Financing in 78745>Question Details

Reliford88, Home Buyer in

Hello I wanted to know if it was possible for me and my husband to get finance for a home loan with a credit score of 550 (myself) and 575 (husband)?

Asked by Reliford88, Fri Nov 30, 2012

We have saved a down payment of at least $5000 we only want a house in $50,000 to $60,000. We find that a resonable for we live in MI and our family isn't that big. We thought about this we are currently renting a 2 bedroom for $1200 monthly (always on time) utilities $500 cars payments of $200 (also on time) the only debt we have are student loans, medical steaming for my bad health. I just wanted to know if it would make more sense to buy a home with all the payments we are currently using to rent?

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First, it would DEFINITELY be better to purchase a home if you can then rent. Basically right now you're throwing away $1200 per month toward someone else's mortgage and helping them increase their net worth. Homeowners average 33 times the net worth of the typical renter! Some studies actually say 38 times the net worth of a renter.

As far as getting a loan with credit scores like yours, it will probably be difficult. However, I would be happy to refer you to a lender to take a look at your overall situation including your debt, income, credit, etc. and let you know where you need to be and how you can get there to be able to purchase a home. My lenders do not charge anything for this process, and if needed, can recommend a credit repair specialist that's reputable to assist you. Many credit repair companies charge a lot and promise a lot and cannot deliver. You must be careful as I have seen quite a few unscrupulous companies in that business!

If you would like me to connect you with a lender, just contact me and I will do all I can to assist you!

Joe Jarusinsky, Realtor, Keller Williams Realty, 512-261-4415
0 votes Thank Flag Link Fri Nov 30, 2012
Good morning,

I happen to be from Michigan, too. I recommend that you contact a lender who would provide credit repair advise at no cost to you. Please, contact me for a list of lenders to consider. Based on the monthly payment that you make for rent, I am confident that you can find a home in an area near Austin that is affordable and meets your needs. There is also a possibility that you qualify for a loan that does not require a credit score above 600.

I look forward to hearing from you. Thank you.

Tom
Thomas J. Cantalini
Broker Associate, REALTOR(R) GRI, CNE, SFR, MBA
Century 21 HSK and Associates Austin
9020-1 N. Capital of Texas Hwy., Suite 210
Austin, Texas 78759
512-797-9167 (cell)
512-264-3446 (home)
tom.cantalini@gmail.com
thomas.cantalini@century21.com
0 votes Thank Flag Link Fri Nov 30, 2012
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