Good lender in Texas?

[zebedee]

Can anyone recommend a good lender in Texas? I'm looking to invest some 1031 exchange money.

After having a terrible time with Greenpoint (Houston and Plano offices), I won't use them again. Heard from a realtor in El Paso who used a New Mexico lender rather than a Texas lender to do the loan on her house as lenders in texas have a reputation for not closing on time. What the heck is going on there?

Anyway, if someone can recommend a trustworthy company, I'd really appreciate it.

Dave

[bluehorse]

Hi,
I just purchased a homestead in Dec. 2005 and I would like to purchase an investment property.  Is it possible or too soon? My score when purchasing my homestead was about 670.  What is the best loan to look for?  
Also, I heard that your score improves by lots of points about 3 months after purchasing a home.  Fact or fiction?
Any lenders out there willing to help me out here in Texas?  Any advice would be appreciated

[Mortgage Mark]

I have a feeling Capital's post won't last long with the contact info in the message. hehe, new poster mistake.

Zebedee,
Every lender in here is going to say they are the best lender in TX, so take their comments with a grain of salt. That being said, I also work in TX. :-p
The reason companies have difficulty closing on time is due to all the restrictions TX places on their loans.  They require more paperwork and signatures than any state I've ever worked in.  I think anyone working in this state will run into some unexpected issues at some time.  Good luck with your investments.

[zebedee]

Your point is well taken but you guys know this in advance. The requirements don't change from week to week so by now I'd have thought that you'd have a better idea of how long its going to take to close the loan.

The majority of the problems I had with Greenpoint were due to their incompetence. My broker has worked well with Greenpoint CA and was excited to establish a relationship with Greenpoint TX.

In addition to getting the purchase price wrong, they took almost a week to correct it and charged me for rewriting the docs! Prior to that, they lost docs, didn't sign off on everythnig and were rude and obstructive to my broker and his staff. When I hear that people who live in Texas look for a lender outside of the state, it kinda makes you wonder

[christopher w]

zeb,

texas loans are more difficult because the state offers more protection by way of homestead laws and things like that. as a texas lender and a texas homeowner i really don't have a problem with the state protecting my investment. as for your problems with greenpoint, i have dealt with them many times because they have very liberal NOO property guidelines (at least in my opinion), and never had trouble like like the problems you are describing. it sounds more like your broker may have been the trouble. especially with things like loan amount. you know what they say "garbage in, garbage out'.

[zebedee]

nope - wasn't the broker. Greenpoint even admitted that they messed up. Got complaints from 2 different title companies that we were using.

I wrote and complained but , of course, my complaint fell on deaf ears

[christopher w]

my apologies to your broker then.