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Financing in Texas : Real Estate Advice

  • All819
  • Local Info38
  • Home Buying415
  • Home Selling124
  • Market Conditions15

Activity 1,233
Davisdebbie2…, Home Buyer in Houston, TX
Mon Jan 2, 2017
Davisdebbie298 answered:
I am a first time buyer, in a fixed income who is looking to buy a home. Tennessee had THDA. Does Texas have something like this for downpayment?
0 votes 11 answers Share Flag
Gregras, Home Buyer in New York, NY
Thu Dec 29, 2016
Gregras answered:
Just to be clear, California property taxes are NOT always low. Because of Prop 13, there is Mello-Roos tax for new developments. In our case this added an additional $1500 per year for 25 years which is $37,500... ... more
0 votes 11 answers Share Flag
Greentekfirst, Both Buyer and Seller in Dover, DE
Sat Dec 17, 2016
Greentekfirst answered:
We've used some creative ways to acquire property using a combination of Private money and Owner Carry financing. This structure requires the seller to carry a note in 2nd position with a Private Money first (also referred to as "Hard Money)... for more information see: ... more
0 votes 8 answers Share Flag
Aaron Whitney, Real Estate Pro in Austin, TX
Mon Dec 12, 2016
Aaron Whitney answered:
IBC Mortgage offers non-warrantable condo loans up to 90% loan-to-value for owner and secondary occupancies.

Good luck!

Aaron Whitney
NMLS 1070615
512-740-0148 ... more
0 votes 18 answers Share Flag
Priscilla Al…, Real Estate Pro in San Antonio, TX
Fri Dec 9, 2016
Priscilla Allen answered:
Yes, you can get a mortage. First things first, talk to a lender and see exactly what you and your wife can qualify for in a FHA loan. Once you know what you can do, then call me......I will find you a home within your qualifications!

Make this a great day,
... more
0 votes 6 answers Share Flag
Kathy Burgre…, Home Owner in Westchester, NY
Fri Dec 9, 2016
Kathy Burgreen answered:
Investors don't invest in new licensed realtors because the statistics prove that most new realtors quit during the first 2 years and investors will lose money.

Most new realtors either use the income from their full time job, their savings or they borrow money from family.

If you don't have available cash, a part time or full time job or able to borrow from family - then you need to quit. You need to understand you are now self employed and you need your own cash to invest in your own business. This is why it's common knowledge that a real estate career is very expensive and you don't make as much money as you think.
... more
0 votes 3 answers Share Flag
rebecca.craw…, Other/Just Looking in Georgetown, TX
Mon Dec 5, 2016
rebecca.crawford answered:
Yes, it is a possibility. Your FICO scores need to be done by the Lender since Consumer FICO reports and Mortgage Credit Repository FICO's now use different scoring criteria. FHA does allow certain collection to be set aside up to $5000. You also want to work with a Lender who can provide UPFRONT loan approval and self-underwrites with the ability to make an individual credit approval decision. My company is MOVEMENT MORTGAGE. We not only review your credit file to see if we can assist in enhancing your score, we will fully process and UW your mortgage application in 7 business days WITHOUT having selected a property.

Complete online application and collect your credit application documents: 2 years Tax Returns with W-2's including all applicable schedules and attachments, Current Paystubs covering one month, Bank Statements covering 60 days, and credit explanation for derogatory account with any available supporting documents. I answer all Applications in 24 hours. If you want to get more information email me at
... more
0 votes 6 answers Share Flag
Trevor Curran, Real Estate Pro in Great Neck, NY
Mon Dec 5, 2016
Trevor Curran answered:
Good morning Bonnie529,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. It is unlikely you could be approved for mortgage financing with that credit score at this time. You need first to embark on a serious campaign to increase your credit scores.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Get a referral to a Local Mortgage Banker. Mortgage Bankers in your community will provide you with a much higher quality of service and financing options than any "Big Bank." Local Mortgage Bankers have long been the source of excellent financing options for homebuyers and homeowners. Further, Loan Originators who work at Mortgage Banks are LICENSED whereas Loan Originators who work for the "Big Banks" are only REGISTERED. There's a BIG difference.

Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review your credit report and assist you in identifying areas where you can immediately begin improving your scores.

Trevor Curran
NMLS #40140
... more
0 votes 3 answers Share Flag
Thomas Martin, Real Estate Pro in Hollywood, FL
Thu Nov 24, 2016
Thomas Martin answered:
Your best bet is paying down any revolving credit cards. Or getting a secured credit card and keeping the balance as low as possible. We provide FHA/VA loans all the way down to a 580 fico. As a licensed real estate broker and mortgage broker over 10 years i can answer any questions you have throughout the process.

US Mortgage Lenders - Thomas Martin
Min FICO 580 FHA/VA Loan Approvals 7 days a week
PH: 954-667-9110
... more
0 votes 4 answers Share Flag
Rmccarroll, Home Buyer in Argyle, TX
Tue Nov 15, 2016
Rmccarroll asked:
My wife and I are looking at building a home in Argyle, TX for $500,000. We have 10% to put down, very good credit scores, and our debt to income ratio is currently around 25. What options…
0 votes 0 Answers Share Flag
Susie Kay, Real Estate Pro in Dallas, TX
Tue Nov 15, 2016
Susie Kay answered:

I don't know the answer to your question but I think you can start by calling the Texas Real Estate Commission and/or Texas Association of Realtors. I'm a local agent in Dallas and I'd be interested in learning more about your program. ... more
0 votes 1 answer Share Flag
Braden4418, Home Buyer in New York, NY
Wed Nov 9, 2016
Braden4418 asked:
I wanted to know if there was any way to qualify for a mortgage in Texas if I have been at my commission based job for 1 year and not 2. I make 50% base salary and 50% commission. My previous…
0 votes 0 Answers Share Flag
Honeys57, Home Buyer in New York, NY
Tue Nov 8, 2016
Honeys57 asked:
Susie Kay, Real Estate Pro in Dallas, TX
Tue Nov 1, 2016
Susie Kay answered:
I can connect you with local lenders that I typically work with, feel free to reach out to me.
0 votes 1 answer Share Flag
Tony Grech, Real Estate Pro in Southfield, MI
Tue Oct 11, 2016
Tony Grech answered:
Maybe a credit union or a small community bank. That loan is gonna be too small for most banks or brokers. Also, it may run into an issue of not meeting the "Qualified Mortgage" requirements because of the costs relative to the size of the loan.

It's going to be real tough because of the loan size unfortunately
... more
0 votes 1 answer Share Flag
Smpmd, Home Buyer in Folsom, CA
Tue Sep 27, 2016
Smpmd asked:
Im a physician

I have project in Texas 2.6 M total project, with 15%, possibly 20%, down. High income, little other debt. Credit 750

Im looking for potential lenders

Please contact.…
0 votes 0 Answers Share Flag
Donald D. He…, Real Estate Pro in Oceanside, CA
Sun Sep 25, 2016
Donald D. Hensel answered:
North Coast Financial is able to offer some very competitive programs for San Antonio and Texas.

Please contact us next time you're in need of hard money for an investment property in Texas. ... more
2 votes 7 answers Share Flag
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