Home Buying in Houston>Question Details

Indigobluz, Home Buyer in Houston, TX

I would like to buy a home. My credit score has improve over the last 4 months from a 540 to a 618. I make $80k annually. Can I qualify for a loan?

Asked by Indigobluz, Houston, TX Wed Dec 2, 2009

I have been on my job for 3 years. I am a divorced parent of two.

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Answers

12
The minimum credit score for an FHA mortgage loan is 620. There's no reason why your score can't improve 2 points in the next couple of months, if you continue paying your debts on time.

You will need money for your downpayment which is 3.5% of the purchase price. Plus money for the closing costs which range from 2-3% of the loan amount.

For a no cost, no obligation loan qualification you can apply on line at the following website. Just enter the information & select Gerry Nicodemus as the loan officer.
0 votes Thank Flag Link Tue Jul 27, 2010
I am sort of in the same boat, I have a bit of a better score but do not make as much as you. Did you ever get approved?
0 votes Thank Flag Link Mon Jul 26, 2010
Yes, there are programs that are available for buyers with credit scores 618. However, if you are able to get your score to 620, you will qualify for a standard FHA loan.

If you don't have a lot of debt, it sounds like you are on track for buying a home very soon. If you would like some recommendations for lenders, please feel free to contact me.
Web Reference: http://www.katiekteam.com
0 votes Thank Flag Link Sun Dec 6, 2009
Call one of the lenders in your area-they have offered their help. It is usually very easy to get a two point improvement. It could be as simple as paying down $100 in credit card debt to bring your total outstanding balance to less than 50% of your available credit.

There are other options available which any competent loan officer/mortgage broker will be able to help you with.

You'll be fine-believe it or not your income puts you on top of most of this country.

Best of luck.
0 votes Thank Flag Link Sun Dec 6, 2009
Hey guy, your on the right path ... keep on doing what you are doing to improve your score. If I can help, shoot me an email. Cheers. Ed
0 votes Thank Flag Link Thu Dec 3, 2009
You are only a couple of points away.
Do you have any credit card debt? Paying down credit cards will give you a few points.
http://dallasloanguy.com/docs/about_credit.pdf

The above link is to a free e-book about credit.
Let me know if you have any questions.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
214-763-4629
0 votes Thank Flag Link Thu Dec 3, 2009
Hi IndigoLuz 620 is the number, but you are really close by the time that you be ready to buy you will be there, keep working on your credit and any good loan officer can get you a good deal.
Thanks
Jairo Rodriguez
REALM Real Estate Professionals
281-658-8263
0 votes Thank Flag Link Thu Dec 3, 2009
Dear Madame/ Sir,

Please call me and I can recommend a couple of loan officers to you as they can guide you through the process.Thank you,

jean Shabot
Prudential Gary Greene
OF#713-961-1722 x159
CELL#832-646-4900

I
0 votes Thank Flag Link Thu Dec 3, 2009
There are a few lenders that will still do less than 620 but they are more expensive because of it. Starting Dec 12, 2009, Fannie Mae's automated underwriting engine is going to require a 620 or higher and then everyone will be at 620. Many lenders are actually at 640 now. However, there is a very good lender that still does FHA at 620 - if you're at 618 then you could probably get your mid-score over 620 pretty easily. Any loan officer who sees your credit report should be able to advise you on exactly how to move up 2 points without you paying for any kind of credit repair.
As a loan officer myself, though, my spidey-sense goes off more about the debt-to-income ratio than the credit score. $80,000 is good money but if you're the one paying the child support on both kids then that will impact your affordability and/or approvability. I'd want to look at all the variables before saying you'd absolutely be approved.
Rick
0 votes Thank Flag Link Wed Dec 2, 2009
HI Indigobluz,
I have seen it done lately. GIve me a call or email me and I can set you up with a loan officer to get you pre-approved and on your way. Thanks!

Amber Carrillo, Broker
It Homes
ambersells@sbcglobal.net
832*643*5632
0 votes Thank Flag Link Wed Dec 2, 2009
Greetings Indigobluz, the answer in most cases is yes. There are loan programs available today that allow for borrowers without credit scores. What area are you looking in? i noticed that you are in Houston, Tx. If you are looking to purchase there I can give you a few referrals that can help you get started on your path to home ownership. Please feel free to call or email me for the info. Best Wishes


Eugene Mitchell
Realtor

Flagship Realty
858 S. Oak Park Rd. Suite 100 | Covina, CA 91724
Phone: 626.653.2782 | Fax: 213.405.4031 Cell: 323.684.5611
eugene@flagship-realty.com
0 votes Thank Flag Link Wed Dec 2, 2009
618 isn't far away from the 620-640's I am seeing. I would reach out to a local mortgage professional via the find a pro feature.

You most likely can build your credit up to that score by the time it comes to buying a home in 1-3 months.



Sean Dawes
Web Reference: http://www.SeanDawes.com
0 votes Thank Flag Link Wed Dec 2, 2009
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