Home Buying in 75104>Question Details

Sharritta L.…, Renter in Cedar Hill, TX

READY TO BUY not best of credit. i am wrkn to repair it. are their any lenders that work with you. i don't want to cont pay HIGH RENT in cedar hill

Asked by Sharritta L. Marks, Cedar Hill, TX Wed Sep 18, 2013

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Well what exactly do you mean by "not best of credit?" I ask this because I have still been able to give out loans with credit scores as low as 580. So if you have at least a credit score of 580 I would say you have a chance. If not, you should just work on your credit score to get it up to at least 580 or higher. Then again, your ability to obtain a loan relies on other factors as well including income, expenses, assets, liabilities, debt, down payment, employment, etc. Either way, I recommend you speak with a lender like myself who would be glad to speak with you to point you in the right direction. When you mean "without putting up a of money" are you referring to no down payment or closing costs? If so, this can be difficult. One way you can get 0% down payment is if you or your mother is veteran or if you are seeking a USDA approved property. Otherwise, you will likely have to pay a down payment. The closes thing to no down payment is the 3.5% down payment for an FHA loan, which is relatively low. Also, some lenders like myself have loan product that can cover some closing costs. Either way, I recommend you speak with a lender like myself to discuss your finances and options. It's possible to obtain a loan with your credit score. For example, I have been able to give out loans with credit scores as low as 580. The fact that you still have debt is not good. Lenders will not like that. I recommend that you try to pay off that debt. I'm sure that will improve your credit score and allow you to obtain better rates. Either way, I recommend you speak with a lender like myself who would be more than willing to help you out in your situation. When buying a investment property do not forget about financing. Many people who start investing don't always realize that buying an investment property or secondary home is different financially. Since investment properties are riskier for a lender to finance they require a higher down payment and high rate, so be expecting that. These are just some important things to keep in mind while looking for an investment property. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014
Most lenders these days will require a minimum 640 middle credit score to even begin to think about approving you for a mortgage loan. However, there are a few lenders remaining who will allow for financing with a lower score of say, 580. This will require some compensating factors, such as income and debt ratios, how much money you have saved (liquid), what your overall profile looks like, (is your score low due to an unexpected occurrence that has sense been resolved; such as medical, loss of income, or reduction in income). Sound letters of explanation will be required, and a good rental payment history and some alternative tradelines such as, phone bill, utilities, insurance payments will all be needed. Please feel free to reach out to me if I can answer any of your questions further. 214.914.1936
0 votes Thank Flag Link Sun Dec 8, 2013
Best bet is to contact any lender of your choice to see if you can get a FHA loan. They can give you hard and real answers. If you can, them pick any 1 of us to work with.
http://www.tcrdallas.com
0 votes Thank Flag Link Thu Sep 19, 2013
Hi Sharritta,

You can email me at dixondfw@gmail.com I can connect you with my lender who can help you with the repair as well as finding you a home.

Dixon
Realtor
http://www.findyourtexashome.com
0 votes Thank Flag Link Wed Sep 18, 2013
there are definitely lenders out there that are willing to work with you in order to assist you in getting into a home. I noticed that you said that you were working on your credit yourself. I would definitely advise you to speak with a lender to take a look at your credit report to let you know what needs to be worked on and what does not need to be touched. Please contact me I have a wonderful lender that I would love to put you in contact with that has worked with several buyers in your situation.

214.680.4566
Web Reference: http://www.EricaTexada.com
0 votes Thank Flag Link Wed Sep 18, 2013
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