Loan Programs
Credit Challenges
Let's face it, bad things can happen to good people. If you've had the misfortune of a recent bankruptcy, foreclosure, repossession or charge off, the odds are that we can still help you get into that home you've been dreaming about. But, first, please tell us about your situation. We're the best at helping families re-establish their credit and enabling you to buy that home. To get the ball rolling simply go to our Sub-Prime Credit form and tell us about your situation.
Solid Credit
We also have home loans for those prospective buyers that have excellent credit. They will offer the most competitive rates available. Our underwriting and funding systems will allow you to relax and avoid worrying about the status of your home loan. In other words, we'll make sure that you will be able to think about other things besides scrambling around trying to get your home financed. Contact us today and we can approve your loan today. We will provide you with written confirmation of your approval and any conditions required for funding.
Self-Employed / Sole Proprietors
Some borrowers such as self employed sole-proprietors cannot adequately verify their income through normal means of verification such as 1040 tax returns. Texas Mortgage Lending has a number of programs available for these borrowers. Many borrowers do not keep their money in traditional savings institutions. No income verification (NIV) loans can also utilized when a lender cannot verify the source of down-payment or savings.
Relocations
If your company is relocating you and your family then you might be eligible for our corporate relocation loans. You may not realize it, but when your company pays for your relocation, it says a lot about you. Your company is investing a lot of resources in a valued employee. This indicates a stable work environment. We can offer this borrower additional savings and a lower interest rate.
ARM
If you are planning to only live in your new home for a limited period of time or if you want to refinance a home but are planning to sell it within a few years, we can offer adjustable rate mortgages (ARM's) for terms from one to ten years. This will give you the ability to lock in to a lower interest rate for a specific term that matches your needs.
Contract For Deed
If you currently are purchasing/leasing a property using a Contract For Deed, owner financed or leasing with option to buy, we have mortgage programs that will put the Deed in your name and provide the security of actual ownership you deserve. In most cases there are No Out of Pocket Costs to you for the mortgage.
95% Mortgage VS. 80/15/5 Mortgage
| Compare |
95% |
80/15/5 |
| Purchase
Price |
$100,000.00 |
$100,000.00 |
| 1st
Mortgage |
$95,000.00 |
$80,000.00 |
| 2nd
Mortgage |
$15,000.00 |
|
| APR
on 1st Mortgage* |
7.75% |
7.75% |
| APR
on 2nd Mortgage* |
10.50% |
|
| P&
I Payment on 1st Mortgage** |
$680.59 |
$573.13 |
| P&
I Payment on 2nd Mortgage** |
$0 |
$165.81 |
| Monthly
MI Payment @ 0.78% |
$61.75 |
$0 |
| Total
Monthly P& I |
$742.34 |
$738.94 |
| Total
Monthly P& I after 15 Years |
$742.34 |
$573.13 |
| Total
Balance after 5 Years Additional Equity after 5 Years |
$90,105.35 |
$88,166.32 $1,939.03 |
| Total
Balance after 7 Years Additional Equity after 7 Years |
$87,553.00 |
$84,467.81 $3,085.19 |
| Total
Balance after 15 Years Additional Equity after 15 Years |
$72,231.30 |
$60,888.62 $11,342.68 |
Texas Mortgage Lending has many programs for refinancing your existing home to lower your current mortgage interest rates, thus reducing your monthly payment, or taking advantage of recent changes in the Texas law allowing homeowners to take a portion of their cash equity from their homestead to use anyway they wish.