Do not get discouraged because you think you have bad credit and they have told you no in the past..! there is always a way to be a homeowner and as long as you are willing to work along with a loan officer that can help you work on your credit, then the possibilities are endless..!
Please call my office and let talk about it. I will be more than happy to assist you and work on getting you that dream home soon..!
Ana L Ojeda
Keller Williams Realty
what do you mean by bad credit.. Also other factors such as income, debt etc. affects your qualification for a loan...... if you have a credit score above 600, then you can go for FHA loan, which requires only 3.5% down and if your first time home buyer then you can also apply for $8,000 tax credit.... If your score is less than 600, then you must work on improving your credit score....
My understanding right now is that if you score is above 600, you have a very good chance or will be able to qualify for a mortgage. I am told that this is one of the best times ever to get a mortgage. You need a source of income in addition to the credit score.
If you score is below 600, there are legitimate ways to improve it and get a mortgage. It just might take some time and effort.
It really depends on what you define as "bad" as well as your income, debt, and (since you mentioned you're a single mom) they can also take into account other money, such as alimony or child support. You definitely need to speak with a lender (or several, sometimes one can't seem to do it, but another can - it all depends on what loan programs they have available to them). They will run your credit and take a look at your debt vs. income and from there they can see a) if you will be approved and b) what you can be approved for.
Looking at annualcreditreport.com will give you a decent idea of where you stand credit wise, but lenders will look at the big picture as well.
I'd also like to note that the FHA downpayment requirement is 3.5% (not a huge difference, but one none the less) and as Martha mentioned, there is the possibility of the First Time Home Buyers Tax Credit - you can read more about that here - http://budurl.com/Tax2008
Hope some of that helps and if you have more questions or help finding an excellent lender, feel free to contact me.
It depends on how "bad" your credit is. While I don't work in Texas (in fact, my office is in Iowa), I have many potential clients in your situation. First of all, if you don't know what your credit score is, find out at annualcreditreport.com. You are allowed one free credit report each year. Ask a lender at your local bank what kind of "debt-to-income ratios" they work with. This will help you determine if you make enough money to afford a payment. Also ask if you would qualify for an FHA loan. This would allow you to make a 3% down payment on a home with a score as low as 580 in some areas. Gather as much information as possible about loan programs in your area before you let anyone pull a credit report for you; inquiries alone may have a negative effect on your score. I hope I helped some; good luck to you, and contact me if I can ever be of service!