Financing in Merkel>Question Details

Lydia, Other/Just Looking in Merkel, TX

My byfrnd doesn't have the best credit stemmed from a divorce 6yrs ago.Samegood job- 12 yrs. 1st time home buyer. Difficult to get a loan?

Asked by Lydia, Merkel, TX Sat Dec 11, 2010

Afford 350m

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Lydia,
I got notice that there were other responses to this question.... and I realize that I could have been more clear.
We do not have enough information..... We need to know your scores and a loan officer will absolutely have to review your credit reports.
0 votes Thank Flag Link Wed Dec 15, 2010
Lydia, you guys need to see exactly where you stand from a credit standpoint. You need to speak with a lender that will review your credit report and determine what programs you qualify for. If you are not able to qualify then you need a plan to address whatever credit issues you may have, in order to turn that "no" into a "yes". It may take a month, it may take a year, but you need to speak with a lender that can guide you the whole way. The pre-approval process is the most critical part of the process and that is where we uncover any issue so we can address them before they become an obstacle later on.

http://www.elliottoliva.com/preapprovedvsprequalified

You will have the best chance with FHA financing but you will have to put 3.5% down.
If you are looking to buy in Merkel, you may qualify for 100% USDA financing.
http://www.elliottoliva.com/USDAhomeloan

For more questions or details please feel free to contact me at your convenience. Thank you.
0 votes Thank Flag Link Tue Dec 14, 2010
Best thing to do is get with a loan officer.....get prequalified or have them set you on the path to getting credit back in shape and set goals on what he needs to do to get prequalified.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Tue Dec 14, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Without your overall financials, exact score, etc.--visit with any qualified loan officer first, have the credit checked as their scoring is often different, see if you qualify, the type of loan, how much, etc., after reviewing your financials your loan officer can make a determination on qualification-- if credit needs to be improved, he/she may offer great suggestions as to doing so in the fastest time--then go from there.
0 votes Thank Flag Link Sun Dec 12, 2010
Isolated, one time incidents aren't the problem. Credit SCORE is the biggest hurdle.
http://dallasloanguy.com/docs/about_credit.pdf

Read this book (free download) and let me know if I can answer any questions.
0 votes Thank Flag Link Sun Dec 12, 2010
Lydia the only true way you will be able to know if this is acceptable is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for.

If you do not qualigy now, they can assist you in what you will need to do in irder to quailify in the future.

Please see my blog for tips and advice on getting a mortgage
0 votes Thank Flag Link Sun Dec 12, 2010
You need to meet with a lender. They will look at the whole picture and be able to advise you. Bad credit from six years ago? Might be something you can do to repair that in a short period of time. If you are saying that his credit is bad and will remain bad due to expense and such incurred during the divorce, that would be another issue.

Most lenders will be able to help you get on the road to repair your credit.
0 votes Thank Flag Link Sun Dec 12, 2010
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