Texas Cash Out loans enable you to take some of the equity out of your homestead.  These proceeds from your equity can be used for anything you wish, such as paying off high interest rate debt, Medical bills or for needed cash for your business.  The only restriction is you can not buy real estate with this money if other loan programs are available for that purpose.   Texas Cash out loans are limited to 80% ov the valve of your house minus anything that your currently owe on that property. 

Conventional loans are available in many types and terms.  The Term can be 30, 25, 20, 15 or 10 years.  There are also Conventional A- loans available for those with less than perfect credit.  Loans up to $417,000 are considered conforming loans and above that amount are called Jumbo Loans.

FHA loans are beneficial for the right homebuyer.  Credit standards are slightly less stringent than Conventional.  Credit scores can be low if the borrower's credit has been good for the past 12 months.  Also, FHA requires less cash.  The buyer normally is required to make a down payment of 2.25% plus pay closing costs and set up their escrow account.  The seller is allowed to pay up to 6% of the sales price of the homebuyers's closing costs.  Also FHA allows gifts from relatives for the entire amount needed to purchase a home.  FHA  loans are also available to borrowers with NO CREDIT HISTORY

VA loans are available for qualified Veterans and have many advantages.  The VA home loan requires no down payment.  Also VA only allows the Vet to pay a few of the normal closing costs, so the total move-in cost is much less.  VA also allows the Seller to pay ALL the Veteran buyer's closing cost if the seller is willing to do so.  On VA loans more weight is placed on how the Veteran's credit has been for the last 12 months than uning the credit scores.  The Veternans needs their DD-214 (Report of Separation) to apply for a VA Loan.  Also needed is a Certificate of Eligibliity, which your Network Funding, LP Loan Officer will assist you in getting.

Conventional A- loans are designed for borrowers with less than good credit.  Credit scores range from 350 to 850.  Grade A Conventional loans require a minimum score of 620.  If scores are lower than that it is possible an A- conventional loan might be possible, depending on how low the scores are.  We also consider FHA and VA loans for borrowers in theis catagory.  Your Network Funding Loan Officer will advise your what is available for your home purchase.

Reverse Mortgages can be very benificial for Senior Citizens on a fixed income.  Many Seniors have free and clear houses or houses with a large equity, but very low fixed incomes.  Before the inception of Reverse Mortages, their only choice was to sell their house for money for living expenses.  The Reverse Mortgage now can enable A Senior to remain in their home for the rest of their life and slowly receive equity payments back to therm for living expenses and other things they need to maintain their quality of life.