Home Buying in Fort Worth>Question Details

Desiree Rowe, Renter in Fort Worth, TX

I currently have a 140k mortgage and wish to keep my FL home for extra income and move to Ft Worth, credit score 626, can I purchase a home in TX

Asked by Desiree Rowe, Fort Worth, TX Mon Apr 8, 2013

Help the community by answering this question:


We lend in Texas down to 620 for FHA. In order to purchase here in Texas (where I live) we will have to hit you with the existing mortgage payment unless you have claimed at least one month rental income on the previous years taxes (2012). The down payment on your new home can be as little as $0 for a Veteran or USDA and 3.5% for FHA (providing you don't already have an FHA loan on your current home).

Best of Luck!
0 votes Thank Flag Link Tue Apr 9, 2013
Yes Desiree, You Can...but there are things that the lender is going to ask. Here are some of them>
1. How much income do you have?
2. Have you leased your home for over 6 months? (meaning that they can then use part of your income from the rental when figuring your ability to pay another mortgage.
3..Will the job you move into in Fort Worth the same industry and pay and will you get a contract.
If you have any other questions, call me. I have two great lenders to choose from.
Lloyd Martin
0 votes Thank Flag Link Mon Apr 8, 2013
Recommend speak direct with a lender.

Fort Worth homes for sale Fort Worth Tx - website updated daily

Contact my office today where I can show you many amazing homes work with your family specifications.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

Follow me on Facebook
0 votes Thank Flag Link Mon Apr 8, 2013
Hi Desiree,

Welcome to Texas! I did the exact same thing and moved to Ft Worth from Kissimmee 14 years ago and have never looked back. I LOVE IT HERE!

I hate to seem like I am passing you off. I have two lenders who are outstanding and will be happy to guide you in the right direction to achieve your dreams.

Please give me a call, I will get you the info to get started.

0 votes Thank Flag Link Mon Apr 8, 2013
Hi Desiree,
To get a mortgage in Texas you would need to get those scores up a bit, AND you would need to qualify for both the payment on the new home as well as the payment on your current home. Banks won't let you use potential rental income towards qualifying, so this may present an issue depending on your income.

At any rate, you should speak directly with a lender to see if you can be pre-approved without selling your FL home.

Feel free to give me a call or email me if I can assist you with this.

Tony Grech
Loan Officer -NMLS #966417

WCS Lending, LLC
Toll Free: 866.936.5363 ext. 278
0 votes Thank Flag Link Mon Apr 8, 2013

The short answer is yes. As Kadi stated, it is going to depend on if you can qualify to carry both notes. Your credit score is borderline, A credit score of 640 is needed to qualify for an FHA loan. Because you already own a home in Florida, you will probably have to go with a conventional loan, which will mean a larger down payment.

The first thing you need to do is talk with a lender. A lender is the only one that can take a look at your situation and give you the hard answers on what you need to do. I have a very good local lender I use and would be happy to get you in touch with them.

If you would like to see some properties here in Fort Worth, please give me a call. Also, you can get acquainted with the local market by visiting my website http://www.cowtownhomesales.com

Thank You,
John Reaves
Keller Williams Realty
817-789-5542 (cell)
0 votes Thank Flag Link Mon Apr 8, 2013
Dear Desiree,

We would look forward to serving your Real Estate needs in Fort Worth. I have been selling homes in this area for over 33 years, so you will find me to be very experienced and knowlegable of the market. I also help people raise their credit scores, and get hooked up with an electric company that has good rates.

In your case, you have a credit score good enough to apply for a loan to buy a house. And, assuming that all of your Florida mortgage payments have been on time, you should have no problem getting approved by almost any mortgage lender. I have worked with several that give very good service, and if you need a referral to a good loan officer, just let me know.

Since you will not be selling your FLorida home, you will need enough cash to qualify for the down payment and closing costs. You will also have to show that you make enough income to handle two house payments. If you are going to lease out the Florida house, then please bring a copy of the lease agreement, and the lender here in Texas will give you credit for a portion of the rent income. (NOT 100%, as most people assume.) Once they've establish the size of the loan that they are willing to give you, then we will know what price range to look in to find you the right house.

Prices here in Texas are probably better than where you live. So you may be pleased to find that we can get you a nicer house for less money each month. Once you tell me what size your require, what area of the county you prefer to live in, and the price limit for your budget, then I will be able to get you a list of available houses. When are you planning to come to Texas on a house-hunting trip? We can meet and discuss your potential situation, and I can give you an estimate of what a lender will say. But you really need to get the loan officer to give you a letter saying that you are pre-qualified for a specific amount of money.

After that, finding the right house will be an easy task. I am looking forward to working with you. Please contact me directly, and we'll get started on this project.

Best regards,

Rick DeVoss

ULTRA Real Estate Services


0 votes Thank Flag Link Mon Apr 8, 2013
YES you can and it will depend upon if you qualify for a second mortgage and that your FL home is
rented and for how much.

Please consult a lender and my friend how will give you the best advice in TEXAS lending.
Richard Smith Mortgage/ lender
Branch Manager/Mortgage Banker NMLS #220593
"The Richard Smith Team" Southwest Funding 835 |click for map:
22503 Katy Freeway Suite 27, 77450 Office 281-994-4240 | Fax 281-840-6881

Thank you and GOOD LUCK .. for any questions call upon me...

Kadibhai (Kadi)
Better Homes & Gardens Gary Greene, Realtor Katy/Houston
Phone: 832-228-7978
Fax: 281-646 1841
Email: kadi.kadibhai@garygreene.com
Web: http://www.har.com/kadi
"The highest compliment I am ever given is when
I am referred to your family & friends!"
Save on Electricity/Gas & get it for FREE http://www.EZNFree.energy526.com
0 votes Thank Flag Link Mon Apr 8, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer