Home Buying in San Antonio>Question Details

Jenna, Renter in San Antonio, TX

Is there any hope in buying a home. I have a credit score of 572. I been in my rental home for 3 years and tired of throwing my money away.

Asked by Jenna, San Antonio, TX Sat Jan 26, 2013

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13
I suggest you follow Dan Tabit's advice.

It may not be what you want to hear, but it's what you need to hear.

If your credit is less than stellar, there is a reason. You should, imo, concentrate on that, and get your finances in order, before you take on the added burden of more debt in the form of a mortgage.

Do you have a down payment?
Do you have a cushion in addition to that down payment?
Things break...big things break and need replacement.... and once you're an owner, there is no super to call to fix things.

There is a lot more to home ownership that just paying the mortage and taxes and insurance.

Paying rent puts a roof over your head, so you're really not throwing money away, as you're getting something in return, which is filling a basic need.

Paying high credit card interest rates, for those who do, is throwing money away.

Best wishes..........
2 votes Thank Flag Link Sat Jan 26, 2013
Jenna,
Better than fighting an uphill battle, do the work to fix the issues with your credit. Credit repair can be done by anyone, legitimately. Start by paying everyone on time or even ahead. Review your report and dispute any issues that are incorrect in writing with each of the credit reporting agencies that report it. If there are errors they should be removed within 30 days fo notification.
Next, pay down your outstanding balances to 1/3 or less of their limits. Credit that is maxed out results in a low score. Do not close any accounts; your scores improve by having longstanding existing accounts with lots of available credit room.
Finally, save up as much money as you can both for down payment and reserves. A lender will want to see that you have something left in your accounts after you make your down payment and pay closing costs.
The sooner you start this process the sooner you'll be qualified to buy and keep a home. Sometimes putting it off for the right reasons, like getting your financial house in order pays huge dividends in the end. With better scores you'll have an easier chance of getting approved, have more options and better rates, which all translate into a better house for you.
1 vote Thank Flag Link Sat Jan 26, 2013
great answer!
Flag Sat Jan 26, 2013
The days of under 600 scores getting a mortgage are done. Usually you need a mid score of 620 to 640. The key is to pay all your payments on time for at least a year. Your score will go up.
0 votes Thank Flag Link Thu Feb 28, 2013
Hi Jenna. As you have been hearing, with most lenders you will need a mid score somewhere around 620. That is your longterm solution. I have a lender that is not credit score driven and they never say "No", although they may say "Not now." The longest waiting period has been 2 yrs, but most people are ready within a year. The interest rate? This week was from 3.25% to lower rates.
0 votes Thank Flag Link Thu Feb 28, 2013
Please contact me in order that I may refer you to my credit repair person. This is only if you are interested.

Thanks

Ruben
re.rubenv@gmail.com
210 865-3585
0 votes Thank Flag Link Mon Jan 28, 2013
"will not kill you pocketbook"..............

that's really reassuring!

Jenna - please do not pay anyone to help you "clean up" your credit.

Any reputable local loan officer can sit down with you and explain what you need to do.
0 votes Thank Flag Link Mon Jan 28, 2013
The quick answer is YES.. I have a great credit clean company that does WONDERS and will not kill you pocketbook... They work by referral only... shoot me an e-mail with your phone number, name and e-mail address and I will have them contact you... FLAT AMAZING!!

Anyhow... if you are VA Eligible... we can almost get your loan done now! We just need a 580 score.


Jason C Campbell
Platinum Top 50 Finalist
Option One Real Estate
210-389-5266
.
http://www.SAHomeExpert.com
0 votes Thank Flag Link Mon Jan 28, 2013
Jenna:

Please contactd via email or text and I will place you in contacdt with my credit report expert that works with my clients.

Thanks for the question.

Ruben Villanueva
re.rubenv@gmail.com
210 865-5385
0 votes Thank Flag Link Sun Jan 27, 2013
Jenna,

My suggestion is to talk to a mortgage advisor and see what needs to be done to make you score higher. Let me know if you need to be connected to one.

Good luck,

Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Sat Jan 26, 2013
http://dallasloanguy.com/free-credit-book/

Read the free e-book I have linked you to above....

Then call me.

I can coach you if you want to try and work on your credit.
Or refer you to a reputable credit repair company if you think you cannot do it yourself.... 90% of them are awful.... I know the good ones and bad ones.

You are very close to the scores needed. I have helped MANY in your situation.


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Sat Jan 26, 2013
There is always a way to get where you want. You just have to talk to the experts to help you form a plan to take the steps to get there. I have helped connect people to the right individuals. In one instance a couple approached me in February and were in their first home by July of the same year.

You have already taken the first step by asking questions, let me guide you down the right path in achieving your goal.

Gregory Touchstone
Keller Williams Realty
210-660-2834
0 votes Thank Flag Link Sat Jan 26, 2013
Jenna - yes, there is definitely hope. I specialize in getting renters into homes via owner finance, and immediately working with buyers on credit repair to get them where they need to be credit-wise to refinance as soon as possible. With interest rates as low as they are, its a great time to find the home you want, and get locked in to a long-term fixed rate while rates stay low. Give me a call - I'd like to discuss your situation with you. We are completing renovations on three homes now, one of which may work for you.

Corby Walker
San-Tex Renovations & Home Sales
(210) 380-8487
0 votes Thank Flag Link Sat Jan 26, 2013
Absolutely! I recommend you contact loan officer Dan Camacho of Gold Financial @ Cell 210-393-4689. No need to walk into the office to answer your question. He will be able to explain my enthusiasm of hope.

Monica Ruiz
Prosperity Realtors & Consulting
TEXAS TEAM
9820 Lorene
San Antonio, Texas 78216
direct 210-325-0657
fax 210-519-3058
http://www.rentorbuysanantonio.com
0 votes Thank Flag Link Sat Jan 26, 2013
I notified Dan Camacho just now of your inquiry. He said please have Jenna call my cell phone NOW!
Flag Sat Jan 26, 2013
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