Keep in mind that besides the price of the house, you will be looking at additional costs every year like the property taxes, the Home Owner Association fees if governed by one, and cost of home insurance. This is not to scare you, but to make you aware from the begining so you are prepared to take on the home buying process.
Call or email if you have any questions, or if you need a reference for loan approval.
Even if you are approved, you may need larger down payment and/or pay a higher interest rate. Chances are that the maximum amount would also be lower than if your credit were better.
My advice to people in your situation has always been to continue working on their credit, and save for a larger down payment. You'll wind up with a better home, be able to purchase it on your terms, and be under less financial pressure.
Don't rush things. Your home will be there when you're ready. I wish you well.
The score is a bit low, but your close to what could qualify for an FHA loan. This type of loan would allow you to put only 3.5% down. The loan officer can guide you on how to get this score up!
Once you get your pre-approval for a morgage, you will know what your upper price limit is. Then you can begin looking for a new home with an experienced Realtor who works with 1st time buyers and knows the areas you want to move into. I have many lenders on my web site that work with 1st time buyers under the resource page. Feel free to email or call them to get started!
Bernstein Realty, Inc.
Red my book... It is free.
Then call me.
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
Have you worked with an agent yet? Take a look at our listings, http://www.trulia.com/voices/directory/Houston-agent--18875
Hope this helps,
Ali, Community Manager
Message us and we'll put you in touch!
Hope this helps,
The Loken Group
281- 861- 4624