Home Buying in Midland>Question Details

leticiagib, Home Buyer in Midland, TX

I have a credit score of 592 and we are in desperate need of a house. Is there any way to qualify for a mortgage loan?Please help.

Asked by leticiagib, Midland, TX Tue Apr 16, 2013

I have been employed with the same company for the past 10yrs and my husband's score is 540. What can we do to raise our scores quickly?

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Answers

4
Do you make enough to qualify on your own? Otherwise your husband needs to get his score up to at least 580.
2 votes Thank Flag Link Tue Apr 16, 2013
I have a lender that will work with 580 and above. please feel free to give me a call or text and I will work with you to see what we can do.
Thanks
Joe Garcia
EXIT PERMIAN BASIN REALTY
432-978-2077
1 vote Thank Flag Link Tue Apr 16, 2013
Which CRA do they use?
Flag Thu May 23, 2013
FHA loans provide great assistance to many first time home buyers by offering mortgage loans with lower down payments. While this is a benefit for many people, recent changes in policy may have put the loans just out of reach for some would-be homeowners with questionable credit history.
Credit History and Score Requirements
For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent.
If your credit score is below 580, however, you aren't necessarily excluded from FHA loan eligibility. Applicants with lower credit scores will have to put down a 10 percent down payment if they want to qualify for a loan.
So if you're planning to buy a house, and your credit score doesn't meet the minimum, you should weigh the advantages and disadvantages of putting down a larger down payment or using those funds to try and improve your credit score first.
Benefits of an FHA Loan
The reason why FHA loans are so popular is because borrowers that use them are able to take advantage of benefits and protections unavailable with most traditional mortgage loans. Loans through the FHA are insured by the agency, so lenders are more lenient. Here are a few benefits you can enjoy with an FHA loan:
Easier to Qualify
While most loans exclude applicants with questionable credit history and low credit scores, the FHA makes loans available with lower requirements so its easier for you to qualify.
Competitive Interest Rates
You've heard the horror stories of subprime borrowers who couldn't keep up with their mortgage interest rates. Well, FHA loans usually offer lower interest rates to help homeowners afford housing payments.
Lower Fees
In addition to lower interest rates, you can also enjoy lower costs on other fees like closing costs, mortgage insurance and others.
Bankruptcy / Foreclosure
Just because you've filed for bankruptcy or suffered a foreclosure in the past few years doesn't mean you're excluded from qualifying for an FHA loan. As long as you meet other requirements that satisfy the FHA, such as re-establishment of good credit, solid payment history, etc., you can still qualify.
No Credit
The FHA usually requires two lines of credit for qualifying applicants. If you don't have a sufficient credit history, you can try to qualify through a substitute form.
For many home buyers, using an FHA loan can really make the difference between owning your dream house comfortably or turning it into a financial nightmare. The FHA provides a wealth of benefits for applicants that qualify, so make sure you're making full use of them.
0 votes Thank Flag Link Tue Jun 9, 2015
http://dallasloanguy.com/free-credit-book/

Here is a good start.....



Tom Burris
Mortgage Banker
http://www.servicefirstmckinney.com/
(214) 763-4629 cell/text/nights/weekends(Really!!)
tburris@servicefirstmtg.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
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0 votes Thank Flag Link Tue Apr 16, 2013
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