Mortgage Companies Dallas Texas | Dallas Mortgage Lenders - Berkshire Lending

FHA is the most credit-friendly loan in the marketplace. At the time of this report, most lenders will go down to a 620 middle credit score for FHA. There are still a few lenders doing manually underwritten FHA loans down to a 580 credit score. We can do FHA down to a 500 credit score! Chapter 7 Bankruptcy: FHA has the friendliest bankruptcy seasoning guidelines of any mortgage program available. They will require two years out of a bankruptcy discharge before you can get a new loan. You will also need to re-establish credit after bankruptcy. Berkshire Lending FHA Mortgage Rates Chapter 13 Bankruptcy: You need to have at least 12 months of payment history on your Chapter 13 with no late payments. You will also need permission from the court or the trustee. Foreclosures: FHA wants 36 months of seasoning after a foreclosure before you can get a new FHA loan. Clear CAIVRS: The government doesn’t like it when you have defaulted on a government-insured loan. They have a database called CA

Have you ever wondered how long you have to wait to get a loan after a bankruptcy? Mortgage Programs I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac: 4 years from the discharge date or dismissal date. Non-QM: No wait. That’s it for today! For more information please click here |Berkshire Lending|

If you are getting a divorce, and you have to pay your spouse their share of the equity of your home don’t use a traditional Texas Home Equity loan to do it. Use an Owelty loan to get the cash out of your home instead. The advantage of using an Owelty Loan over a Texas Home Equity loan is that we treat them as a regular rate and term refinance (not cash out rates — which are higher). You can also get above 80% of the value of your home with an Owelty Loan, and you can’t go above 80% with a Texas Home Equity loan. So, if you are in this situation, or you know someone who is — and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan. …or, better yet — just give us a call and we can help you! For more information please visit our website | Berkshire Lending | That’s it for today!