Financing in 78745>Question Details

Leticia Youn…, Renter in Southeast, Austin, TX

I want to purchase a home and my credit score is low 500's. Where can I go to get financed? I have a good job and make good money.

Asked by Leticia Youngblood, Southeast, Austin, TX Thu Mar 29, 2012

I am in my mid-40's and unmarried. I live in Austin, Texas and I want to stay within 10 miles of my current location. Thank you.

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Sharon9172005’s answer
I live in MD I purchased a house over 13 yrs ago and unfortunately lost it. Since then my credit score has dropped to the low 500. What chance and how soon could I buy a house. I have a good job but under 2 years. But in only looking for single family in glen Burnie,Annapolis,or west Baltimore county. Thank you
0 votes Thank Flag Link Sat Jul 6, 2013
I am a private lender and investor, Do you need a honest, quick, legit and reputable loan?? I can help you, we offers business and individual loan for more details contact me at legitfinaid01@gmail.com
0 votes Thank Flag Link Tue Aug 6, 2013
Leticia,
You've taken the first step, asking questions of professionals in the business. In most cases, with just a little bit of cooperation from you, a lender and a Realtor we can establish a plan and timetable to get you into a position to buy through normal chanels. You do have options outside the normal channels, but costs and interest rates make them a bad idea in most cases.
I'd be delighted to serve as your guide from where you are today to getting you into a home of your own. I'll make the process painless and affordable. Affordable you ask? Yes, how about free?
Contact me directly if you'd like my team's assistance and are not committed to a Realtor already. Best wishes!
Bill ~ 512-709-6343
bill@teamprice.com
0 votes Thank Flag Link Sat Mar 31, 2012
Leticia-
I just met with a potential buyer yesterday who wants to purchase a home in NW Austin and has a similiar story to yours, so I'm very familiar with your situation. You'll want to find a lender who can consult with you about how to get your credit score improved - it can happen faster than you may think! Lenders also consider your debt to income ratio, which would include such things as car loans, student loans and credit card balances. Finally, lenders are looking for job stability, so if you have been at your current job for less than 2 years, they'll weigh that into the equation.

The lenders I work with are like a part of my team, and we work together to help buyers get qualified as fast as possible, then guide them through all the steps involved from contract to close. I would love to visit with you and connect you with my lender team.

Don't give up on your dream of being a homeowner - it will happen!

Kim Stanley, The Stanley Team
Remax1
512-337-0261
E-Mail: kim@kimstanley.com
Web Reference: http://www.Team1Austin.com
0 votes Thank Flag Link Thu Mar 29, 2012
Dear Leticia,
Your best bet is to work on improving your credit score. If you are able to get a loan with a score in the low 500's you will be paying a much higher interest rate and ultimately paying much more money for the same priced home. I would talk to a lender you trust, perhaps your current bank or credit union to see what loan programs they offer. Then once you have raised your score a bit see about getting approved and your interest rate will be far better. I wish you the best!
Sincerely,
Betina

Austin Home Girls Realty
0 votes Thank Flag Link Thu Mar 29, 2012
I have a lender that can go into the low 500s on credit score. Call or text me at 979-540-0978
0 votes Thank Flag Link Thu Mar 29, 2012
Hi, Leticia,

A low credit score can be a big problem. A good job and good income are plusses. Do you have at least a 5-10% down payment available (don't know what price range you are in, but whatever it is, you will need a good size down payment)? I am giving you below the email of a mortgage broker who is very helpful. Contact her and see what she suggests and if any loan is possible. Probably waiting another 6 months and raise your credit score is the best thing you can do at the moment. Try to pay off any outstanding debt because if you have other loans (car, student) or big credit card debt, your chances are very low. Another solution would be to find a home where the seller is willing to finance.

Contact Stephanie at:

Stephanie.Lot@imortgage.com

Feel free to contact me after you talk to her and let me know what she said and what your options are. I'd be happy to help you find a home in your preferred area.

Vivianne Dordea
Sierra Homes Realty
vdordea@austin.rr.com
512-970-8814
0 votes Thank Flag Link Thu Mar 29, 2012
I would suggest a lender that can help with the qualification process. My preffered mortgage originator:
Michael Leseten at United Lending
512-947-7376
michael.leseten@unitedlendingusa.com

can help you with this.

I would love for you to own your own home it is a joy to see folks owning their own home.
Albert Elhage, Broker
http://www.Albertelhage.com
aelhage@austin.rr.com
(512)971-1773 (Mobile)
(512)327-7449 (Fax)
0 votes Thank Flag Link Thu Mar 29, 2012
I would first suggest speaking to a lender that can help to put you on the right track in building up your credit rate. The lower the score the higher your interest rate will be equaling a higher payment. There are things you can do to increase your score within a short period of time. I have a lender that can help you with this and while you are working on that we can set objectives to get that home for you in a short amount of time. Give me a call or send me an email so we can get started today. I would love for you to own your own home it is a joy to see folks owning their own home.

Cheryl Fowlkes
Keller Williams
http://www.justlistedinaustintx.com
512-749-8509 cell
512-276-8823 office
0 votes Thank Flag Link Thu Mar 29, 2012
If it were me I would not allow a lender to put me further in debt if I was already struggling to make my payments. The underwriting guidelines are actually liberal, if you do not qualify they are protecting you by saying no. There are more thoughts on the subject linked below. I hope my comments keep you from getting in over your head, good luck,
0 votes Thank Flag Link Thu Mar 29, 2012
Hi Leticia,

Traditional financing through a mortgage lender is not an option at this time. You could assume somebody's loan but it takes a chunk of cash and there are risks involved when you do that. Are you afraid that it will take too long to raise your credit score? These are not things to discuss in an internet forum like Trulia. You will find my contact information is below. Check out my credentials by googling my name and then call me
.
Nancy Filgate, REALTOR®
ABR, CRS, e-PRO, GRI
Avalar Austin Real Estate
6203 N Capital of Texas Hwy, Suite A450
Austin, TX 78731
nancy@filgate.com
http://www.SellingAustinTX.com
Mobile: 512.351.1497 Home Office: 512.528.1651
0 votes Thank Flag Link Thu Mar 29, 2012
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