order to prove “ability to repay” Texas Hard Money, Texas lenders will be asking loan applicants to document the ability to repay the Texas Hard Money loan. Texas Hard Money loan documentation requirements are not as stringent as the documentation required for a conventional loan, and the Texas Hard Money lenders will use their own criteria to approval your Texas Hard Money loan differently, but more than likely, you will still have to provide, W2s, pay stubs or a tax return to keep the Texas Hard Money Texas mortgage lenders compliant with the new Texas Hard Money loan laws.
Texas Hard Money TERMS
Texas Hard Money Texas loan terms are typically of a shorter term than conventional loans, although you can find a Texas Hard Money loan amortized for 30 years to keep your payments lower with balloon loan notes that become due in 5 to 10 years. As a result of the shorter term, Texas Hard Money loan applicants should be sure that they have taken the necessary step to repairs their credit or to either refinance, pay off the Texas Hard Money loan, or sell the property before the Texas Hard Money loan term become due.
Texas Hard Money PREPAID LOAN INTEREST LAW
As a result of the new Dodd-Frank Act of 2010, it is illegal for a Texas Hard Money lender to require a Texas borrower who will be occupying the residential property as a primary residence to pay more than (2) two months of prepaid interest in advance. That means that the Texas Hard Money lender cannot require a Texas Hard Money loan applicants to pay more than a full year of payments in advance – called “prepaid interest”. However, the Texas Hard Money lenders can require this on a non-residential Texas Hard Money loan.
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