Approved HARP2 Refinance Lender in Texas

With the our Federal Government recent changes to the Home Affordable Refinance Program (HARP) to assist more people refinance into a lower interest rate, it’s unfortunate many mortgage lenders in Texas choose NOT to offer the new HARP refinance DU Refi Plus or the Relief Refinance-Open Access loan program.

Approved HARP 2 Mortgage Lender & Broker in Texas

We are an approved HARP 2 lender in  Texas, committed to serve those who’ve not been able to refinance into a lower interest rate loan because they lost much of their home equity or are upside down/underwater on their mortgage.  NMLS ID #328534.

Being both an approved HARP direct lender and a licensed mortgage specialist, HGF has the flexibility to offer both the DU Refi Plus refinance as well as the Relief Refinance – Open Access loan program to homeowners across all of Texas who’s mortgage may be severely upside down or underwater and meet the HARP eligibility guidelines.

Many Lenders Don’t Offer HARP Refinance Loans

I have been receiving calls from people all over Texas who say they spoke to their current servicer / mortgage bank and were told they don’t qualify, even though they seem to meet all the eligibility requirements. Why would that be?

Well, there could be many reasons.  What is the incentive for your current lender to voluntarily help you lower your interest rate on an underwater mortgage?

Get a HARP 2 Refinance Rate Quote

If your current lender is earning 5.5% to 6.5% on you now, how will they make more money from you by refinancing you into a rate between 3.0% to 4.25%?

The ‘too big to fail’ retail banks secretly accepted billions of dollars from the Federal Reserve at 0% interest to pad their bottom line.  I don’t think the government is going to give your big bank more money as an incentive to help you refinance using the new HARP 2 program.

What Are Your HARP 2 Refinance Loan Options?

Working for an approved HARP 2 mortgage lender who is both a direct lender and Texas mortgage specialist gives you more options and greater flexibility than any one mortgage bank can offer you.  Why?  Because most direct lender banks just flat out deny you if you don’t fit inside their perfect little box or can’t meet their additional qualifying guidelines that go above and beyond their basic qualifying criteria (called investor overlays).

An approved HARP lender who is a direct lender AND a licensed  HARP Texas mortgage specialist can find a ‘niche’ wholesale lender with fewer overlays or find better rates and ‘shop’ your loan to them if needed.  This increases your odds of approval and enables me to make sure we find you a lender and loan that offers you the lowest rate and fee loan possible.

get a HARP 2 refinance rate quote

Call an approved HARP 2 mortgage lender to discuss qualifying and find out how much you can reduce your interest rate and payment. Call (512) 799-0133

Buying a Home after a Banktuptcy or Foreclosure

Extenuating Circumstance to Buy After BK, Foreclosure or Short Sale:

To qualify for a Texas home loan and buy again soon after a foreclosure, short sale, or bankruptcy, (these are considered one in the same when it comes to credit decisions).
You will need an acceptable extenuating circumstance.  If you don’t have an acceptable extenuating circumstance,
you need to either wait-it-out, purchase a home with all cash, or come up with a large 35-50% down payment and find a private/hard money loan shark lender to who will lend.

Who Makes The Rules?

Traditional forms of home financing such as FHA, VA, USDA and Conventional Loans
publish their rules and guidelines that explain how long you must wait before you can apply for a
mortgage after a foreclosure, short sale, or bankruptcy.  Exceptions are not allowed unless an
acceptable extenuating circumstance can be documented.

    Qualify and Buy a Home After a Short Sale in Texas
    Buy Again After Foreclosure in Texas – Waiting Periods Explained
    Buy a Home After Bankruptcy – Waiting Periods – Mortgage Guidelines

Extenuating Circumstances Qualify Buy After BK Foreclosure Sort Sale * The waiting period is like being put in the penalty box after slashing your opponent in hockey.

Flexibility to Grant Exceptions

Fortunately, FHA, VA, and USDA give local lenders/underwriters some flexibility to grant an exception
and approve a home buyer for a new loan if there’s an acceptable extenuating circumstances.  They require
you to verify, document, and write a letter of explanation describing the events that led up to the event.  
That is why government loans such as FHA, VA and USDA are often called ‘story loans’.

But What is an Acceptable Extenuating Circumstances?

A common definition of an extenuating circumstance is a non-recurring event that was beyond an applicants
control that resulted in a sudden, significant, and prolonged reduction in income or extreme increase in
financial obligations. Events that are unpredictable, temporary in nature, out of the borrowers control,
and unlikely to happen again.

Examples of an Acceptable Extenuating Circumstance:

    FHA considers a serious illness or death of a wage earner to be an extenuating circumstance.  FHA does not consider divorce, job transfer and inability to sell a home, or job loss as an extenuating circumstance.
    VA may consider unemployment, prolonged strikes, or medical bills not covered by insurance.  VA considers divorce with-in your control and not an extenuating circumstance.
    USDA may consider loss of a job, delay or reduction in government benefits or other loss of documented income; increased expense due to illness or death.

If you have an acceptable extenuating circumstance, an exception may allow you to buy a home much sooner after your short sale, foreclosure or bankruptcy and avoid the 3-5 year penalty box.  Your credit score will need to be rebuilt, have had NO 30 day lates on all accounts since the event, compensating factors, such as larger down payment, considerable savings, low debt-to-income ratio, stable job always helps you through the approval for your new home loan in Texas.

Each situation is different and there is no guarantee your situation will be considered acceptable.  
But I’m saying there is always a chance, especially if you have a considerable amount of money saved and verified through any, and all, bank accounts.

For a FREE report on “Understanding Your Credit Score” you can pick it up on my website at www.MortgageLendingStation.com

My trip to the Kentucky Derby

This was a great experience and the whole week was one of the best I’ve ever had….

7 Steps to Stop Paying Rent

7 Steps to STOP paying RENT and OWN A HOME OF YOUR HOME INSTEAD…

People fear what they don’t understand.  A good example is the purchase of a home.  The average consumer knows very little regarding the home buying process.  Between finding the right house, making sure it won’t fall apart the day after it is purchased, and finding the best financing, it is no wonder that so many people are afraid to purchase their first home.

Buying a home is one of the most important financial decisions an individual will make.  For a first-time homebuyer, the decision to purchase a home can be daunting.  It will represent a major step forward as the individual/family will potentially be assuming its largest financial responsibility.  As with any major decision, it is important that everyone, especially first-time homebuyers, take full advantage of the information and training that is available so they clearly understand the home buying process.

Before beginning the search for your dream home, it’s important that you do your research and become more fully informed.  Here are seven steps to get you started:

For more FREE reports (including Understanding Your Credit Score) go to www.MortgageLendingStation.com

Lowest Rate: Direct to You

At MortgageLendingStation.com, we know that when it comes to financing a home for you,  you want service you can rely on.  That makes us strive to work hard and to deliver what we promise.

Our staff of loan officers has over 8 years experience (individually each) and are multi-million dollar producers.  What does that mean to you?  It means that we have a wealth of knowledge, experience, and most importantly, a majority of our business is by word-of-mouth.

Go ahead, call us and give us a shot.  Our rates are as low in the industry as you’ll find.  You can call us directly at (512) 689-9887 directly. Also, you can follow me on Twitter @financeprofesnl.

Thank you.