Home Buying in Dallas>Question Details

GasPasser2, Home Buyer in Dallas, TX

I am embarras to ask this but... my credit score is fair (650) due to bad decisions in the past. I am planning on buying a house in Dallas. My annual

Asked by GasPasser2, Dallas, TX Mon May 21, 2012

$200,000 and I am trying to improve my score. What can I do to get a home mortgage? How much can I afford?

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Answers

24
You qualify for a conventional loan with a 650 credit score, as far as what you're approved for depends on debt to income..
2 votes Thank Flag Link Tue Oct 22, 2013
Based on your "handle" you might be a physician. If so, your score is too low to qualify for a "Physicians" loan that could get you into a house with 5% down and no pmi. You would receive a significant "hit" to your rate in trying to do a 30 yr. fixed Conventional loan. Your score isn't high enough to do a Jumbo loan. I'm not sure, but I would think that you are probably looking at a loan amount over $271,050, the FHA limit in Dallas, which your credit score should qualify you to do. Don't be fooled by the low rate - by the time the mortgage insurance is added in, you are, in essence, paying at an effective rate about 1.50% higher than your note rate.

My suggestion is to speak with a lender, consider doing a 15 yr. Conventionsl mortgage, as long as the loan amount isn't over $417,000, but the loan officer, whoever you choose, should be able to look at your overall situation and tell you what you can qualify for.

Feel free to call me if you have any questions, 972-705-2806, or call Tom Burris. I think we are both honest mortgage loan officers and will be honest with you.
1 vote Thank Flag Link Tue May 22, 2012
Really, people. This question was asked over a year ago. Why keep replying to it? Move on to something more current.
0 votes Thank Flag Link Wed Aug 28, 2013
Lenders are very strict right now and they are looking at everything, not only your credit score.
If you have a good employment history (minimum two years in the same job), good savings for down payment and closing costs and income to debt is ok, you may have a chance to get a mortgage loan with a 650 credit score.

Shop around for a mortgage broker that can review all your paperwork and advice you properly.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes Thank Flag Link Wed Aug 28, 2013
your score is ok but truefully need to look at the whole picture of your credit report.. Underwriter looks at the whole picture.. There is alot of factors to go off of

if you have any questions feel free to call me.. 214-557-3312
0 votes Thank Flag Link Wed Aug 28, 2013
your score is ok but truefully need to look at the whole picture of your credit report.. Underwriter looks at the whole picture.. There is alot of factors to go off of

if you have any questions feel free to call me.. 214-557-3312
0 votes Thank Flag Link Wed Aug 28, 2013
Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.

I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent.

Best of luck!
0 votes Thank Flag Link Wed Aug 28, 2013
I would suggest talking to two or three lenders about the programs they have available. Studies have shown that mortgage shopper generally pay less than people who assume all lenders are the same and take the first plan that is offered.

Also, if you want to just educate yourself a little before going in to talk to lenders, I would suggest you find a HUD-approved counseling service in your area. This will be a free service. Don't pay anyone for this kind of help. The link below will help you find a service near you.

Good luck and warm regards,
Ron Rovtar
0 votes Thank Flag Link Wed Aug 28, 2013
I'm not sure whether you have purchased a home now but if you haven't and are still working on your credit and loan, give me a call at 469-371-2899. I have some lenders and credit repair contacts who can help you.

Take care,
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Mon Jul 22, 2013
You will be ok with a score of 650 if I can help give me a call

Karen Roberts 214-557-3312
0 votes Thank Flag Link Mon Jul 22, 2013
Yes, contact a lender to help you with that. There are many programs that would fit your needs and there's no cost. Give me a call I work with some great lenders.

832-606-4212
0 votes Thank Flag Link Thu May 24, 2012
Shop around for a lender. As far as your credit score, there are lots of factors that effect that. You can consult a lender and also a credit repair company. I am happy to recommend both if you are interested. I have helped many clients get to a stable financial position to purchase a home and qualify for a low rate. I work closely with several lenders and a credit repair as well. Please give me a buzz if you would like more information. I am happy to help in any way I can.

Lisa Montes-"Your Home Retriever"
http://www.yourhomeretriever.com
817-201-7388
yourhomeretriever@gmail.com
0 votes Thank Flag Link Tue May 22, 2012
You qualify right now with your 650 Fico score, I have sold a lot of homes with even lower scores than yours. The amount you can qualify for will depend on your income and monthly expenses. All lenders look at your employment & rental history for two years. Call me for more information and I will also offer you a first time buyer downpayment assistance. I show homes all over Dallas & Metroplex and will be happy to assist you any way I can.

Gloria Gonzalez
Value Properties
Office 214-943-6660
Cell 214-546-4726
0 votes Thank Flag Link Tue May 22, 2012
Call any lender of your choice and get pre-qualified usually for free and then you will know where you stand and how much you can spend on a home. Then pick a Realtor and go get your house.

GOOD LUCK.

Kenny
0 votes Thank Flag Link Tue May 22, 2012
There are programs with great rates at 650 score.
What price range are you looking?
What would be a comfortable payment for you?

Any Tax Liens? Judgments? Bankruptcy?
If not.... You only need to APPLY!!!
0 votes Thank Flag Link Tue May 22, 2012
Consulting with you local expert loan broker should get you answers to most of your questions. Improving your credit, which you did not ask about, can be accomplished on your own or by using a for-hire credit score improvement company.
0 votes Thank Flag Link Tue May 22, 2012
1. Loan application would determine what your approval amount would be
2. 650 score if that is the MID score of all 3 credit bureaus would allow you have loan approva. BASED ON if you pass the other area(s) to qualify for a loan


Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Tue May 22, 2012
650 will be fine. If you are below 625 is when I am concern.

I can send you to one of our lenders to pre-qualify you. THe key is the down payment amount. Do you have a lot of saving and asset that you can put down as a securty for the loan?

Dixon
http://www.findyourtexashome.com
214-519-9493
0 votes Thank Flag Link Tue May 22, 2012
Give me a call and lets talk 214-557-3312
0 votes Thank Flag Link Tue May 22, 2012
Yes, a 650 will get you an FHA loan. I would urge speed here because FHA is reconsidering a requirement that collection accounts be paid off if they exceed $1,000 within the last 2 years. They are supposed to tell us on July 1st if medical collections will be included, and any other tweaks they might make to the rule. Also, make sure your credit report doesn't indicate any "disputed account" because FHA might require us to lower your qualifying ratios. July 1st again is when we'll know.
Good luck!
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas
0 votes Thank Flag Link Tue May 22, 2012
Good morning, GP2, Your score should not be too much of an impediment to your application, however, as you already have guessed, higher would be much better.
There are many factors that enter into the equation to qualify you and to calculate what you can afford. Most loan officers would be able to go over your situation and help you either qualify now, or design a plan to improve your credit for a purchase at a later date.
I would be happy to help you at no cost and no obligation. We are a Federally Chartered Bank licensed to lend in all 50 states.
Best wishes, Jim 703 615 4675
0 votes Thank Flag Link Tue May 22, 2012
I work with lenders that can get the 580 scores passed if need be so 650 puts you in a much better place, we shouldn't have a problem finding a lender to qualify you, then how much will depend on debt to income, reserves (cash in the bank) etc. all things one of our lenders can go over with you. We can get you that answer generally with a short phone call to the lender. Call, text or email me and I will put you in touch with a good lender and find you your next home!
Thanks again and I look forward to speaking with you.

Best Regards,
John Greer
United Real Estate
214-460-8381
jgreer@unitedrealestatedallas.com
http://www.johngreerhomes.com
0 votes Thank Flag Link Tue May 22, 2012
650 wll qualify for an FHA loan, good news!

I have lenders I can refer you to that will determine what you can afford based on income and debt ratio. I can help you locate the home that you are wishing to find.

E-mail or call me at lesleyh1015@yahoo.com or 215-518-4926, I'll be glad to help!

Best Regards,
Lesley Henry, REALTOR
0 votes Thank Flag Link Mon May 21, 2012
650 might do it.
We need to get you connected to a lone officer. That's the first step.
rough guess of home price....$400,000 to $500000 depending on how much debt you have.
0 votes Thank Flag Link Mon May 21, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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