Home Buying in 78240>Question Details

Larry, Home Buyer in 78240

I pay 509 in rent. retired from the Post office. Never used my Va to purchase a home. credit score in the high 500 to low 600. What are my chances?

Asked by Larry, 78240 Fri Apr 30, 2010

of purchasing a home condo.with no money down/

Help the community by answering this question:


Hi, Larry,

You can buy a property up to about $70,000 on VA Loan with zero down, and get the Seller to cover ALL of your closing costs and pre-paid taxes and insurance. Of course, any loan wold have to be approved by a lender and meet VA Appraisal guidelines.

There are currently two condos in 78240 that you could probably buy @ your price including the Home Owner Association fees. If you want another area, we can do a search for you.

Let me know if you want to see them.

Best regards,

Ellen and Doc Stephens, REALTORS®
Keller Williams Realty
(210) 696-9996 ext 409
Web Reference: http://TellEllen.com
0 votes Thank Flag Link Thu Jun 3, 2010
Hi Larry my name is Francis Achebe Im a mortgage broker with the Financial Consulting Group. First Ive just reviewed your posting and believe I can help. First my company has a credit score improvement program in place to help you target a qualifying credit score. In my personal opinion you do not want to settle with the first pre approval on a mortgage loan as they will usually come with higher interest rates. Depending on where the home is located there are programs in place for 100% financing. My email address is achebe101@lendersforrealestate.com and my direct number is 210-449-5554 give me a call and we can map out a plan that suits your needs and possibly discuss any questions you may or may not have.

Francis Achebe B.S. Business, Mortgage Broker, Credit Improvement Specialist
Financial Consulting Group
0 votes Thank Flag Link Thu Jun 3, 2010
Hi Larry, Here is a link that might be helpful: http://247mortgageinfo.com/index.htm It is a commercial site, but I have worked with this lender and he is #1 VA lender in Texas. You will also find available on his site information regarding Texas Vet Loans.

When you determine if you can qualify for the loan, and there are other factors in addition to your credit score, you can negotiate for the builder or the seller to pay all or part of your closing costs.

We frequently have VA buyers going to the table with not only little or no money down, but somebody else pays the closing costs!

If you do have some to put down, it can reduce your funding fee. However the funding fee can be rolled into your loan, so most people choose to do that.

There are a number of condos where the monthly principal, interest and taxes will come close to the same amount you are paying in rent, but watch out for the HOA or Condo dues/fees - those will vary and can run your payment up.

Good Luck!
Stephanie Kelley, ABR, CRS, GRI
Keller Williams, Legacy
0 votes Thank Flag Link Sat May 1, 2010
It is very possible. I have access to a program that helps VETS. I will share more if you are interested. It is not always based on credit score. VETS have resources that many do not tap into. The state of TX has programs to help.
0 votes Thank Flag Link Sat May 1, 2010
Good answers to your question but only your lender can answer based on your information. You could also call the VA to get a list of the companies that offer VA loans. Most do offer them but there are several that have retired military who really know the ins and outs of VA loans.
0 votes Thank Flag Link Fri Apr 30, 2010
Not knowing your financials/assets--You need to visit with any qualified loan officer first and see exactly what your budget can handle and check your credit score--their scoring is different--your loan officer can then make a determination as far as qualification.
0 votes Thank Flag Link Fri Apr 30, 2010
Hi Larry-No money down on a VA is easy but you will need money for closing costs, about 4% of the sales price. Please contact me and I'll place you in touch with a good mortgage broker that will help you fine tune your loan. Larry Sotoodeh-Lsotoodeh@satx.rr.com or 210.421.4151-I'm here to help!
0 votes Thank Flag Link Fri Apr 30, 2010
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