Home Buying in Arlington>Question Details

Marie, Home Buyer in Texas

I'm not sure if purchasing a home is an option for me. My credit is not that great and my income is only $43,000-$51,000. Please advice. Thanks

Asked by Marie, Texas Thu Apr 10, 2014

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Lenders will look at your income, credit, and recurring debt to income ratio. The lender that I work with can get you an FHA loan with a 580 credit rating. If you are not quite there we also have a lease with the right to purchase program that gets you in the home you want now and gives you three years to improve credit and assume a mortgage. Feel free to call for further details.
0 votes Thank Flag Link Sat Jul 26, 2014
if you don't have a copy of your credit report then go to annualcreditreport.com and you'll get the report for free.

0 votes Thank Flag Link Sun Jun 22, 2014

Talk to a lender or two for the answer.

Susie Kay, RealtorĀ®
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240

Servicing your real estate need is my priority!
0 votes Thank Flag Link Thu Apr 10, 2014
Contact a local mortgage broker in your area. They can talk to you over the phone and offer advice.

Tammy Hayes, Realtor
Re/Max Palm Realty
0 votes Thank Flag Link Thu Apr 10, 2014
I would contact a local mortgage banker and let him look at your situation and tell you what you can and cannot do. Often people think their credit is bad when it's really not. And, depending on the amount of debt you are carrying, and the average price of homes in your area, your income may not be so bad either. The only way to know for sure is to talk to a mortgage professional. I don't mean one of the big banks, but a small firm that specializes in writing mortgages. If you don't know of one, call a realtor and ask to be referred. We are here to help!
0 votes Thank Flag Link Thu Apr 10, 2014
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