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Texas Mortgage Approved after Repossession

How to get Texas mortgage lenders in Texas After A Repossession!

Can i get another Texas mortgage lenders after repossession” is a question we get asked a LOT, especially since there’s a high number of people that have recovered and saved enough deposit to buy a Texas home again since the credit crunch. Thankfully the answer is a loud answer is YES if you

  1. Know where to look?  and
  2. You now to meet the Texas mortgage lenders lender criteria in terms of downpayment and credit pay history since your repossession!

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Don’t worry! It is possible to find a Texas mortgage lender if you have had a car repossessed in the past, as there are a few texas mortgage lenders considering these applications and many of them at surprisingly attractive and competitive rates.
These Texas mortgage lenders are looking several key factors in their decision:
A Repossession collection account refers to a Texas mortgage applicant’s loan or debt that has been submitted to a Repossession collection agency by a creditor.
If the credit reports used in the analysis show cumulative outstanding Repossession collection account balances of $2,000 or greater, the Texas mortgage lender must:
• verify that the debt is paid in full at the time of or prior to settlement using an acceptable source of funds;
• verify that the Texas mortgage applicant has made payment arrangements with the creditor and include the monthly payment in the Texas mortgage applicant’s Debt-to-Income ratio (DTI); or
• if a payment arrangement is not available, calculate the monthly payment using 5 percent of the outstanding balance of each Repossession collection and include the monthly payment in the Texas mortgage applicant’s DTI.

Repossession collection accounts of a non-borrowing spouse in a community property state must be included in the $2,000 cumulative balance and analyzed as part of the Texas mortgage applicant’s ability to pay all Repossession collection accounts unless excluded by state law. Unless the lender uses 5 percent of the outstanding balance, the lender must provide the following documentation:
• evidence of payment in full, if paid prior to settlement;
• the payoff statement, if paid at settlement; or
• the payment arrangement with the creditor, if not paid prior to or at settlement.

For manually underwritten loans, the lender must determine if Repossession collection accounts were a result of:
• the Texas mortgage applicant’s disregard for financial obligations;
• the Texas mortgage applicant’s inability to manage debt; or
• extenuating circumstances.

The lender must document reasons for approving Texas mortgage lenders when the Texas mortgage applicant has any Repossession collection accounts. The Texas mortgage applicant must provide a letter of explanation, which is supported by documentation, for each outstanding Repossession collection account. The explanation and supporting documentation must be consistent with other credit information in the file.

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