Home Loan laws in Texas - We can help

A few items that you need to know about Texas lending laws (assuming that you are not real familiar with specifics):

· Texas Cash Out loan or Home Equity Loans are limited to a maximum of 80% LTV of the appraised value without exception.
· We have 12 day required cash out disclosures for TX cash out loans.
· TX cash out loans can only be refinanced after one year, in other words, if a person takes out a cash out loan in March 04, it cannot be refinanced again until March 05.
· Once a person takes out a cash out loan on their homestead, each and every loan thereafter on the property is always considered a cash out loan regardless as to whether or not they receive additional cash on the refinance. Once a TX cash out loan...always a cash out loan
· The HUD-1 is required to be reviewed by the customer 24 hours prior to closing any home equity loan in Texas
We offer about every conforming product there is with the exceptions of the limitations on Equity loans in Texas - in addition to what I have mentioned above you cannot do an interest only loan for a TX cash out loan, very few lenders even offer adjustable rate mortgages on cash out loans in Texas, however, we do use a few. The interest only option would only be available on a rate/term refinance or purchase loan. Conforming up to 100% LTV and some products that allow up to 103% to include closing costs.

We offer all types of sub-prime loans

We offer FHA and VA loans (we really don't want to advertise the VA too much but we can do them)

For the conforming credit and/or Jumbo loans we will work to get the customers the very best deal that we can by working with several different lenders to determine the best product/price for the customer, as you know, mortgage brokers typically have access to much better pricing rather than talking to just one lender who is limited to their own products and pricing. By taking the time to really talk to the customer we are better to understand their needs and their desired outcome of the transaction and can find the best product that suits their situation. Many times I will offer a few options to the customer, make a recommendation to the customer, and let them choose the final product.

The FHA loans are built specifically to increase homeownership and are derived to give the customer with some credit blemishes an opportunity to buy a house without a whole lot of money out of their pocket. FHA loans also offer straight rate/term refinances for those customers currently on FHA loans and most can be done via a streamline method provided their mortgage credit history meets the criteria of no more than 1 mortgage late (over 30 days) within the last 12 months. This program allows the customer to refinance without qualifying again in order to benefit from better interest rates.

Alt-A products are for those that fall just out of conforming credit guidelines, there are different levels of either expanded criteria or alternate products that are available to those that have lower credit scores than conforming guidelines allow or higher debt ratios than the conforming guidelines allow.

Sub-prime loans are for those people that either have unique circumstances or have had recent credit issues. Although the products and rates are based on the customers FICO scores, normally, the consumer portion of the credit issues are really not considered in risk assessment by the lenders. These lenders also provide good products for those customers that cannot provide income documentation and/or assets that do not meet conforming guidelines.

Our philosophy is simple...We talk to the customers on the phone for an initial interview and we get back to them within 24 hours with our offer(s). We then email the customer a Good Faith Estimate and Truth in Lending so that they can see what the estimated closing costs are. We are very straightforward about all costs associated with the loan and we will guarantee the lenders fees and ours and be very close on the title insurance and other escrow associated fees. We would rather over estimate than underestimate so that there are no surprises at or before closing. We react immediately to any customer concerns and/or questions and keep them involved every step of the way. Our goal is to get the transaction completed within 30 days.

Of course we do many investment properties, 2nd homes, 1 time close construction loans, construction to permanent financing and even some commercial loans.

This is a start and I was only intending to send you the TX items for now.

Lastly,

What Texas Home and Loan.com can offer you?
Years of experience in the mortgage industry
Personal service from both my processor and me in ensuring that your loan gets done in a timely manner
No hidden charges or surprises during your loan transaction - everything is above board and has been disclosed up front.
You are kept informed every step of the way, particularly if any issues arise regarding the loan process, these items sometimes include appraised value, title issues, payoff amounts that are not quite what is anticipated, etc.,
We obtain a complete credit approval based on the information that you provide to us; it is simply a matter of providing the sufficient documentation necessary to complete the loan process
It is our objective to have your loan funded within 30 days of taking your application, provided there are no unforeseen issues, this is easily accomplished provided we get started right away.
Our web site at www.texashomeandloan.com is available to provide information on all aspects of the loan process and, of course, you can always contact me via email or via telephone
Professional and courteous service