Credit Score in Austin>Question Details

ac, Home Buyer in Austin, TX

My boyfriend and I are interested in buying our first home in austin area. I have a 636 he has a 676. Can we get a 0 down loan w/ low closing?

Asked by ac, Austin, TX Thu Feb 9, 2012

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21
Tom Burris’ answer
Contact Donna Harris.
http://www.donnahomes.com/

She can talk to you about the area you would like to live.
Some areas are eligible for 100% financing on a USDA Rural Loan...... We use OLD census data so it may not be that rural.

She will have a local lender to help you with the loan.

I have worked with Donna... She rocks!!!
1 vote Thank Flag Link Thu Feb 9, 2012
AC,
There are 100% financing programs that have specific criteria, talking with a Mortgage Expert will determine which you and your boyfriend qualify for.
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0 votes Thank Flag Link Fri Feb 10, 2012
Your credit scores are good..........you would have do a VA to live in central Austin or you can move further out and get a USDA 100% loan, but you will be in areas like Buda.

You can have the sellers pay your closing cost, and you can have gifted downpayments. Your current debt will factor in to you ability to borrow plus your credit score and job history.

You can take special classes to qualify for certain loan programs and there are bonds issue to help first time home buyers.
If I can help let me know.......I have closed homes with my clients where they get money back at closing. Zero down.
Thanks
Simon Magnus Realtor
Coldwell Banker "23 years of Austin real estate experience and counting"
512-844-7999
0 votes Thank Flag Link Fri Feb 10, 2012
sure. you can get a VA loan, or a USDA loan, or I can find a seller who will pay your closing costs, or I have a lender who will pay your closing cost. Call me today!

tim sweeney realtor 512-762-5896 cell
0 votes Thank Flag Link Thu Feb 9, 2012
AC,

Credit scores they look for 620-640 as a low. I have a great recomendation for a lender if you would like to get his contact info.

Warmest Regards,

Vanessa Nunez
VOX REal Estate, LLC
512-750-5716
vanessanunez.realtor@gmail.com
0 votes Thank Flag Link Thu Feb 9, 2012
Hi AC,

Go to the link I referenced below. Clink "apply now" and my friend Steven Amezquita with United Lending will contact you shortly to explain what finance options best fit your particular situation. He can help you make an informed decision. I'd like for you to think of him as your mortgage finance information resource. There's no obligation and he would be more than happy to give you a professional assessment of your financial situation. Tell Steve that Merritt sent you if you talk to him.

Good Luck in the search for your new home and don't hesitate to contact me if you need help!
Web Reference: http://mylender.biz/
0 votes Thank Flag Link Thu Feb 9, 2012
You have received a lot of good answers with the best two being:

1) Find a full time REALTOR to help guide you through the process, someone who will listen and you can work with.

2) Ask your REALTOR for their recommendation for a couple of lenders his or her clients have had smooth transactions with.

These two people will become your 2 best friends and confidants.

Kevin Roy, ERA Bettinger REALTORS, Inc.

Visit my website for lender, search and referral links.

Best of luck in your Austin home search, I am sure you'll enjoy it here.
0 votes Thank Flag Link Thu Feb 9, 2012
Hello!

There are many factors that can play into this. I have read the answers you have received and I can tell you we would all love to be your Realtor. The first step is contacting a mortgage person. Call Max at Office:(512)617-5636 and please tell him Marsha sent you. He can have an answer for you as far as whether or not you qualify within a matter of hours, as can most mortgage folks in the business. You can fill out an on-line application and have your answers. I see that many have mentioned the new home builders, and although it is true they can play with the numbers for you, many end up over their head because of unseen costs, i.e. the taxes that are originally charged are for the land only, not the land WITH a house, etc., etc. It is always wise to take a Realtor with you, to protect your interests. The agents in the communities represent the builder - only! I also see that they have talked about the USDA loans, but most say they are on the outskirts. That is not always true. I just found one for a buyer that was within the city limits. It truly depends on where you wish to live and Max can tell you if the address qualifies for the USDA. Also, depending on the circumstances of the sale, i.e. is it a short sale, you may not be able to use the USDA loan since it takes much longer than the banks will allow to close - it all depends on the circumstances of the home. Now, the mom in me comes out - make sure you can BOTH afford the home in case something happens to one of you! They call them accidents for a reason - they are never planned and if something should happen to one of you, the other has to pay for the home by themselves. If you are not married, you most likely do not have a life insurance policy on one another and will receive no benefits from insurance through work of some sort. . Please be careful proceeding forward. Call me if you would like my help 512-797-3903 or email me at marshaross@gmail.com - otherwise - good luck to you! I hope you find the perfect home!
0 votes Thank Flag Link Thu Feb 9, 2012
If you buy a new home from a builder or a home on the outskirts of Austin, then you could probably get a 0 down loan, but it really depends. If you go with a new builder, make sure you bring a Realtor with you to look out for your best interests. Remember the sales associates work for the builder. However, the best thing to do is talk to a lender (mortgage broker) to see what you qualify for. I have a few trusted lenders that I recommend. If you would like their information give me a call or email me and I can get that to you.
Also, in the meantime, if you send me some of your general criteria, I can send you some properties that might be of interest. Good Luck!

Warmest Regards,


Jenni Goldstein

REALTOR®
Vox Real Estate LLC
mobile 512.221.5502
fax 1.512.233.0512
email jennigoldstein.realtor@gmail.com
http://www.escapesomewhere.com
0 votes Thank Flag Link Thu Feb 9, 2012
There are options. USDA or possible downpayment assistance. In fact, I recently did a USDA deal on brand new construction. Please feel free to contact me anytime if you would like to learn more or know if a home is USDA eligible.


Steve Nusinow
(512)922-7588
steve@amazingaustinhomes.com
0 votes Thank Flag Link Thu Feb 9, 2012
Your best bet is to speak to a lender to review your options. I have a handful that I work with. USDA may be about your only option, and that loan program is only available in the rural areas surrounding Austin.

Your best bet may be to save 3.5% and do an FHA loan. If you cut expenses like Cable TV, Lattes at Starbucks and many other non-essentials, you'll have the down payment in no time. I can then negotiate closing costs for ya!

And use, use, use a Buyer's Agent, even if it's a new home community. I see way too many Foreclosures and Short Sales in these communities, because there wasn't a Realtor hired to look out for the buyer's interest. Interview several and find the best fit for you.

Best of luck! You'll be in the Home Owner's club before you know it!
0 votes Thank Flag Link Thu Feb 9, 2012
Thanks for the question. There are some loan propgrams that you all might be able to qualify for.
USDA has a zero down program. With this type of loan program, only homes located in certain rural areas
will qualify for this type of loan. There are some homes in Round Rock, Pflugerville, Leander, and Manor
that qualify for this type of loan. Also, if either one of you have a military background, you might qualify
for a zero down, VA loan. Finally, there are some zero dwon bond programs that you might be able to qualify
for. In all of these cases, a good reputable loan officer can get you some answers. Please give me a shout
and I can give you some recommendations.

Regards,
John Raudy
Keller Williams Realty
512-554-3749
johnraudy@yahoo.com
0 votes Thank Flag Link Thu Feb 9, 2012
AC,
Short answer is yes. USDA or VA. There are some gift programs available.
Contact me directly if you'd like help.
Bill ~ 512 709 6343
0 votes Thank Flag Link Thu Feb 9, 2012
It is possible, I would work with a trusted Lender to assist with this process. There are a couple I have used in the past that folks have been very happy with. Rosemary Jennings, rjennings@hometrust.com 512-413-8883
0 votes Thank Flag Link Thu Feb 9, 2012
Your credit score is high enough to qualify for a 0 down loan with low closing costs. One of the zero down programs is an USDA loan which is for a rural area; Buda, Kyle, Taylor, Hutto, rural areas outside of Austin. If you want to send me an email with the area that you're interested in, I can give you more details of what is available for a zero down loan.

Regards,

Danielle "Dani" Whitacre
Realtor®, GRI, SRS
Private Label Realty
(512) 689-7495 Cell
(512) 301-1306 Fax
dani@daniwhitacre.com
 
Search 1000's of Homes Instantly
Go To: Â http://www.DaniWhitacre.com
 
Someone you can trust!
0 votes Thank Flag Link Thu Feb 9, 2012
if you havent owned in 3 years and income is less than $86k you can probably qualify for several down payment assistance programs. some of the programs are 5% assistance, $10,000 assistance, and an ongoing payment subsidy upto $167/month. call me for details 512-507-1202 or visit http://www.RealNetTeam.com
-dave baird
broker associate
0 votes Thank Flag Link Thu Feb 9, 2012
I can help you find something, but it might take a seller financing or a government loan to get something. Give me a call, I will do whatever I can to help you make that homeowner dream a reality.

Thanks
Glenn Smith
Capital City Sotheby's International Realty
512 771 6371
http://www.austin620realestate.com
0 votes Thank Flag Link Thu Feb 9, 2012
If you give me a call, 512-351-4991, I will put you in contact with our preferred lender. There are some programs that would allow for 0 down, such as USDA financing options. With that said, not all homes are eligible for USDA financing. The other option is FHA loans, however they would require 3.5% down.
0 votes Thank Flag Link Thu Feb 9, 2012
Hello,

There are programs with zero down that you are very close to qualifying for if you cannot do so today. If you want a zero down loan you would need to purchase a home in a USDA area and also qualify for the financing not only credit wise but also your income must qualify under the guidelines.

If you would like me to pre-qualify you and discuss where you are looking to eventually buy a home please give me a call. USDA areas are located in Leander and Pflugerville. Those are the closest areas in the Austin area that qualify. Each property much be located in the approved area With this type of loan you can actually get cash back at closing and roll in all closing costs if the home appraises for enough to do so.

If you are not interested in buying in a USDA area there are also HUD owned homes that can be purchased for just $100 down.

Lenders will use your lower score of 636 currently. Ideally to qualify for most programs you want that score to be at a 640. There are several things you can do to increase your credit in the short term. If you would like to discuss these options and your credit please give me a call or email. The good news is with both of these programs you still qualify for the same interest rate as somebody who has a 750 credit score. So make sure you understand that just because your credit is not perfect you still qualify for the best financing options under FHA or USDA with a 640 or higher credit score. Don't let people take advantage of you over this fact.

Best of luck to you in your home search!

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Thu Feb 9, 2012
If you go outside of Austin city limits, you may qualify for a zero down USDA loan. If you get a competent realtor they should be able to negotiate closings costs paid by the seller.
I have over 8 years experience as a realtor, & am with one of the top real estate teams in town. Call me at 512-626-0941; & I'll put you in touch with a few lenders that can answer your questions & get you prequalified with no obligation!
0 votes Thank Flag Link Thu Feb 9, 2012
You will have to check with a mortgage broker to find out the best loan program for your needs. I will be happy to help you through the process. What monthly payment can you afford and then we can go from there.
Also, what particular part of Austin are you interested in West, North, South, etc...

Thanks and you may contact me at 512-784-8692 or nancizimmerman@ yahoo.com. I would be happy to send you property that is available to you in your price range. Just send me an email address with your information.

Best of Luck to you!


Nanci Zimmerman
Broker
0 votes Thank Flag Link Thu Feb 9, 2012
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