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Eligible
Borrowers
The property is the primary collateral for each loan. You
don’t need to furnish financial statements or income tax returns to get
a loan. However, your credit and ability to repay the loan are both considered
in approving you as a borrower. If you would like to become an approved borrower,
submit an application, the application fee of only $25.00, and a signed copy of
the Texas Mortgage Broker/Loan Officer Disclosure Form. Once you are an approved
borrower, CRC will be able to provide you with a pre-approval letter to submit
when making offers.
Eligible Properties
We lend on single family houses in Harris, Montgomery, Fort Bend, and parts of Brazoria and
Galveston Counties that appraise for $80,000 or more on an “after
repair” basis. Sorry but we don’t lend on manufactured homes,
condominiums, vacant land, commercial properties, mixed-use properties, multi-unit
properties, or houses being moved to a new location. Loan
Amount
The loan amount is up to 70% of the “after repair value”
of the property. Here are some examples at 70%:
| After Repair Value |
Loan Amount |
$500,000  |
$350,000 |
250,000 |
175,000 |
125,000 |
87,500 |
80,000 |
56,000 |
Loan Funding
A part of the
loan amount, equal to the estimated cost to bring the property to a good,
marketable condition, is held back by the lender as a “rehab reserve”.
Rehab reserve funds are released to you in draw payments as work is completed
and inspected.
The balance of the loan amount is first
applied at closing toward the purchase price and other acquisition related costs.
If the remaining balance is more than your purchase price and
other acquisition costs, we will reduce the loan amount. If the balance
is less than your purchase price and other acquisition costs,
you will need to bring a cashiers check for the difference to closing. Terms
First lien notes only, with a mortgagee (lender) title policy. Interest
only payments.
A loan term of 6 months.
A builder’s
risk hazard insurance policy or a vacant dwelling policy for the 6 month loan
term is required to be in force at closing. Flood insurance is required if the
property is in a FEMA designated flood zone. | 
