The state of Texas is unique when it comes to cash out or home-equity loans. Unlike most states, Texas allows a home owner to only borrower up to 80 of their homes value. This is meant to protect home owners equity. In addition, the state of Texas mandates that a cool off period be present between when a home owner solicits a home equity loan against their home and when they close on the loan. This cool off period is explained in the disclosure provided to you at time of application and is named the 12- day letter.
Furthermore, after closing of your home equity loan, Texas constitution requires a 3-day rescission period in which you may terminate the loan without obligation. There are other home equity requirements required by Texas constitution.
Many lenders do not offer even offer these types of loans to those with unfavorable credit. Unlike our loans, these lending agencies and traditional banks will not dare dabble in loaning to high risk borrowers with bad credit or no credit history at all. However, we at Bonsai Finance offer something quite different for the high risk loan customer. Part of the beauty of this loan program is that it serves as a second chance for many of those same clients who would not qualify with any other type of lender.
For some borrowers intent on rebuilding their own credit history and score, these bad credit loans might kick start your financial reboot. What is special about these loans beyond their availability is that these loans offer some exceptional features, especially for loans tailored for those with credit issues.
All Rights Reserved. Buying a House with a Conventional Conforming Loan in 2018. Conventional loans boast great rates, lower costs, and home buying flexibility. They are the loan option of choice for about 60 of all mortgage applicants. Conventional loans are also known as conforming loans, since they conform to a set of standards set by Fannie Mae and Freddie Mac. The following are highlights of this program. You can use a conventional loan to buy a primary residence, second home, or rental property Conventional loans are available in fixed rates, adjustable rates (ARMs), and offer many loan terms usually from 10 to 30 years Down payments as low as 3 No monthly mortgage insurance with a down payment of at least 20 Lower mortgage insurance costs than FHA Mortgage insurance is cancelable when home equity reaches 20 Get Free Quote.
As Seen On. Mortgage expert Tim Lucas has been helping home owners for over 12 years. Conventional Refinance Rates, 2018 Loan Limits and Guidelines.
Every inquiry received is handled with care and speed. Your Loan, Your Business. We recognize a personal loan is a private matter. Reasons for needing money range from critical automobile maintenance, unexpected medical expenses, much needed family vacation, basic home improvements, etc.
Whatever your reason, we respect your privacy. Thus, we work with lenders familiar with your situation and are ready to help. Important Disclosures.