Owner Financed Mortgage Refinance into VA Loan in Texas

The information he gave you might be correct for his lending guidelines, but this loan scenario is allowed via VA financing.. understand that VA does not lend money.. they only insure loans against default.. The lenders, or those with the $$$, will oftentimes have their own guidelines above and beyond what VA says it will insure.. it's these "Overlays" that might be disallowing you to finance though USAA. Typically, I see this a lot.. you'll be banging your head against the wall if you go from Bank to Bank trying to find the loan that will work within your scenario.. you're far better contacting a local MORTGAGE BROKER.. the mortgage broker works with numerous lenders, not just one, (we have 21 different lenders here at Velocity), and with the variety of lenders to choose from, your loan would be very easy to do.. (Assuming you meet all other eligibility qualifications.) .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

VA doesn't do loans - lenders do. The VA just issues insurance. I'm pretty sure the loan officer is just wrong, or maybe they have their own silly rules. So talk to a local VA mortgage broker for accurate information. One huge thing to understand is that there is a huge difference in Loan Officers. Loan Officers that work for depository lenders (banks and credit unions), are not required to have any state or federally mandated training, nor are the required to pass any state or federally mandated tests to be a loan officer. Loan Officers are non-depository lenders (brokers and actual mortgage companies) ARE REQUIRED to pass tests and take training. Beware of who you let handle your largest financial transaction.

Hi Shawn.e.shaw,I'm a mortgage banker in Texas & can assure you the loan officer from USAA is mistaken. What is likely the is the Texas A(6) law which covers cash out refinances. While VA calls the type of refinance that you're doing a "cash-out refinance" it is NOT a cash-out refinance under Texas A(6) definition. I do the actual VA Cash-out refinances in every other state to 100% of the homes appraised value and this type of refi in Texas all the time. Please feel free to contact me for more information or help. John Burke | Senior Mortgage | Great Plains National Bank | http://www.valoansdoneright.com/100-va-cash-out-refinance-updated-july-17-2014/ | (877)228-9069 | Lending in ALL 50 states |(877)228-9069 |

Hi Shawn, I just had to chime in again to clarify something. Contrary to what Margie Fisher is saying, you can do a VA refinance to 100%. The 90% limit that she's talking about is a lender overlay so it's specific to her company. I have 3 different investors that we sell loans to that follow the VA guidelines and allow refis up to 100% of the homes appraised value. John Burke | Senior Mortgage | Great Plains National Bank | http://www.valoansdoneright.com/100-va-cash-out-refinance-updated-july-17-2014/ | (877)228-9069 | Lending in ALL 50 states |

If you are a veteran, you obviously qualify for VA refinance. I am also looking for a VA refinance in Texas which is hassle free and without any headache. A consultant like VALoansFinance.com, could certainly be one of the many choices as it is a reputed VA loan consultant in TX.

William J Acres answered your question well! I would add a smaller broker or mortgage banker who is a competent, experienced VA insured loan consultant will likely serveyou better. The big banks, including USAA do tend to be pretty conservative and often have overlays some lenders do not. We are a military family from in which each generation has served going back to my grandfather and beyond. USAA has sought to be a no. 1 choice in banking for active military, military veterans, and their families. Some of my family, including my Mom, still use them. I for one, will never use them again after applying for auto insurance when I had a pending accident in the works that turned out to not be my fault, and there was nothing on my record...no tickets and no accidents! I am sure, like my Mom, many will continue to keep investments and auto insurance with them, but I happily found a place for my auto insurance and investments these many years back!

You can indeed refinance to a VA loan, but with some restrictions (i.e. you cannot do a 100% loan-to-value), but from your information provided below it would appear that you have a good amount of equity and assuming that, you should easily be able to refinance your loan. I am a Texas based lender who has been doing VA loans for 30 years. Previously based in San Antonio where we had 5 military bases, I feel my experience should speak for itself. However, when you have an owner financed property, there are additional items to consider - for instance, is the Contract for Deed actually recorded where the property is actually in your name, or did seller retain title until it is paid for (unrecorded contract for deed). Feel free to reach out for assistance. Would love to assist you.

Shawn, I disagree with the answer you received. I have been doing VA loans for 30 years, and while refinancing an owner financed home does have some unique characteristics to it - you should be able to do it. You will not be able to go over a 90% LTV - but as long as the lien you are refinancing is a legitimate legal and recorded lien, there should be no reason to not be able to do it. I can be called at 903-521-1132 if interested in visiting with me direct. I am a Texas Based lender.