Home Buying in 77065>Question Details

elvamayala19…, Home Buyer in Galveston, TX


Asked by elvamayala1959, Galveston, TX Fri Aug 17, 2012

Have a certificate for ,, downpayment,

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Dallas Texas’ answer
HINT: If you keep getting turned down by lenders UNDERSTAND to situation repair your credit then purchase a home.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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1 vote Thank Flag Link Sat Aug 18, 2012
Subprime LendersThose lenders who specialize in making mortgage loans to borrowers with bad credit scores are known as subprime lenders. To qualify for one of these loans, you'll need to show proof of employment and verify your gross monthly income and monthly debts. But you won't need a credit score that is as high as that required by conventional mortgage lenders. Subprime lenders, though, will charge you higher interest rates. This helps protect them. Borrowers with bad credit scores usually have late or missed payments on their credit reports. Lenders consider such borrowers to pose a higher risk of defaulting on their mortgage loans. If you need to work with a subprime lender, make sure to call several of them: Even subprime lenders vary widely in the interest rates that they charge.

FHAThe U.S. Department of Housing & Urban Development's Federal Housing Administration insures mortgage loans. These loans, known as FHA loans, come with several advantages, including the fact that borrowers with decent credit scores can qualify for them with a down payment of only 3.5 percent of a home's purchase price. FHA loans also accept lower credit scores. Borrowers with scores as low as 580 can qualify for the 3.5-percent-down version of an FHA-insured loan. Borrowers with scores under 580 can still qualify for an FHA loan; they will, though, have to come up with a down payment that is 10 percent of a home's purchase price. Most mortgage lenders today are licensed to work with the FHA.

Credit RepairYour credit scores go down when you miss payments, make payments late, run up large amounts of credit card debt, declare bankruptcy or lose a home to foreclosure. If your credit history has many of these blemishes, you might struggle to obtain a mortgage loan even from a subprime lender. You can rebuild your credit, though. You have to make sure to never miss another payment or make a late payment. And you have to whittle down your revolving debt. If you can make these changes to your negative spending habits, your credit score will improve gradually but steadily. In some cases, it makes more sense for borrowers to wait until their credit scores have risen before they apply for a mortgage loan.
1 vote Thank Flag Link Sat Aug 18, 2012
I have a lender that can do loans down to 560 with 10% down and 580 and up with 3.5% down. Email me, devereaux@interowestave.com
1 vote Thank Flag Link Fri Aug 17, 2012
I know someone that can help you as you are now, or can help you and guide you on how to improve your score before applying for a loan. He's not located in Gal;veston, but in Houston.
e-mail me sandyhomes@comecast.net
0 votes Thank Flag Link Wed Mar 27, 2013
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