Home Buying in Houston>Question Details

Curious, Home Buyer in Houston, TX

I make 50k a year. Credit score is 680. 15k in student loan debt. No other debt. 7k in savings. Can i get approved for a mortgage of 120k?

Asked by Curious, Houston, TX Sat Mar 31, 2012

Help the community by answering this question:


I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good luck to you!
1 vote Thank Flag Link Wed Jul 31, 2013
I would like to think that "Curious" has done something since he asked the question back in March of 2012, but that is just me. Maybe he hasn't, who knows?
0 votes Thank Flag Link Tue Jan 8, 2013
Sounds good...as long as your student loans are deferred or in good standing.

Give me a call!

K.C. Jones
RH Lending

580+ Credit Score FHA Loans with no investor overlays and only 3.5% down.
0 votes Thank Flag Link Tue Jan 8, 2013
I don't see any reason why you wouldn't be able too.
0 votes Thank Flag Link Sat Dec 15, 2012
You can get approved with 620 or above. Sometimes right now even lower with a great interest rate. I have been a broker of over 12 years running my own company and have a ton of great lenders that all specialize in different aspects of the business. I can also in several cases get your down payment and closing cost covered and not payments up to 55 days or so. I am more then happy to help.

Just email me at Daniel@prmproperties.com or call 281-408-4185 or go to my website at http://www.pmrproperties.com

I look forward to helping you find your dream home

Awarded top two percent out of over 70% agents and Brokers for 2011 an 2012 by TEXAS MONTHLY Magazine

Daniel DeMitri
Phone 281-408-4185
Fax 281-817-5930
Your Personal Real Estate Broker
Premier Properties Realty Inc.
0 votes Thank Flag Link Sat Dec 15, 2012
Yes, you should be as long as nothing else shows up hurting your income to debt ratio.
0 votes Thank Flag Link Sat Dec 15, 2012
If I were you, I would look into doing a Community Reinvestment Act mortgage loan. It is a 3% Down Payment loan with NO mortgage insurance, unlike an FHA loan. In Harris County, 80% of median income is $52,800. Since you state you make $50,000 a year, you would qualify. The interest rate is higher, however, in comparing the payment with an FHA loan, you would actually save about $50 a month in your payment, plus save some on your IRS taxes every year since mortgage interest is tax deductible. You can not own any other property at closing. Contact me if you are interested in knowing more about this loan. My email address is bill.merritt@bbvacompass.com
0 votes Thank Flag Link Mon Apr 2, 2012
I would call Kevin Morton with Home Trust Mortgage. He has assisted several of my clients and they have all been very happy with him. Now he does not have all the programs that a builder does but if you decide to go the new home route you will already know your pre-approved and can then see if they can meet or beat his loan option and go with the builders lender. It is kind of like shopping for a car and each lender or loan officer or bank may offer a bit of different programs so you will want to see who you can get the best deal with. At the same time, you do not want a lot of people running your credit since it will bring your credit score down if they run it to much but letting one or two within the same few days should not really hurt it. If you send it off to one of these online lenders and they allow a ton of loan officers to run it, then it will. Kevin Morton’s number is 281.338.2200 and his email is KMorton@hometrust.com. Please feel free to call me as well for any assistance at 281-408-4185. I don’t look at myself or practice real estate like a sales man but a broker that is here to assist my clients in finding what they like and want an not what I feel I can push them into purchasing. I also hold the hands of my clients throughout the entire process and go to all the appointments and meetings with you. Also my direct email is Daniel@pmrproperties.com.
0 votes Thank Flag Link Mon Apr 2, 2012
Your Mortgage Payment Expense to Effective Income is about 25% and Maximum ration to qualify is 29%.
You total Fixed payment to effective income is 37% and the maximum ration to qualify is 41%. I based this on putting 3.5% down 5% interest rate for 30 yrs and estimated monthly payment of $1022. and guessed your student loans payment to be about $500/month. Based on this information and the FHA guidelines you should qualify. But you would need to speak to a loan officer to verify this information.

Good Luck!
0 votes Thank Flag Link Sun Apr 1, 2012
With everything that you've wrote in your question I would say yes you should be able to be approved.
0 votes Thank Flag Link Sat Mar 31, 2012
You are usually okay as long as you are 640 or higher.
You can get an idea on what you qualify for by calculating your debt ratios.
Its easy. Here is a link to the FHA site and the requirments and how to calculate them.
Web Reference: http://www.DaveRealty.com
0 votes Thank Flag Link Sat Mar 31, 2012
Sure you can contact me I will pair you with one of my lending partners and I can also help you with the purchase of the home, my number is 832-541-7744 and email is cedric@cedricmcgrew.com I have lenders that can go as low as a 580 credit score.
0 votes Thank Flag Link Sat Mar 31, 2012
I think you should be able to get approved. I would suggest to go with a new home with a builder that will contribute to your closing cost, buy down, grant programs and mcc programs. If you would like assistance please feel free to email me at Daniel@pmrproperties.com or call 281-408-4185. I specialized in selling new homes and all their different programs for about seven years so I used to helping first time home buyers and assisting and holding your hand throughout the entire process to make sure you can get the best deal and no one takes advantage of you.
0 votes Thank Flag Link Sat Mar 31, 2012
There are different variables with different loans. Short answer is yes, you shouldn't have an issue being approved for a loan. However, it would be best to talk with a mortgage broker or lender (your bank is a good start) to determine what loan terms work best to benefit your situation. If I can provide you with mortgage broker referrals or if I can assist you in your house search, please let me know. I specialize in the Spring Branch, Katy, Cypress and Northwest Houston areas and would welcome the opportunity to learn more about your real estate goals.

Thanks for the privilege,

Sharon Fritsche
Step By Step Real Estate, LLC
0 votes Thank Flag Link Sat Mar 31, 2012
That's a great credit score. You would qualify for more than that. Contact me for a free consultation
Darryl Hill
Licensed Agent
832 279 6341
0 votes Thank Flag Link Sat Mar 31, 2012

Please contact me ASAP 281-905-2414. I am a full time agent in the Houston area.I specialize in first time homebuyer programs, investment programs, and short sales, foreclosures, and investment properties.

Alan Harper
Keller Williams Southwest
0 votes Thank Flag Link Sat Mar 31, 2012
I have a lot of bad marks on my credit report but I have cleaned it all up within the last year. It used to be in the 550 range. Will this affect my chances? I also keep my saving in separate accounts , will it help to put them in one account ? Thank you
0 votes Thank Flag Link Sat Mar 31, 2012
Don't worry about your past credit. If your score is at least 580 now I'll be able to get you approved. It's no problem to have your savings in a separate account.

K.C. Jones
RH Lending
Flag Tue Jan 8, 2013
Yes, you can. I would think that would be kind of low. I have a wonderful mortgage guy... if you would like a referral, send an email or text to 713 301 4395.
0 votes Thank Flag Link Sat Mar 31, 2012
Yes, you shouldnt have a issue getting approved at all. The only item that will be figured out by your lender is for how much. Typically FHA loans allow a 48%-52% income to debt ratio. That means after you net income you would qualify for 48% of that as a monthly payment.
0 votes Thank Flag Link Sat Mar 31, 2012
Yes, call me and we'll discuss your options.
Becky Griffin Keller Williams
0 votes Thank Flag Link Sat Mar 31, 2012
Rather than asking here I would suggest you speak to the loan officer where you have that $7k in savings and maybe another mortgage broker. I am guessing that you can, but they will tell you for sure.
0 votes Thank Flag Link Sat Mar 31, 2012
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