Home Buying in Garland>Question Details

Nursejess, Home Buyer in Garland, TX

My equifax credit score is 566? Can I buy a home? I'm in Garland Texas.

Asked by Nursejess, Garland, TX Thu Aug 18, 2011

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Like stated below most conventional lenders start with a minimum of 620 to 640, but with some alterations, wise work and commitment you should be able to bump that 566 score up in a reasonable amount of time.

That being said there are always ways to make things happen if you are creative enough (like owner financing, etc.) but that would also include a solid down payment amount.

Contact a good local agent to help you out. Good Luck
1 vote Thank Flag Link Thu Aug 18, 2011
Your buying ability is not measured by only one score but a merged report as well as your previous history and job stability. See a professional lender to get a more accurate picture of your buying capablities and what it will take to bring your score(s) up.
0 votes Thank Flag Link Tue Mar 20, 2012
Your approval will be determined by your others scores as well. There are programs for all types of credit scores but most requried a minimum of 620. The location of the home is not relevant to the approval for your loan based the location of the home.

I recommend that you speak to a lender and get information on how to raise the score. Depending on what the challenges are with your credit it may be a simple fix.

Contact me for networking with some lenders that will be glad to coach you to get your credit in order for home purchasing.

Now is an EXCELLENT time to buy a home since rates are down so low and prices are still genrerally lower than average.

More information can also be found at my website. See the Buyers / Tenants page!

Be blessed,

Mel
Melanie W. Roberts
0 votes Thank Flag Link Tue Mar 20, 2012
You need to contact a mortgage broker complete a loan application. Your credit score must be 625 or above for any lender approve a mortgage .

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Aug 20, 2011
Not yet but I highly encourage you to work on your credit score. What you didn't mention is what is on your credit report that is making it a 566. Is it due to having little or no credit? Or is it because you have late pymts and/or collection/charge offs? Some lenders will lend to buyers with a credit score of 580 but it'll require 10% down pymt. There are some lenders that will take credit scores from 600-620 but the qualifying guidelines are stricter. The majority of lenders will take credit scores from 620+.

I can refer you to a great credit repair company that will guide you on raising your credit scores. Please feel free to contact me at your convenience. I look forward to hearing from you!

Make it a Blessed Day!

Tamika Turner Goree, Realtor®
Halo Group Realty, LLC
Direct: (972) 697-1178
Fax: (214) 509-6917
Email: tgoree@HaloAgent.com
Alt Email: tamika.goree@live.com
Web Site: http://tgoree.HaloAgent.com
0 votes Thank Flag Link Fri Aug 19, 2011
You need to be working on paying your bills on time since late payments are held against you. Pay down anything outstanding ASAP esp credit cards. What is impressive is that you have held your job for at least a year and paid bills. Additionally a hefty down payment speaks volumes. If there are an problems with making payments then contact CCC, the consumer credit counseling center for assistance. If that isn't the problem then do Not buy anything new esp a car since that would affect the loan. Talk to several loan officers to see what you need to do but in the mean time save, save and save after you've paid everything off. Any purchase before then would be at best an extremely high interest rate, but keep working on it and you'll get there.
0 votes Thank Flag Link Fri Aug 19, 2011
Most lenders require a minimum score of 640. If you have an agent, they should connect you with a good lender that can help you pick up your scores.

Liz Renfro
William Davis Realty
lrenfro@sbcglobal.net
0 votes Thank Flag Link Thu Aug 18, 2011
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