Home Buying in 77082>Question Details

FIRST LADY, Home Buyer in Houston, TX


Asked by FIRST LADY, Houston, TX Thu Jun 23, 2011

Help the community by answering this question:


Generally all have the same rule, income versus debt ratio. But definitely someone in your area and the bank that you have been banking with will be a good choice!
0 votes Thank Flag Link Sun Mar 8, 2015
Most lenders are pretty similar as far as lending criteria and rates. I would definetely get good faith estimates from several lenders to compare there origination fees.

I have found that often smaller lenders are easier to do business with as everyone (underwriting, closing, origination) are in the same building or area. Instead of dealing with a big bank where you might be overnighting documents to California for processing. It also seems like the bigger the bank the more redundancy you experience as the right hand doesn't always talk to the left hand and sometimes you end up sending paperwork in multiple times to different people....That's just my opinion of course.

Good luck!
0 votes Thank Flag Link Fri Jul 1, 2011
First Lady,
Thanks for the question. If your creditworthiness warrants a loan, you shouldn't have any problem.
Property type and amount for down payment as well as funds for closing costs will have an affect on your interest rate also.
Banks tend to take a bit longer, but private lenders have more flexibility.
In my experience, I have helped a broad spectrum of clients. Each loan is unique.
I would recommend talking with several lenders to obtain good faith estimates on a few properties to establish what is comfortable for yourself in monthly payment. This will also let you compare each ones costs.
Please advise if I can be of further assistance. Visit my website for more online information about the home buying process!
Nancy Suarez
0 votes Thank Flag Link Sat Jun 25, 2011
Yes there are private lenders. Understand the easier the loan is to procure the larger the rate is!
0 votes Thank Flag Link Fri Jun 24, 2011
A lender such as a national company like Wells Fargo or Chase has to follow Fannie Mae guidelines. Independent brokers do as well. However, they might have access to independent creditors that can provide loans and do not have to follow Fannie Mae rules. (Be aware they might charge higher interest rates or require more down payment).

Good Luck!

Mark McNitt
Bernstein Realty
0 votes Thank Flag Link Fri Jun 24, 2011
The best advice is to get with a professional to determine your overall profile based on what you are wanting to purchase. There's still numerous options for credit challenged buyers.
0 votes Thank Flag Link Fri Jun 24, 2011
Lenders all fairly much have the same standard rules.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Fri Jun 24, 2011
These are all excellent answers, but another place to check would be a credit union. If you have one at work, or have a family member in one, ask about it. Sometimes with a deposit as small as $500 you can take advantage of their banking and lenders.
0 votes Thank Flag Link Fri Jun 24, 2011
Talk to a local lender in your area, They can sometimes help you fix a small glitch rather then just saying no.
0 votes Thank Flag Link Thu Jun 23, 2011
First Lady,
The first item lenders look at is your credit - few mortgage brokers offer loans to anyone with a credit score of less than 620. There are some banks who are offering FHA loans down to 580 now, BUT your debt-to-income ratios need to be tighter so you this would limit the amount of home you could afford. Credit lines that are open and closed in good standing are also part of the evaluation.
For those who do reach the 620 score and meet income requirements, there are programs through the State of Texas and also City of Houston for up to $19,500 in downpayment assistance, meaning you need very little to buy a home. You can call me at 713-775-6569 for more information including credit questions.
0 votes Thank Flag Link Thu Jun 23, 2011
Yes. Some lenders are more strict than others.
And some lenders actually understand the loan guidelines better than others.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
0 votes Thank Flag Link Thu Jun 23, 2011
YES there are lenders that are more reasonable and more resourceful! At Amcap we are direct lenders, with "in-house" loan underwriting and processing, and have the advantage of closing loans that fit one or other of our corresponding lender partners programs...as oppose to lenders that can only do so based on only their bank guidelines...and do not have much flexibility

Let me know if you would like a presentation of lending programs available to you.

Best regards,

Mario Romero
Mortgage Banker

832 818 5868
0 votes Thank Flag Link Thu Jun 23, 2011
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