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can i get a home loan in texas for more than the home is worth?
- SkipLv 61 decade agoFavorite Answer
The short answer is yes.
The long answer is that you must qualify for these type of loans. They are called 125% loans, in other words the loan will be for 25% more than the appraised value of the property.
They have two other loans that I can remember that are over 100% and the other two are 103% and 107%. Again you must qualify for these type loans.
By qualifying you have to have a credit score 720 or above in most instances.
Now after all that Texas does have some weird lending laws that the rest of the country does not have.
So I can say these loans are available in the rest of the country, but find a local mortgage broker to see if these loans are an authorized product in your state.
I hope this has been of some use to you, good luck
- teran_realtorLv 71 decade ago
FHA 203(b) with repair escrow. Often used with HUD houses that need less than $5,000 worth of repairs to bring the house up to FHA standards.
FHA 203(k). For houses that you want to buy with an FHA loan, but needs more than $5,000 of repairs.
With both of these, you'll be borrowing the purchase money as well as the repair money. At the time of closing, the house is only worth as much as the purchase money, so you are borrowing more than the house is worth. The repair money is held in escrow, and is dispersed to the contractors as the repairs are completed.
Can you get cash back at closing in Texas? No.Source(s): 14 yrs San Antonio Realtor
- Anonymous1 decade ago
Possibly; we should really put you in touch with a loan officer who does loans in all states.Source(s): www.totaldebtsolutionsllc.com