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TEXAS MORTGAGE AFTER BANKRUPTCY OR FORECLOSURE =OK

TEXAS MORTGAGE AFTER BANKRUPTCY, FORECLOSURE OR SHORT SALE.

Bad Credit Texas Mortgage Lenders After A Bad Credit Event!

Have you heard the term “boomerang buyer” is a Texas mortgage applicant who’s been kept out of the housing market due to a prior Texas foreclosure, short sale or bankruptcy but want buy a Texas home again?

BAD CREDIT TEXAS MORTGAGE LENDERS?

  • Credit scores as low as 500
  • 1 Day out foreclosure, short sale, deed-in-lieu, or bankruptcy
  • Up to 90% LTV / No MI
  • No active trade lines required/ Rent free OK/ Gift funds ok
  • Loans up to $1 million
  • Non-warrantable condominiums allowed
  • Owner-occupied, second homes, and investment properties
  • Mortgage lates ok

RECENT TEXAS BAD CREDIT HOUSING EVENT?

  • 1 day out of foreclosure, short sale, deed in lieu, or bankruptcy
  • Credit scores as low as 500 • Up to 80% LTV
  • Up to 50% DTI • Loans up to $1 million
  • Owner-occupied, second homes, and investment properties
  • No pre-pay penalty for owner-occupied and second homes

APPLY NOW 

Roughly 10,000 million people lost their Texas homes in the Great Recession. But a lot has happened since then; the passage of time healed Bad credit. Credit scores have risen across Texas. Waiting periods – the amount of time that must transpire between a major derogatory credit event and getting a new Texas mortgage – for Texas mortgage r loan programs have been met. For example, a Texas bad credit mortgage applicant who lost his/her home at one time may now qualify for a FHA loan with a 580 FICO score if 3 years out from foreclosure.

For people who lost their Texas homes a few years ago, underwriting guidelines for most loan programs will be accommodating.

TEXAS MORTGAGE WAITING PERIODS

All mortgage programs have borrower and property requirements. One requirement is a waiting period, the amount of time that must pass after derogatory credit events like bankruptcy, foreclosure or a short sale. If any of those events have been a part of a borrower’s past, they’ll need to:

Re-establish their credit, and

sit out of the housing market for a specified period.

After a minimum waiting period, which varies depending upon the type of home loan program and severity of the credit event, borrowers may be eligible to buy a home again.

Regardless of how long a borrower sits out the market, they’ll also need to re-establish good credit. That means paying bills on time and in full, which helps improve one’s credit score.

TEXAS EXTENUATING CIRCUMSTANCES

If the original derogatory credit event happened because of extenuating circumstances, waiting periods may be reduced.

Extenuating circumstances are nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations. For example, a serious illness or death of a wage earner could qualify. Borrowers will need to verify that circumstances beyond their (or their spouse’s control) such as unemployment, prolonged strikes, medical bills not covered by insurance, etc.

In many cases, the extenuating circumstances included a creditor requirement for a short sale or deed-in-lieu of foreclosure. So many borrowers find that they are eligible for a shorter waiting period.

CONVENTIONAL LOAN / FANNIE MAE WAITING PERIODS

TEXAS  CHAPTER 7 BANKRUPTCY

4-year waiting period required from the discharge or dismissal date to the lender’s credit report date.

5 years for borrowers with more than one bankruptcy filing within the last seven years.

7 years for borrowers who own 5 to 10 financed properties (including primary residence).

TEXAS CHAPTER 13 BANKRUPTCY

2-year waiting period from discharge date or 4 years from dismissal date to the lender’s credit report date.

5 years for borrowers with more than one bankruptcy filing within the last seven years.

7 years for borrowers who own 5 to 10 financed properties (including primary residence).

TEXAS FORECLOSURE ,DEED-IN-LIEU OF  PRE FORECLOSURE (SHORT SALE)

4 years from completion date to the disbursement date of the new loan.

Reduced to 2 years if due to extenuating circumstances.

TEXAS FORECLOSURE

7 years from the completion date of the foreclosure action to the disbursement date of the new loan.

Reduced to 3 years if foreclosure due to extenuating circumstances.

TEXAS MORTGAGE CHARGE-OFF

4 years from the mortgage charge off date to the disbursement date of the new loan.

Reduced to 2 years if charge-off due to extenuating circumstances.

TEXAS FHA MORTGAGE  WAITING PERIODS

TEXAS CHAPTER 7 BANKRUPTCY

2-year waiting period required from the discharge or dismissal date to the lender’s credit report date.

TEXAS CHAPTER 13 BANKRUPTCY

Minimum 1 year of timely payout according to the repayment plan at the time of application.

Trustee permission letter required for a new mortgage.

TEXAS DEED-IN-LIEU OF FORECLOSURE, PRE FORECLOSURE (SHORT SALE)

3-year waiting period required from foreclosure end date to loan approval date.

TEXAS FORECLOSURE

3-years from foreclosure end date to loan approval date.

TEXAS MORTGAGE CHARGE-OFF

Not addressed by FHA guidelines. Falls to HUD Homeownership Center jurisdiction.

TEXAS USDA RURAL DEVELOPMENT WAITING PERIODS

TEXAS CHAPTER 7 BANKRUPTCY

3-year waiting period

TEXAS CHAPTER 13 BANKRUPTCY

Minimum 1 year of timely payout according to the repayment plan at the time of application.

Trustee permission letter required for a new mortgage.

TEXAS DEED-IN-LIEU OF TEXAS FORECLOSURE, PREFORECLOSURE (SHORT SALE)

3-years required at the time of an application for new loan.

TEXAS FORECLOSURE

3-years required at the time of a new loan application.

TEXAS MORTGAGE CHARGE-OFF

3-years required at the time when the borrower applies for a new loan.

TEXAS VA LOAN WAITING PERIODS

TEXAS CHAPTER 7 BANKRUPTCY

2 years since bankruptcy discharge.

TEXAS CHAPTER 13 BANKRUPTCY

Minimum 1 year of timely payout according to the repayment plan at the time of application.

Trustee permission letter required for a new mortgage.

TEXAS DEED-IN-LIEU OF FORECLOSURE, PREFORECLOSURE (SHORT SALE)

The effect on the veteran’s credit must be examined on a case-by-case basis. Cause for the short sale or DIL may have been beyond the borrower’s control (extenuating circumstances).

TEXAS FORECLOSURE

2 years since date of foreclosure.

TEXAS MORTGAGE CHARGE-OFF

VA does not specify a minimum waiting period. A mortgage charge-off must be considered recent, derogatory credit and must be reviewed by the underwriter and taken into consideration regarding the borrower’s satisfactory credit risk.

3.5% DOWN BAD CREDIT TEXAS MORTGAGE LENDERS

https://www.fhamortgageprograms.com/3-5-down-bad-credit-texas-mortgage-lenders/

BAD CREDIT TEXAS MORTGAGE LENDERS PROGRAMS INCLUDE: Texas Bad Credit Bank Statement Only. FL 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 after a Foreclosure or Bankruptcy.

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BAD CREDIT MORTGAGE LENDERS IN EVERY CITY AND COUNTY IN TEXAS INCLUDING: 

Texas 25,145,561
Houston city 2,099,451
San Antonio city 1,327,407
Dallas city 1,197,816
Austin city 790,390
Fort Worth city 741,206
El Paso city 649,121
Arlington city 365,438
Corpus Christi city 305,215
Plano city 259,841
Laredo city 236,091
Lubbock city 229,573
Garland city 226,876
Irving city 216,290
Amarillo city 190,695
Grand Prairie city 175,396
Brownsville city 175,023
Pasadena city 149,043
Mesquite city 139,824
McKinney city 131,117
McAllen city 129,877
Killeen city 127,921
Waco city 124,805
Carrollton city 119,097
Beaumont city 118,296
Abilene city 117,063
Frisco city 116,989
Denton city 113,383
Midland city 111,147
Wichita Falls city 104,553
Odessa city 99,940
Round Rock city 99,887
Richardson city 99,223
Tyler city 96,900
Lewisville city 95,290
College Station city 93,857
San Angelo city 93,200
Pearland city 91,252
Allen city 84,246
League City city 83,560
Longview city 80,455
Sugar Land city 78,817
Edinburg city 77,100
Mission city 77,058
Bryan city 76,201
Baytown city 71,802
Pharr city 70,400
Missouri City city 67,358
Temple city 66,102
Harlingen city 64,849
Flower Mound town 64,669
North Richland Hills city 63,343
Victoria city 62,592
New Braunfels city 57,740
Mansfield city 56,368
Conroe city 56,207
Rowlett city 56,199
Port Arthur city 53,818
Euless city 51,277
DeSoto city 49,047
Cedar Park city 48,937
Galveston city 47,743
Georgetown city 47,400
Bedford city 46,979
Pflugerville city 46,936
Grapevine city 46,334
Texas City city 45,099
Cedar Hill city 45,028
San Marcos city 44,894
Haltom City city 42,409
Wylie city 41,427
Keller city 39,627
Coppell city 38,659
Huntsville city 38,548
Duncanville city 38,524
Sherman city 38,521
Rockwall city 37,490
Hurst city 37,337
Burleson city 36,690
Texarkana city 36,411
Lancaster city 36,361
The Colony city 36,328
Friendswood city 35,805
Weslaco city 35,670
Del Rio city 35,591
Lufkin city 35,067
San Juan city 33,856
La Porte city 33,800
Nacogdoches city 32,996
Copperas Cove city 32,032
Socorro city 32,013
Deer Park city 32,010
Schertz city 31,465
Rosenberg city 30,618
Waxahachie city 29,621
Cleburne city 29,337
Farmers Branch city 28,616
Kyle city 28,016
Big Spring city 27,282
Lake Jackson city 26,849
Harker Heights city 26,700
Southlake city 26,575
Leander city 26,521
Eagle Pass city 26,248
Kingsville city 26,213
Little Elm city 25,898
Greenville city 25,557
Weatherford city 25,250
Seguin city 25,175
Paris city 25,171
San Benito city 24,250
Alvin city 24,236
Corsicana city 23,770
Balch Springs city 23,728
Marshall city 23,523
Watauga city 23,497
University Park city 23,068
Colleyville city 22,807
Denison city 22,682
Kerrville city 22,347
Plainview city 22,194
Benbrook city 21,234
Sachse city 20,329

About Us

We are US Mortgage Lenders. Major real estate brokerages regularly entrust their clients to our team due to our reputation for transparency, delivering on time, customer satisfaction and loyalty. With five-star customer reviews on Zillow.com and counting, you’re assured of having the backing of an experienced team.

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