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Texas MORTGAGE APPROVALS WITH BANKRUPTCY, FORECLOSURE

Texas MORTGAGE APPROVALS AFTER BANKRUPTCY AND FORECLOSURE

With US Mortgage Lenders you may qualify for A Texas mortgage with great rates and low down payments for situations when you have had bad credit.  Although FHA loans have credit score restrictions down to a 580 for 3.5% down payment and conventional Texas mortgage lenders are extremely  liberal when it comes to credit collections you owe it to yourself to apply today for home loan approval 1 day after a Texas bankruptcy or Foreclosure with Texas-Mortgage-Lenders.com.

APPLY FOR A Texas MORTGAGE 1 DAY AFTER Texas BK OR FORECLOSURE!!!

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Texas CHAPTER 7 OR CHAPTER 13 BANKRUPTCY MORTGAGE

Bankruptcy is a scary word to many people. Common types of bankruptcy include Chapter 7, Chapter 13, and Chapter 11. When it comes to getting a Texas mortgage after a Foreclosure or bankruptcy it’s not as bad as some may think. Texas-Mortgage-Lenders.com would like to take away the stigma that a bankruptcy may have caused you and your family by educating you on some of your loan possibilities prior to, during and after bankruptcy or Texas foreclosure. Please read the bullet points below as they pertain to home Texas mortgage loans with Texas-Mortgage-Lenders.com and use the links on this page for more detailed information about bankruptcy.

Texas Mortgage After Chapter 7 bankruptcy:

 

  • 96.5% financing is possible as little as two years after a Texas Chapter 7 Bankruptcy discharge or dismissal with a credit score above 530.
  • VA loans are possible as little as two years after a Chapter 7 discharge or dismissal with credit scores above 530.
  • FHA loans are possible as little as two years after a Texas Chapter 7 Bankruptcy or dismissal with credit scores above 530.
  • FHA refinances are possible as little as two years after a Texas Chapter 7 Bankruptcy discharge or dismissal.

Texas Mortgage Chapter 13 Bankruptcy:

  • VA loans are possible if you have been in a Texas Chapter 13 Bankruptcy and paying it on time for at least 12 months with credit scores above 530.
  • FHA loans are possible if you have been in a Texas Chapter 13 Bankruptcy and paying it on time for at least 12 months with credit scores above 530.
  • Restrictions apply to all of the above but a Texas-Mortgage-Lenders.com representative can guide you through the loan process.

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BAD  CREDIT Texas MORTGAGE LENDERS PROGRAMS INCLUDE:

3.5% DOWN BAD CREDIT TEXAS MORTGAGE LENDERS

3.5% DOWN BAD CREDIT TEXAS MORTGAGE LENDERS 

Texas Mortgage Lenders Loan Programs Include:

  • Texas Bad Credit Bank Statment Only Mortgage Lenders!
  • Bad Credit Mortgage After Foreclosure – Short Sale – Bankruptcy- Foreclosure
  • Bad Credit Texas mortgage
  • Bad Credit Texas Mortgage Refinance
  • Bad Credit Texas Portfolio Lenders
  • Buy a Texas home 1 day aftter a Foreclosure or Bankruptcy
  • Bad Credit Texas FHA Mortgage Lenders
  • No Credit score Texas mortgage
  • Bad Credit Texas FHA mortgage
  • Hard Money Texas mortgage
  • Bad Credit Texas Modular Home Loans
  • Texas Chapter 13 Bankruptcy Mortgage Lenders
  • Bad Credit 2nd Second Texas Mortgage
  • Texas Stop Foreclosure Loans
  • Bad Credit Texas VA mortgage
  • Bad Credit Texas Cash For Deed
  • Bad Credit Texas Mortgage Rates Sheet
  • Bad Credit Texas Mortgage with Judgements
  • Bad Credit Texas Mortgage with Evictions
  • Bad Credit Texas Mortgage With Tax Liens
  • ALL SITUATIONS ARE WELCOME!!!

    This topic contains information on the waiting periods for significant Texas Bad credit events, including:

    TEXAS BAD CREDIT INFORMATION
    The presence of significant derogatory bad credit events dramatically increases the likelihood of a future default and represents a significantly higher level of default risk. Examples of significant bad credit events include bankruptcies, foreclosures, deeds-in-lieu of foreclosure, preforeclosure sales, short sales, and charge-offs of mortgage accounts.

    Note: The terms “preforeclosure sale” and “short sale” are used interchangeably in this Guide and have the same meaning (see Deed-in-Lieu of Foreclosure, Preforeclosure Sale, and Charge-Off of a Mortgage Account below).

    The Texas mortgage lender must determine the cause and significance of the derogatory information, verify that sufficient time has elapsed since the date of the last derogatory information, and confirm that the borrower has re-established an acceptable bad credit history. The lender must make the final decision about the acceptability of a borrower’s bad credit history when significant derogatory bad credit information exists.

    This topic describes the amount of time that must elapse (the “waiting period”) after a significant derogatory bad credit event before the borrower is eligible for a new loan salable to Fannie Mae. The waiting period commences on the completion, discharge, or dismissal date (as applicable) of the derogatory credit event and ends on the disbursement date of the new loan for manually underwritten loans. See B3-5.3-09, DU Credit Report Analysis, for additional information pertaining to DU loan casefiles, including how the waiting period is determined. Also see B3-5.3-08, Extenuating Circumstances for Derogatory Credit, for additional information.

    IDENTIFICATION OF SIGNIFICANT BAD CREDIT EVENTS IN THE CREDIT REPORT
    Lenders must review the credit report and Section VIII, Declarations, of the loan application to identify instances of significant derogatory credit events. Lenders must review the public records section of the credit report and all tradelines, including mortgage accounts (first liens, second liens, home improvement loans, HELOCs, and manufactured home loans), to identify previous foreclosures, deeds-in-lieu, preforeclosure sales, charge-offs of mortgage accounts, and bankruptcies. Lenders must carefully review the current status of each tradeline, manner of payment codes, and remarks to identify these types of significant derogatory credit events. Remarks Codes are descriptive text or codes that appear on a tradeline, such as “Foreclosure,” “Forfeit deed-in-lieu of foreclosure,” and “Settled for less than full balance.”

    Significant derogatory credit events may not be accurately reported or consistently reported in the same manner by all creditors or credit reporting agencies. If not clearly identified in the credit report, the lender must obtain copies of appropriate documentation. The documentation must establish the completion date of a previous foreclosure, deed-in-lieu or preforeclosure sale, or date of the charge-off of a mortgage account; confirm the bankruptcy discharge or dismissal date; and identify debts that were not satisfied by the bankruptcy. Debts that were not satisfied by a bankruptcy must be paid off or have an acceptable, established repayment schedule.

    Note: Timeshare accounts are considered installment loans and are not subject to the waiting periods described below.

    BANKRUPTCY (CHAPTER 7 OR CHAPTER 11)
    A four-year waiting period is required, measured from the discharge or dismissal date of the bankruptcy action.

    Exceptions for Extenuating Circumstances

    A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.

    BANKRUPTCY (CHAPTER 13)
    A distinction is made between Chapter 13 bankruptcies that were discharged and those that were dismissed. The waiting period required for Chapter 13 bankruptcy actions is measured as follows:

    two years from the discharge date, or
    four years from the dismissal date.
    The shorter waiting period based on the discharge date recognizes that borrowers have already met a portion of the waiting period within the time needed for the successful completion of a Chapter 13 plan and subsequent discharge. A borrower who was unable to complete the Chapter 13 plan and received a dismissal will be held to a four-year waiting period.

    Exceptions for Extenuating Circumstances

    A two-year waiting period is permitted after a Chapter 13 dismissal, if extenuating circumstances can be documented. There are no exceptions permitted to the two-year waiting period after a Chapter 13 discharge.

    MULTIPLE BANKRUPTCY FILINGS
    For a borrower with more than one bankruptcy filing within the past seven years, a five-year waiting period is required, measured from the most recent dismissal or discharge date.

    Note: The presence of multiple bankruptcies in the borrower’s credit history is evidence of significant derogatory credit and increases the likelihood of future default. Two or more borrowers with individual bankruptcies are not cumulative, and do not constitute multiple bankruptcies. For example, if the borrower has one bankruptcy and the co-borrower has one bankruptcy this is not considered a multiple bankruptcy.

    Exceptions for Extenuating Circumstances

    A three-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the most recent bankruptcy discharge or dismissal date. The most recent bankruptcy filing must have been the result of extenuating circumstances.

    FORECLOSURE
    A seven-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.

    Exceptions for Extenuating Circumstances

    A three-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the completion date of the foreclosure action. Additional requirements apply between three and seven years, which include:

    Maximum LTV, CLTV, or HCLTV ratios of the lesser of 90% or the maximum LTV, CLTV, or HCLTV ratios for the transaction per the Eligibility Matrix.
    The purchase of a principal residence is permitted.
    Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time.
    Note: The purchase of second homes or investment properties and cash-out refinances (any occupancy type) are not permitted until a seven-year waiting period has elapsed.

    FORECLOSURE AND BANKRUPTCY ON THE SAME MORTGAGE
    If a mortgage debt was discharged through a bankruptcy, the bankruptcy waiting periods may be applied if the lender obtains the appropriate documentation to verify that the mortgage obligation was discharged in the bankruptcy. Otherwise, the greater of the applicable bankruptcy or foreclosure waiting periods must be applied.

    DEED-IN-LIEU OF FORECLOSURE, PREFORECLOSURE SALE, AND CHARGE-OFF OF A MORTGAGE ACCOUNT
    These transaction types are completed as alternatives to foreclosure.

    A deed-in-lieu of foreclosure is a transaction in which the deed to the real property is transferred back to the servicer. These are typically identified on the credit report through Remarks Codes such as “Forfeit deed-in-lieu of foreclosure.”
    A preforeclosure sale or short sale is the sale of a property in lieu of a foreclosure resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer. These are typically identified on the credit report through Remarks Codes such as “Settled for less than full balance.”
    A charge-off of a mortgage account occurs when a creditor has determined that there is little (or no) likelihood that the mortgage debt will be collected. A charge-off is typically reported after an account reaches a certain delinquency status, and is identified on the credit report with a manner of payment (MOP) code of “9.”
    A four-year waiting period is required from the completion date of the deed-in-lieu of foreclosure, preforeclosure sale, or charge-off as reported on the credit report or other documents provided by the borrower.

    Exceptions for Extenuating Circumstances

    A two-year waiting period is permitted if extenuating circumstances can be documented.

    Note: Deeds-in-lieu and preforeclosure sales may not be accurately or consistently reported in the same manner by all creditors or credit reporting agencies. See Identification of Significant Derogatory Credit Events in the Credit Report above for additional information.

    Summary — All BAD CREDIT Waiting Period Requirements

    The following table summarizes the waiting period requirements for all significant derogatory credit events.

    Derogatory Event Waiting Period Requirements Waiting Period with Extenuating Circumstances
    Bankruptcy — Chapter 7 or 11 4 years 2 years
    Bankruptcy — Chapter 13
    • 2 years from discharge date
    • 4 years from dismissal date
    • 2 years from discharge date
    • 2 years from dismissal date
    Multiple Bankruptcy Filings 5 years if more than one filing within the past 7 years 3 years from the most recent discharge or dismissal date
    Foreclosure1 7 years 3 yearsAdditional requirements after 3 years up to 7 years:

    • 90% maximum LTV ratios2
    • Purchase, principal residence
    • Limited cash-out refinance, all occupancy types
    Deed-in-Lieu of Foreclosure, Preforeclosure Sale, or Charge-Off of Mortgage Account 4 years 2 years

     Re-establishing BAD Credit after bankruptcy OR FORECLOSURE

    After a bankruptcy, foreclosure, deed-in-lieu of foreclosure, preforeclosure sale, or charge-off of a mortgage account, the borrower’s credit will be considered re-established if all of the following are met:

    • The waiting period and the related additional requirements are met.
    • The loan receives a recommendation from DU that is acceptable for delivery to Fannie Mae or, if manually underwritten, meets the minimum credit score requirements based on the parameters of the loan and the established eligibility requirements.
    • The borrower has traditional badcredit as outlined in Section B3–5.3, Traditional Credit History. Nontraditional credit or “thin files” are not acceptable.

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