Home Buying in Angleton>Question Details

Hilda Elizon…, Home Buyer in Angleton, TX

Im looking into buying a home i dont have good credit is poor but fixing it i dont have a large amount for downpment can any bo

Asked by Hilda Elizondo, Angleton, TX Wed Nov 30, 2011

Im fixing my credit but i dont have the kind of money to giveva large downpment can somebody tell me ofa lender tht works with low scores

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It really depends on how low your score is. If you get an FHA loan you will have to put at least 3.5% of the price of the home down and if you get a conventional loan you have to put at least 5% down. Those numbers are not really negotiable. If you know how much money you want to spend on a home, then calculate 3.5% of the sales price down and see if you can put at least that amount down. There are other charges as well that go into buying a home such as inspections, closing costs, utility hookups etc. Buying a home is not just the amount you will have to pay monthly so please consider that as well. If you are comfortable with the downpayment amounts and you score is over 580, I may be able to find you a lender and send their information your way. Good luck in this process.
Web Reference: http://www.stacyjenkins.com
1 vote Thank Flag Link Wed Nov 30, 2011
Yes. Depending on how much you have to put down, I can help and I have references.
1 vote Thank Flag Link Wed Nov 30, 2011
There are other factors besides credit that determine loan qualification, income, debt, etc.; therefore visit with any licensed loan officer, after reviewing your overall financial information, a determination on qualification can be made, how much, how much down, etc. If you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to purchase in the near future.
1 vote Thank Flag Link Wed Nov 30, 2011
Hilda - Why don't you contact a local lender? They will tell you exactly what you need to do to get into a home of your own.
Best of luck -
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
0 votes Thank Flag Link Wed Nov 30, 2011
Depends on how low the score is, what you're debt to income ratio looks like and how much money you have for a down payment. Lender's follow FNMA and FMAC guidelines because they will want the loan sold on the secondary market, so the lender doesn't make their own rules...they simply follow the rules they're given. If you don't have money and don't have credit, you should reconsider your thoughts on purchasing a home at this point.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Wed Nov 30, 2011
Most lenders require 625 + credit score and 3.5% downpayment + and you are required to have closing costs.

Recommend clear credit and save for downpayment

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Wed Nov 30, 2011
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