Home Buying in Leander>Question Details

David Longor…, Renter in Leander, TX

I have an income of 110,00K, credit score of around 600, can i get a fha loan?

Asked by David Longoria, Leander, TX Sun Apr 29, 2012

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9
Hi David,

You may be able to but you also may be able to do a few things that could help you get your scores up to a 620 or 640 in the next 60 days or so. It really depends on what has caused your scores to be so low. Did they happen recently or a while back? There are so many things to look at and consider. Please feel free to give me a call if you would like to discuss. I have helped many clients improve their credit scores in as short an amount of time as possible. I also live in Cedar Park and focus on the Cedar Park and Leander areas for my real estate business.

If you go back and search you can see my advice on how to improve your credit. I have answered this question quite a few times. Call me if you want to see how fast you can qualify to buy a home.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com
http://www.AustinListed.com
0 votes Thank Flag Link Mon Apr 30, 2012
Yes, you can get an FHA loan with a credit score of 600- however, you may be required to make an additional down payment. I can recommend a lender - just send me an email and I will get back with you. Also, I can help you find property in the Leander and surrounding area

Thanks

Nanci Zimmerman
Realtor
Associate Broker
Team West Real Estate
512-784-8692
nancizimmerman@yahoo.com
0 votes Thank Flag Link Sun Apr 29, 2012
Maybe.

Some lenders will go below the standard 640.
Those loans are a little harder to get.
0 votes Thank Flag Link Sun Apr 29, 2012
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.


It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sun Apr 29, 2012
Find a local lender in your area, If you are that close they can probably guide you at that income as to how to improve your score quickly. http://www.grapevinereferrals.com if you need help finding one in your area.
0 votes Thank Flag Link Sun Apr 29, 2012
Hi I do business in the Leander area and have a lender that can get possibly get you approved with a 600 credit score. I am no lender but can get you in contact with someone that can help you!
0 votes Thank Flag Link Sun Apr 29, 2012
Hi,
when purchasing you also have to have two years working in the same industry. This is an example of other criteria needed in order to qualify and income earned and amount of debt are other factors which will determine how much of a home you can afford.
If you have any other questions or need help finding a great lender you can call me.
Regards,
David Drayer
REALTOR
512-743-8685
0 votes Thank Flag Link Sun Apr 29, 2012
It certainly seems as though you would be an excellent candidate! However, there are a lot of factors that go into a loan approval, including debt to income ratio and so on. The smartest thing you could do is talk to a local mortgage banker. They will be able to look at your entire situation and tell you if you are approved and for how much. If not, they will tell you what you need to do to improve your situation and when you WILL be able to qualify. When I say mortgage banker, I am not talking about one of the big banks,b ut a smaller institution that specializes in writing mortgages. If you don't know one, call a local realtor and ask to be referred.

Good Luck!
0 votes Thank Flag Link Sun Apr 29, 2012
Also needed to add that i could put 20% down on a loan of 180K
0 votes Thank Flag Link Sun Apr 29, 2012
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