Home Buying in 77494>Question Details

Lindsay, Home Buyer in Houston, TX

How hard is it to be approved to buy a house? I am 23 have a salary job and ok credit.

Asked by Lindsay, Houston, TX Sat Mar 3, 2012

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Cmoneyspinner’s answer
There are traditional methods of acquiring real estate and there are the non-traditional methods. By the way you phrased the question most people responded as if you were intending to take the traditional route. There's no problem with that. But in the event that doesn't work for you, consider an alternative or non-traditional path to home ownership such as Lease-To-Own. You're only 23. You've got time. :)
0 votes Thank Flag Link Tue Apr 17, 2012
Squidoo link deleted, 05/12/2013. Thank you.
Flag Mon May 13, 2013
How long have you been employed at your current position? Are you a W-2 employee?
0 votes Thank Flag Link Tue Apr 17, 2012
Just following up with all our suggestions.
Hoping you are well informed now than you were before.
If there is anything I can do help you please call or email me.
Check this short video attached.
Good Luck.
0 votes Thank Flag Link Thu Apr 5, 2012
It really depends... what does OK credit mean? You should speak with a lender or mortgage broker who can help you understand where you are credit wise and guide you in the right direction.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
0 votes Thank Flag Link Wed Mar 14, 2012
Lindsay, I am very proud of you to have thought of buying a home at this young age.
Get yourslef pre approved by a wel reputable lender. And do not settle with a score of 580-600.
This score will get you a lona but will be expensive, and yuou will be paying for the next 30 years of your loan.
I have a great credit specialist who ca help you pull up the score in a few months.
A good job for at least 2 yrs and good pay will defiantely buy you a home.
First time buyers programmes with closing costs contributed by the sellers or the builders
will help you with very little out of pockey expense.
Do not rush but make an informed decision first to find a lender and also a GOOD realtor who can help you and will work for you every step of the way to accomplish a very important and major purchase of your lifetime. Have a great day
Kadibhai (Kadi)
Prudential Gary Greene, REALTORS - Katy
Phone: 832-228-7978
Email: kadi.kadibhai@garygreene.com
Web: http://www.har.com/kadi
0 votes Thank Flag Link Sun Mar 4, 2012
Good morning, Congratulations! Buying a home is a process and you have taken the first step, by inquiring about it. The next step is to meet with a Mortgage Banker to get pre-approved not pre-qualified and to get a Realtor to represent you .I would be glad to help guide you through the process, to help you avoid the pitfalls. I specialize in Katy and work with some Great Mortgage brokers we can help keep this complicated process simple. Please call or email so we can discuss your needs and wants in your new home. Have a Great Day!

Best Regards, Richard Luebeck
0 votes Thank Flag Link Sun Mar 4, 2012
Congratulations on your succesful career at such a young age and making it through the recession of the past few years employed!
Lenders must consider many factors before making loan approval. One key item is your debt-to-income ratio. They want your house payment to babnormal more than 23% or less than your gross monthly income. Plus, they also calculate how much your total monthly debt is (credit debts such as car payments and credit card balances) together with your housing debt, and for that figure they want it to be no more than 38% or less of your total monthly gross income. Your lender will also want to see continuous and consistent employment in the same line of work for a number of years, which you say you have. And, a third important factor will be your savings balance. Obviously the lender will need proof of your having at least 3.5% of the purchase price to put down on a home, and depending on the program you qualify for the lender will require some cash reserves in the bank after closing. You can't completely drain your bank account to close on the purchase.
These are just the top three things a lender is going to look at. Depending on the financing program all of the above may change slightly, but I think it's a good ballpark for you to work from to prepare yourself for the three main things a lender will ask you to present.
The lender will also ask you for your tax returns from 2010, 2011, and maybe 2009. And, you will need to provide the most recent 3 months of bank statements and three recent months of paycheck stubs. If your bank statements show any large lump sums of deposits that are not related to your income, they will want letters of explanation and/or gift letter statements from the persons who gave you these monies.

One last thing, please select a lender who is based in Texas, preferably in Katy. There are over 580 Texas banks that have room in their Capitol portfolios to make mortgage loans to first time home buyers.
In Katy there are many excellent banks, and mortgage brokers. MKT Mortgage located on Westheimer Parkway and Torchlite Terrace, First Community Credit Union on Cinco Ranch Blvd, and others. If you'd like my lender list email me and I'll send it to you. My lender list consist of only those Texas/Katy lenders who have closed one of my clients, and the client feedback describing their financing experience working with the lender personally was excellent.

Congratulations again, Lindsay! I wish you much success as you proceed forward and become a homeowner!!

Warmest regards,
0 votes Thank Flag Link Sun Mar 4, 2012
Hello Lindsay,

Buying a home is not as difficult as most people think! The myth is that you have to have a lot of money saved and not to mention Blemish Free Credit!!! The truth is individuals are being approved everyday with scores as low as 580 and as little as $1000 out of pocket expenses! There are many 1st Time HomeBuyer programs available which will contribute to a buyer's DownPayment or Closing Costs. And in most cases you;ll receive contribution from either the seller or the builder. If you have not chosen an agent, please contact me for more information on the various programs and Preferred Lenders. FYI: Be sure to ask Realtors and Loan Officers if they are versed in these programs as well. Not all of our Fabulous Professionals choose to participate! Blessings!!!

Kristal D. Brown, Realtor
Realty Right Texas, LLC
0 votes Thank Flag Link Sat Mar 3, 2012
To me it sounds like you have a good chance to be approved to buy a house. I would talk to a couple lenders and give them your info and see if they can pre-approve you. Once you do that and you have an idea of how much you're approved for you can find a local real estate agent and start looking for your new home.
0 votes Thank Flag Link Sat Mar 3, 2012
Age is not necessarily a factory. It's if you have enough credit that is good, if your debt ration is in balance (having money in savings is an assset). Check for first time home buy programs...Good luck
0 votes Thank Flag Link Sat Mar 3, 2012
The lender will look at your credit score, your income, your debt and your work history. Once they verify that you have at least a 580 credit score they will give you the price range you qualify for based on your debt to income ratio.

Once you have the amount you qualify for your REALTOR will be able to take your want and need list and start letting you know which neighborhoods match your criteria and then you can start viewing homes to find out which ones meet your criteria.

You will want to interview your agent and make sure your personalities match and find one that can work with your schedule and one that you feel can negotiate the best deal for you.

Even if you are looking at New Construction you still will want to use a REALTOR as they can still negotiate the best price for you and make your whole buying process much simpler and walk you through the process. Having a REALTOR does not cost you anything but will end up saving you money.

My team works with First Time Home Buyers a lot and would love to help you in this process, feel free to contact us if you would like to interview us.

Chris Holcomb
Century 21 Western Realty
English: (832) 303-0021
Spanish (832) 303-3221
Email: Chris@Team-Holcomb.com
Website: http://www.Team-Holcomb.com
Web Reference: http://www.Team-Holcomb.com
0 votes Thank Flag Link Sat Mar 3, 2012
It's really not that hard all Depending in the lender. My clients only need to have a 580 credit score and make 30-50k. The amount that you are approved for is based on a function of you income but the fact that you are able to qualified at all is based on your credit score.

If you are ready to buy a good Real Estate agent will have access to lenders that can help you.


Chris Hutchinson
Chris Hutchinson Real Estate
The Michael Group
0 votes Thank Flag Link Sat Mar 3, 2012

Good evening, if you would like to find out if you qualify for a mortgage give Ben Sinclair of Houstonian Mortgage Group a call at 713-412-3709 or email him at ben.sinclair@hmgtexas.com.

Tell him I sent you, give me a call tomorrow and let me know what you have in mind. I look forward to hearing from you, good evening
0 votes Thank Flag Link Sat Mar 3, 2012
Lenders look at income and credit, so if you have a job that pays you salary that is good! If you are serious about looking and interested in speaking with my loan officer send me an email and we can go to the next step! Look forward to speaking with you!

Kristi Dowell
Century 21 Western
0 votes Thank Flag Link Sat Mar 3, 2012
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