Best of Luck!
I'm not sure what 'not so great' translates to, but my program does not use FICO scores, also does not require a down payment or closing costs. Also, you can live anywhere unlike a USDA loan, and also we do not require mortgage insurance (VA loans call it a funding fee).
You may want to take a look at http://www.naca.com, and contact me if you have questions. I will be doing a workshop in Ft. Worth on April 20. Details are on the website.
Mortgage Counselor-NMLS 280951
Yes, John, if a person would be willing to live far enough out of Fort Worth, there are properties which could use USDA financing. But that does not address Vanessa's problem, nor does it answer her question.
Her problem is her husband's credit score. (Based on what she said.) A low FICO score will not get you a USDA loan approval. In addition, they have not saved up any money to pay closing costs which would be associated with that USDA loan you refer to.
And her question was "What is my first step?" Well, it sure isn't to call a loan officer and ask about a magic pill from USDA! Since you're an Agent, you should know that. What Vanessa and her husband really need to do is to get in touch with a knowledgable agent who can help them raise his credit score, and then they will be able to get qualified for some type of loan. If they can $ave as much as it would take to move into a rental house, (while working on his credit score), then they would have the 3.5% required for an FHA down payment. That's not much different than what the VA funding fee would cost a veteran buyer.
I have offered to help Vanessa with the credit score issue, and I can certainly show her where to buy a house with payments around $800 a month. She, and other buyers like her, just need to get in touch with an experienced Realtor who can show them how to raise their credit score and simultaneously save the money for the down payment. Traditional FHA closing costs can easily be financed into the structure of the loan, and this way a person can buy any house in town without having to live so far out (to get a USDA loan) that the commuting time is unbearable.
So, how's the weather in Colorado?
Happy Easter to everyone!
Rick DeVoss --- A Texas Agent
ULTRA Real Estate Services
I am a retired Air Force officer and Viet Nam veteran. I have used my own VA elegibility to buy a house, and I've been a Realtor here in the Fort Worth area for 33 years. You won't find many agents who can offer you more experience and first-hand knowledge of how to buy a house with a VA loan.
I would love to help you find the right house, but getting approved for your mortgage financing is the first step -- before you even look at house #1. We will have to get over several hurdles first, but I am willing to guide you through the process. I invite anyone out there who wants to buy a house, whether with a VA loan or not, to give me a call or write me a short email, and we will outline what needs to be done. I think I can help you avoid many pitfalls, and save you a lot of heartache.
Having said that, you must take a hard look at your statements, Vanessa. Some of them are pretty vague, and they inject so much doubt into your scenario, that no Agent on this webpage could possibly answer your questions. We cannot be sure what you mean by having a "decent" credit score, but when you submit that your husband's "isn't so great", it makes one wonder how he could possibly qualify for a mortgage loan......without a lot of help to bring his score up over a long period of time. And then you say that it is only a "may be" that he can even get a VA loan. Was he in the military or not? Getting a house with payments around $800 a month is no problem; but when you say "without putting down a down payment"...it makes one think that you have not saved up any cash at all, and yet you want to buy a house -- which would be the largest investment you will ever make in your life!! ~Can we get serious, folks, please.
Please do not take any personal offense at my comments; it is just that we Realtors have heard this story so many times before. There are lots of people out there who think they should be entitled to something for nothing. I would seriously like to help you get qualified to buy a house, but you've got to start by taking some adult responsibility. Here is what I would suggest you do:
> Open a savings account at the bank where you have a checking account. (You DO have a checking account, don't you?)
> Write down a family budget to project where your money is going to go. Then, starting with April 1st, (Monday), write down everything you spend every day of the month for several months. --By doing this, you will discover where your money is going each month. Cut out the "miscellaneous" category, and take that cash and put it into your savings account. ~Very soon, you will have that "down payment" that you are seeking. Or at least enough to pay the VA funding fee, because you really can't get a VA loan for nothing.
> Pull a copy of your own credit report, or at least your husband's credit report. Talk to an experienced Realtor about what that score means, and get an idea of how much work you've got to do before you are ready to talk to a loan officer. Go to http://www.AnnualCreditReport.com and pay them a few dollars to get your FICO score with the report. (I can help you analyze it for free, if you wish.)
> Set up a realistic timetable to reach your goals. If you see that you can get approved for a loan in just a few months, be sure you are not tied into a long-term lease. And if you sense that it may take a long time to bring your husband's credit score up, then get settled in the cheapest house that you can rent, so you can put the maximum amount into that savings account every month.
> Get hooked up with a good Realtor that you can trust, and lay all your personal stuff on the table. They will then be able to give you the best possible advice. And while you are working on that credit score, call your Realtor every few weeks and touch base with him or her. Be sure you call them every time you are attracted to a house, and want more information about it.
We're here to help you. So now that you know what to do, get busy, Girl!
I wish you all the best in acheiving your goal, and I hope you get the keys to your new house soon!
ULTRA Real Estate Services
I am a preferred Realtor with the VA and Texas Veterans Land Board. The best thing for you to do is get with a VA lender first. I have an excellent referral for you to contact
Give me a call and let's get started on getting your new home, I can be reached at:
Keller Williams Realty
Licensed R.E. Broker in MA & TX
*Making dreams come true.