Financing in Frisco>Question Details

Jbilco, Home Buyer in Frisco, TX

Want to help daughter get house in Frisco Tx < $170K with less than 10% DP & me as co borrower . Her credit not that good. Mine 750 plus.

Asked by Jbilco, Frisco, TX Thu Jul 21, 2011

Options????

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There are many possibilities on this. For example, my lenders have programs available with scores as low as 580. However, there are other factors that must be considered for both of you, for example: Do you own another home? What is your income? Her income? What is your monthly debts? Her monthly debts? And many more questions.

Please feel free to contact me and I will be more than happy to discuss this with you more. I have been associated with real estate in the Dallas area, including Frisco, for more than 30-years.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
0 votes Thank Flag Link Sat Jul 23, 2011
Jbilco,

You have options on this and I would be happy to offer my services to help you. I have several lenders I work with in this area that can get you taken care of. I also work in Frisco every week showing homes and I know the areas very well. We can find a nice house at a good deal for your price range. Reach out to me when you get a chance and Ill be happy to send you over a list of homes on the market that meet your criteria. Thank you
Web Reference: http://www.realtordamon.com
0 votes Thank Flag Link Sat Jul 23, 2011
If you/she can work on your daughter's credit, and turn it around into at least "remotely OK" then FHA financing could give you the option to go on with her with as little as a 3.5% down payment, but her credit still has to be in qualifying condition (your good credit can help, but her's can't be completely in the toilet). What exactly is on your daughter's credit making it "not that good" and do you know what her credit scores are?

You can also purchase as an investment property with 15% down using Fannie Mae financing & with a lender who has United Guaranty as a PMI provider, as they'll insure up to 85% LTV on a rental property - it may be tough to find that combination though. Fannie Mae HomePath financing, like has been pointed out in your previous question, can finance up to 90% if you can find a home at the http://www.homepath.com/ website.
0 votes Thank Flag Link Thu Jul 21, 2011
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