These days you will need at least a 620 or better for FHA & USDA financing. FHA would require a 3.5% down payment and is more lenient with negative credit you may have had in the past. USDA financing requires a 620 as well but if you qualify you can purchase a home with no down payment. USDA financing is considered a Rural Development loan and many homes in Hutto will qualify for the program so long as you meet the criteria for the loan.
If you would like more details on these programs feel free to contact me at your convenience. Thank you and good luck.
Elliott R. Oliva
NMLS # 353884
I have lived in Hutto since August 2005. I am also a mortgage loan officer in Austin, TX and have been a licensed real estate agent in Texas since 2004. I would be more than happy to assist you in anyway that I can. In my 6 years of real estate, I have helped many clients repair their credit and restore their purchasing power. Please feel free to contact me if you have any questions.
Depending on the amount of debts you just paid, when you did it, whether or not they were credit cards that were nearly maxed out, if you had any 30+ days lates and when, if you have any collection less than 2 yrs old, whether or not you closed any credit cards after paying them off (A MAJOR DO NOT DO!), and what your credit score was prior to paying everything off, your score may or may not rebound to where it needs to be within the 30-60 days.
When it comes to your income, 150,000 loan may be a stretch. But that may depend on how much you put down, and what the property taxes, HOA (if its a condo or a sub with home owner assocaition dues) and home owner insurance are. But typically 3K a month is good for a 100,000 - 110,000 loan. If you go FHA, you may be able to stretch that to 125,000. But, again, that depends on a number of other factors.
You need to speak to a knowledgeable loan officer.
Does that help?
Thanks for asking a question that many people have.
Keller Williams Arizona Realty
There are also Owner Financed properties that you might get into sooner, and then after your credit builds back up - within 2 - 5 years, you could refinance and pay off the owner.
There are numerous homes in Hutto under $150,000....I don't think that would be a problem.
Would love to visit with you and see how I could help you.
Susanna E. Boyer, Broker-Associate
Sellstate Classic Realty
Serving the Round Rock, Hutto, Georgetown area
How do you know your credit score is really bad? When is the last time you had your credit pulled by a mortgage company? What you consider bad may really be good enough to qualify.
My office is in Hutto and I wouuld be happy to help. Please give me a call when you have some time and I will be happy to review your credit report with you and create a plan of action to help you get into a home when you are ready. Thank you
Millie C Lumpkin
Century 21 Pro Team