Credit Score in Houston>Question Details

Rosaliam, Home Buyer in Houston, TX

Looking for approval on a $50,000 home.

Asked by Rosaliam, Houston, TX Tue Jun 29, 2010

Hi, I am a first time home buyer. I am moving soon into a rent to buy home which will cost around $50,000. I will be in the process of buying it in December. My credit score is currently around 640, and I am making payments on my loans (usually a couple of hundred dollars more) and credit cards to help raise it up. Does anyone think I have a good chance of finding a lender who will approve it? Thank you in advance for you help.

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Kathleen Hamid’s answer
Good Afternoon, Rosaliam.
Working on your credit...CONGRATULATIONS! If you will contact me I hope to give you some pointers to help you. I am not a loan officer or credit restorer....I am a REALTOR. I would like to help you with your search for a home. Do you have your eye on a particular property or just on the bottom line. Call me (281) 799-4002 or email me at --- --- and we can discuss some scenarios. If you are thinking of FHA those requirements will be changing about November 2010 or are you eligible for VA. Don't know for sure if the tax credit is going to get extended or be cutoff tomorrow. We'll see what happens. There are a lot of people that help you purchase a home and I will guide you through the process. YES, some loan officers don't do loans under $100K because they do the same amount of work for a lot less money, however, loyalty pays call me and I'll explain. Let's visit about what you want and need. Getting started now will make it a lot easier when you are ready to purchase that first home. Looking forward to working with you, Kathleen (281) 799-4002
0 votes Thank Flag Link Tue Jun 29, 2010
Contact Roi Swirczynski with First Texas Home Mortgage at 832-298-2797 or email him at He specializes in 203K mortgages that have a component that gives you money to rehab the property.
0 votes Thank Flag Link Tue Jun 29, 2010
You should be able to get a mortgage loan by December if you continue making your car payment/credit card payments on time. The minimum credit score to qualify for a mortgage loan for first time home buyers is 680. You just need to consider the down payment & closing costs. I recommend you talk to a mortgage banker. My husband Gerry Nicodemus is a mortgage banker and can help you get pre qualified with no obligation. Feel free to contact me directly for more information.
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0 votes Thank Flag Link Tue Jun 29, 2010
Yes I'm sure you will find a lender. The only issue I had when I was looking for a home in the area is that sometimes 50k might be a bit too low for some lenders and some might not want to do a loan on such amount. Ayt least that's what I was told by almost half the lenders I dealt with. They wanted 100k or more.
0 votes Thank Flag Link Tue Jun 29, 2010

Are you working with a Realtor already? It sounds like you are since you are moving into a lease/purchase home. Your Realtor should have some lenders that they work with. They can tell you if you will qualify based on your credit score and outstanding debt. If you do not have a Realtor, get one. It's for your benefit to have a Realtor negotiate the terms of the lease and the purchase.
0 votes Thank Flag Link Tue Jun 29, 2010
Hello Rosaliam,

You should speak with a mortgage broker or lender in your area. I am also a mortgage broker but you will best be served by speaking with a local bank.. My lenders typically have a minimum loan amount of $50,000 but there are some who will do less. Go speak with a good FHA lender and see what your options are.

There is a good chance you can do this but you need to have somebody look at your whole financial and credit picture to do so. Good luck on your purchase!
0 votes Thank Flag Link Tue Jun 29, 2010
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