Credit Score in Austin>Question Details

Verap, Home Buyer in Austin, TX

Our credit is right around 600. We make around 50,000/yr. Down payment is negotiable. Could we get financed for a 90-120k home in TX?

Asked by Verap, Austin, TX Tue Jan 11, 2011

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Without your overall financial information--consider visiting with any qualified loan officer, after reviewing your finances, debt, credit--their scoring is often different--, etc., he/she can make a determination as to qualification, the type of loan, how much, etc. If you don't yet qualify, your loan officer, may offer great suggestions as to what needs to be done in order to qualify in the very near future--then go from there.
1 vote Thank Flag Link Tue Jan 11, 2011
There are a lot of good answer should you have the time to read through thems all...
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
0 votes Thank Flag Link Wed Jan 19, 2011
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:
0 votes Thank Flag Link Wed Jan 19, 2011

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.

Good luck.

Scott Butcher
Mortgage Banker
Maker Capital Group
0 votes Thank Flag Link Sat Jan 15, 2011
The short answer is no. FHA and VA loans are pretty much the only programs that are funding right now and I believe they just raised their credit scores to 670 or something around there.

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.

Good luck.

Tony Z
0 votes Thank Flag Link Wed Jan 12, 2011
Hi, this is fernando Texas REALTOR one way to improve credit is by getting a secure credit card.
0 votes Thank Flag Link Wed Jan 12, 2011
There are lenders who will give out the loan despite of your credit history, but it will indeed cost you more. Try to improve your credit report for now to up your chances of getting a lender. There are also fha programs for those with a low credit score. Ask any fha authorized lender in your area about their requirements.
0 votes Thank Flag Link Wed Jan 12, 2011
It is possible to get an FHA loan with those scores but the lenders that go down that low can be a mess. Closings rarely happen on time, rates are higher and you will be asked for many of the same documents over and over again.
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
Mortgage Planner
NMLS #353884
Envoy Mortgage, LTD
512.825.8309 direct
0 votes Thank Flag Link Tue Jan 11, 2011
Much more details is involved determine how you are qualified for a loan

Direct Link for your review:

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Jan 11, 2011
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