Home Buying in McKinney>Question Details

Michelle Und…, Home Buyer in Denison, TX

I want to move from Denison to Mckinney, Texas. I want to buy a house to start a family with a fha loan and program 77, is this possible?

Asked by Michelle Underhill, Denison, TX Sat Aug 13, 2011

Help the community by answering this question:


You need to be approved for a loan recommend to contact a mortgage broker, complete loan applications ONCE approved governs how a Realtor can work on your behalf.

Direct Link McKinney homes for sale:

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
1 vote Thank Flag Link Sun Aug 14, 2011

Congratulations on your decision to purchase a home. McKinney is a vibrant community that offers a tremendous value to today's home buyer. And a Bond 77 mortgage program provides a great opportunity for you to buy your first home.

Bond 77 is an FHA program that is a grant from the state of Texas for 1st time home buyers or home buyers that have not owned a home in the last 3 years. Foreclosure and Bankruptcy do not disqualify you. It just has to be 3 years since it was discharged and 3 years since foreclosure. You have to have a FICO score of at least 600. This program works for existing homes and build outs. However, you need to make sure that the grant money is available if you are building out because every time someone closes on a home part of the grant money is taken from the program. The current Bond 77 funds expire on October 1. So it is important for you to reserve your funds as quickly as possible. And not all lenders offer this bond money.

I have several agents in my office that specialize in represeting first time home buyers and the mortgage programs available to them. If and when you decide to move forward, I would be delighted to provide you with several of their names so that you can interview them and decide if you want to be represented.

Thanks for using Trulia Voices. I look forward to assisting you in any way that I can.

Alan Wynn - Branch Manager
Coldwell Banker Residential Brokerage
Dallas, TX 75248
214.729.5582 (cell/text)
972.931.2400 (office)
1 vote Thank Flag Link Sun Aug 14, 2011
This is a good question. What I suggest is to sit down and talk to me or another good realtor who knows the programs available for first time home buyers. There's some that maybe better for you. So, if it were me, I would find a good realtor who has a vast knowledge of what is out here and a very good loan officer. I wouldn't necessarily use a bank. I would go to a reputable lender. I have a list if you are interested.
0 votes Thank Flag Link Thu Sep 15, 2011
These are the loan officers suggested by the website as experienced with Texas First Time Homebuyer Bond Program 77 for the city of McKinney, TX:

McKinney FTHB, MCC Bank of America Home Loans Thom Hulme (469) 633-8316 thom.hulme@bankofamerica.com
McKinney FTHB, MCC Envoy Mortgage Dudley Snyder (512) 258-0446 dsnyder@envoymtg.com
McKinney FTHB, MCC Premier Nationwide Lending (NTFN) Cindy Villarreal (214) 423-6300 cvillarreal@pnlending.com
McKinney FTHB, MCC Universal American Mortgage Company Gilbert Orozco (469) 587-5640 gilorozco@uamc.com
McKinney FTHB, MCC Wells Fargo Home Mortgage Louis Candell (512) 663-1163 louis.c.candell@wellsfargo.com

Remember, you'll be starting out your first home purchase with a 2nd loan, payable when you sell the house. And, you'll be paying an interest rate above the going market rate. Only you and your lender can decide if this is the best program available to you, based on your specific circumstances.

Have a blessed day!

0 votes Thank Flag Link Sun Aug 14, 2011
It would depend on what your credit score is, as well as where you are hoping to purchase in McKinney. Do you know what your pre-approval amount is? A pre-approval from a mortgage company will be able to help you determine how much loan you can afford.

I am happy to help you through this process.
0 votes Thank Flag Link Sat Aug 13, 2011
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