Home Buying in Dallas>Question Details

patrickps, Home Buyer in Plano, TX

Mortgage prospects for a couple with recent medical issues that have caused credit problems

Asked by patrickps, Plano, TX Tue Jul 3, 2012

I'd be interested in any feedback from the professionals here. The situation is this: we've not been looking to buy a house, but we have friends who are putting their house on the market. We're considering whether or not we could buy it. The problem isn't income, it's debt. I've been unemployed for health reasons for four years. My wife is employed with a very good salary. Nevertheless, $300-450 a month on medical (in addition to insurance) has put our credit in less than good shape (probably 580 or so).

Our goal is actually to DOWNSCALE so that we can get more out of debt and better manage our money with the health issues that are now part of our lives. We are paying $1150 in rent, the mortgage on the house would be approx. $600. There is no way we can rent for that amount in this area. Smaller house as well, so smaller utility bills. That sounds to us like probably the only way to significantly reduce our debts in the short term. Feasible?

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Answers

3
Dixon Wong’s answer
Hi Patrick,

Like some other agents have mentioned on here, you will need to get to about 630 in order to qualify for a home loan.

I have a lender that I work with can educate you how to repair your credit and you should be able to get to 630 in about 3-4 months.

You can email me for her info.

Thanks

Dixon
Realtor
JP and Associate
http://www.findyourtexashome.com
dixondfw@gmail.com
0 votes Thank Flag Link Wed Jul 4, 2012
Unfortunately, if the wage earner is below a 620, it will be harder. I would definitely call an experienced local loan officer (not with a bank), and have your credit analyzed by them. There are too many variables for us to analyze here.

Good luck!
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas For 30 Years!
0 votes Thank Flag Link Tue Jul 3, 2012
Call any lender of your choice and they will pre-qual you usually for free or for a small credit report fee. They are the ones who can tell you what can be done. Beware of anyone saying they can fix your credit for a fee. It can't be done.

It is hard to get a home loan these days.

Good luck.

Kenny
0 votes Thank Flag Link Tue Jul 3, 2012
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