In a nutshell you want your scores to be between 620 and 640 for the majority of the loans...
Depending on your income there is also the option of going with one of the Bond Programs...
My suggestion is to get with a lender who is going to be honest with you up front...
Should you find a lender that tells you everything you want to hear, walk away and find another lender...
If you need a couple of good lenders to talk to in the Austin area drop me an email kevin.roy@ERA.com...
I can help you repair your credit. I've helped many of my clients. No tricks or magic or gimmicks. You just challenge everything negative on your report to the extent allowed by the consumer protection acts. I have references and examples and am very inexpensive compared to credit repair companies. When we finish, not only will your score be higher, you'll also have the knowledge to do it on your own later down the line. Email me for more info:
As long as your credit score is over 600 you have a chance at getting an FHA loan throught a portfolio lender. I know as I have closed them recently. You will be a higher interest rate for this type of loan until you get your credit score up to at least a 620 mid score.
I recommend contacting a mortgage professional that can review your current credit situation and offer a roadmap of how to best improve your credit score in order to get the house you want.
Based on the limited information you provided of income and the price range you seek, you should have no problem as long your liabilties are not too high.
Maker Capital Group
Do get with a good broker though. And don't go with just one, you need to call around to see who's got credit repair programs you can get into. It'll take some time, maybe 6 months or more to get you the 50 - 70 pt boost you need to qualify, but it'll go by fast and you're still gonna be in this good buyers market.
The best advice I can give you is to get your scores above a 640. That does not guarantee you will get a loan for that price range but you will be dealing with better lenders.
A lender will need to review all of your credit, income and asset documents in order to determine if you qualify for a loan. You need to work with a lender that will show you the difference between a pre-approval versus a pre-qualification and why a Pre-Approval is better.
If you would like more information or details please feel free to contact me at your convenience.
Elliott R. Oliva
Envoy Mortgage, LTD
Direct Link for your review:
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors