What is a Closing Disclosure?
Closing Disclosure – Commonly referred to as the “CD”, the Closing Disclosure is the form that provides the final details about the mortgage loan selected. It includes the loan terms, your projected monthly payments, and how much the consumer will pay in fees and other costs to get your mortgage.
What is a Loan Estimate
Loan Estimate – Commonly referred to as the “LE”, the Loan Estimate is the form that the consumer receives after applying for a mortgage. The form provides important information, including the estimated interest rate, monthly payment, and total closing costs for the loan.
What are my obligations if I fill out a loan application?
There are no obligations when you apply for a loan with TexasLending.com. Many companies charge between $300 and $500 just to apply. At TexasLending.com we feel this is unnecessary.
What kind of costs can I expect before my loan closing?
Although we have no application fee, if your loan application meets your needs and has been determined to meet our minimum loan qualification guidelines we will require you to pay for your appraisal prior to closing.
What will my rate be if I have bad credit?
Rates depend on many factors. Credit is one of those factors. Some other factors include the amount of equity in the property, the level of income documentation provided and the debt level you have as compared to income. Until we understand the structure of your specific loan and the loan is approved, the interest rate can only be estimated. Our goal is to provide you with the lowest interest rate possible so we can earn the business of you and your friends in the future.
What down payment is required if I cannot document my income?
At Texaslending.com if two of your three credit scores are as low as 680 you may qualify for 95% financing. If you are self employed you should expect to document 2 years of self employment and income for the lowest rates and the lowest down payment. Credit scoring requirements can change often for these types of loans and may depend on other factors. To fully qualify please apply for your loan with Texaslending.com.
How can I avoid paying Private Mortgage Insurance (PMI) on my mortgage?
If your home loan is over 80% of your home value your loan may require PMI. Texaslending.com has many loan programs to help with an 80% first lien along with a second lien to avoid PMI. For some loan programs PMI is unavoidable. Please consult with one of our loan consultants for greater detail.
What is the lowest down payment necessary when buying rental property?
At Texaslending.com we have many investment property loans available with 75% financing. For the lowest down payment requirements expect to fully document your income with tax returns and w-2s. Credit score requirements will vary so please contact a Texaslending.com representative for more details.
What are my options if I had or currently am in Chapter 13 Bankruptcy?
This question depends on whether you are purchasing or refinancing. With Texaslending.com if you are purchasing a home and have completed or been in a Chapter 13 for over one year and have made all payments on-time you may qualify for 97% financing with single digit rates on FHA loans or 100% financing on VA loans. If the late home payments are not in the bankruptcy we may be able to refinance the home while leaving the bankruptcy open and lower your payment with up to 97% refinancing on FHA loans or 100% refinancing on VA loans.
What are my options if I have a Chapter 7 bankruptcy?
If you have been in a Chapter 7 bankruptcy you may qualify for up to 96.5% FHA financing or 100% VA financing as early two years after the bankruptcy discharge if you have two of three credit scores above 620. Conventional loans will require 4 years after the bankruptcy chapter 7 discharge to qualify. All of the preceding scenarios assume good post-Bankruptcy credit history.
What if I have a Foreclosure?
With Texaslending.com as early as three years after a foreclosure filing you may qualify for 96.5% financing with two of three credit scores as low as 620. Three years after a foreclosure you may also qualify 100% financing on VA loans at single digit interest rates.
What if I have Judgments or tax liens?
Depending on the specifics of your situation you may qualify for 96.5% financing with open judgments or Tax liens on your credit with two of three credit scores above 620. If a judgment or tax lien is open it must have an approved payment plan with proof of on time payment. For complicated issues such as these we recommend a personal consultation with one of our loan officers, please contact us or apply on our convenient loan application.
What if I am in CCCS?
Most mortgage lenders consider CCCS the same as a Chapter 13 bankruptcy. If in CCCS you may qualify for 96.5% financing at single digit interest rates with FHA loans as long as your credit scores are above 620 and 100% financing is available with VA loans. Cash out loans up to 80% of home value may be possible on your primary residence while in CCCS. However, if you are currently in CCCS there may be circumstances which require you to be out of CCCS to qualify.
How do I qualify for a low down payment if I have bad credit?
At Texaslending.com with two of three credit scores as low as 620 you may qualify for 95% financing on a conventional mortgage. If your scores are above 600 then you may qualify for 96.5% financing on FHA loans or 100% financing on VA loans. Other restrictions apply. Please complete our convenient online loan application to qualify.