100% Home Loans Down to a 531 Credit Score!! We also offer other loan programs such Investment Property, ITIN Hispanic Product, Commercial Loans, Hard Money, USDA (Rural areas), and Construction loan products.)
We have in house underwriting on our own loan products
Approvals Given usually instantly or within 24 hours
Any TFS Registered Realtor/Builder, etc.. will receive a referral pipeline tracking login & password to know status on all of their client's status anytime from their clients exact conditions and approval amount down to exact funding time.
Ø "We truly are the Lending Source for any Funding needs."
· Stop taking No for an Answer! We have our investors take these higher risk, because we Guarantee these loans with our warehouse lines for 12 months, so if the client defaults we reimburse our investors all funds, and any associated default fees. That is why we can do these loans that no one else can offer.
· Not to mention on all 620+ clients we offer a rate guarantee to beat any competitor's interest rate by a quarter to a point. And 620+ Clients can fund within 7 days.
Ø Also we have a large asset management department, and purchase homes with our investors in huge Bulk REO Packages, and can sell homes down to 40% of their BPO Value!
Here at Texas Funding Solution, we are a wholesale broker, and also a private lending institution. We can fund mortgages DOWN TO A 531 CREDIT SCORE. We have access to an array of loan products that no one else can offer. Here at Texas Funding Solution we have our own private funds, in house investors, affiliate licensed mortgage brokers and bankers. We can do these home mortgages because we have our own private warehouse lines that back these loans. We can fund home loans anywhere in Texas, as long as the home passes FHA requirements (which basically means in livable condition, no major fix me uppers). Also home must be attached, no mobile homes. Below are the Guidelines for our 531 home loan. We have the ability to do this loan with ZERO DOWN at closing!!
531 Warehouse Line Credit Advantage Program Guidelines
Conditional Qualification Requirements
Below are the lists of requirements we will need for borrower to meet this program guidelines
Minimum Middle (FICO) Credit Score: 531
1) Must have no collections or charge-offs for last 12 months, with the Exception of medical collections.
· We will conduct an RMCR to trace collections back to ensure that they are in the last 12 months, anything Over 12 months will Not be counted against the borrower.
· MUST be able to prove income for this product.
Trade line Requirements:
2) Must have 1 open and active trade line for at least 10-12months, and there cannot be any late on this trade.
3) MUST have Rental Verification:
· No late payments in the last 12 months,
· Must be able to verify rent for last 12 months by cancelled checks OR 12 months of
Bank statement showing rent was taken out on a consistent basis for the same amount.
Ø Exception to the rule: If the borr.00ower has 6 months PITI Sourced & Seasoned then we can get around the rental verification guideline.
4) Borrower must have at least 3 alternative trade accounts. These can be electric bill, cable bill,
Phone bills, rent-a-center, landscaping, maid service co, Etc...
5) If Borrowers have had a Bankruptcy in the past:
· If borrower had a Chapter 7 Bankruptcy, They Must be 2 years out of discharge date, and cannot have any collections after the Chapter 7 BK has been discharged.
· If the borrower has had a Chapter 13 Bankruptcy:
· They will have to show proof they have made their last 12 BK Payments on time. - (So we need a 12 month payment history)
· Borrower must not have had any negative collections or charge-offs after BK,
· If a borrower is currently in Chapter 13 Bankruptcy there is no loan they can obtain EXCEPT for a government loans for example FHA. And even order to obtain any type of loan during a Chapter 13 BK you have to ask permission from the court to obtain new debt.
6) Foreclosures: Must be 3 years out of any foreclosure
Ø The Interest rates are typically around 6.5% Fixed for 30 years on this 531 Loan Product!
Here at Texas Funding Solution, we are a wholesale broker, and also a private lending institution. We can fund mortgages DOWN TO A 531 CREDIT SCORE. ...