Home Buying in 79602>Question Details

Rgfr1951, Home Buyer in Abilene, TX

My son and his wife have no credit or past poor credit

Asked by Rgfr1951, Abilene, TX Sun Apr 21, 2013

both work rented same house without missing a payment x 3 years
paid off automobiles
current on utilities
cannot get a loan to buy a house

Help the community by answering this question:


FHA allows for alternate credit to be used.... verify rent and utilities, ect.

I actually do this loan in-house. Close and fund locally.
I have done many of these....
You get the same great rates as someone woth an 800 credit score.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
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 Mon Apr 22, 2013
That is a very good question. In the modern world we live in everyone has a “Credit Score” based on their spending habits. The three major credit reporting companies (Equifax: http://www.equifax.com, Transunion: http://www.transunion.com, and Experian: http://www.experian.com all use a different algorithm to arrive at "the score".

With that said: If a person has a job, pays bills, credit cards, rent, and utilities on time, most likely they would have a fair or “good” credit score. I would advise them to set up an appointment with a loan officer to find out an amount and type of loan they qualify for.

Most Agents/Realtors want to make sure that “Buyers’ are being shown homes in the price range they qualify for.

I am able to send your son and his wife an updated list of homes that are on the market, mush easier and faster than searching Truila or internet sites.

Feel free to have them contact me for more information or clarification on any information provided.

Randy Dodd, Realtor, GRI, ePRO, TAHS
(325) 733-4405 Cell

Rosanna’s Realty
3201 Barrow Abilene TX
0 votes Thank Flag Link Sun Apr 21, 2013
No, they cannot buy a house; yet:
You need two things to borrow a lot of money;
a track record of paying your bills, (a good credit score), and,
a steady, verifiable source of income.

This is reality.
0 votes Thank Flag Link Sun Apr 21, 2013
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