Home Buying in Rowlett>Question Details

bjmillerme, Home Buyer in Rowlett, TX

We have 45,000 dollars to put down on a home and plan to search in the 80k-100k range. With no credit can I get a loan for the remainder of the costs?

Asked by bjmillerme, Rowlett, TX Sun Nov 18, 2012

This question was asked from this property: http://www.trulia.com/property/3047852742-2610-Baylor-Dr-Row…

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Even putting as much as 50% down you will need established credit and be able to qualify. There are also other less desirable options like hard money loans but I would avoid them and just recommend you start establishing your credit today. I have went into detail with my other answers on how to do this. Start the process now and find a good lender who will work with you for as long as it takes.

Best of luck to you,

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Sun Nov 18, 2012
How good should my credit be? I have a Stafford loan in deferment for 3500 and a few late payments on utilities (no unpaid- just a few days late). I think my score is 580ish. I am mid twenties and this will be my first home purchase but I inherited a home I am selling (where the 45000 is coming from). Would that rule out the first time buyer deals?
Flag Sun Nov 18, 2012
Hi BJ! I just used Ben Klutts, with Klutts Real Estate. I had a credit score of 520 and Ben told me that would be no problem to get up. He has credit repair specialists and lenders that will have your credit score where it needs to be so you can purchase a home. They took me from a 520 to a 620 in just 2 months. Ben took us to look at houses right away and was able to make everything happen quickly and smoothly. My wife and I called several big name brokerages and they just blew us off because we did not have great credit at the time. Klutts Real Estate really took care of us and got us in our dream home. We would highly recommend using Ben! http://WWW.KLUTTSREALESTATE.COM
0 votes Thank Flag Link Wed Dec 5, 2012
You need three things in order to get a mortgage loan. Assets (you have these in the form of $45,000) Income - This is your job and job history and Credit which you claim not to have.

I'd speak with a local lender and if possible a credit union and see if their willing to offer you a loan, I suspect you will be unable to get a loan at this time and will need to work on getting a credit score over the next 6 months or so.

I've attached a link below that goes into more detail on this subject.
0 votes Thank Flag Link Mon Nov 19, 2012
Hi Bjmillerme,

Havning almost half of the fund for downpaymnet certainly help.

You can check with some portfolio lenders in the Dallas area. But like Don had mention, its always better to have a credit but we have to work with what we have and see if we can still make it happen.

Please let me know if you need some lender's contact.

JP and Associate
0 votes Thank Flag Link Mon Nov 19, 2012
I have a home that I plan on putting on the market soon that's a personal property and will be in your price range. I can talk to my husband about considering owner financing the remaining amount. You can reach me at 469-338-1814.
Thanks Ansley Mathis RE/MAX Hometown
0 votes Thank Flag Link Sun Nov 18, 2012
We can look at it and put in a back up offer if you like.
0 votes Thank Flag Link Sun Nov 18, 2012
Yes you can, you should checkout some of the offers we have in helping people with No credit or bad credit.
0 votes Thank Flag Link Sun Nov 18, 2012
Darling home on Baylor Drive, it appears has caught your eye. Unfortunately it is under contract, tho am more then happy to help you search for other possibilities.

Congratulations on saving so much for a big down payment for a home.

Happy to refer you to a wonderful lender who can shop best possibilities for your situation and is in the position to qualify you for a mortgage.

If interested, please contact me for further assistance.

Joy Urban

jurban@virginiacook.com or 214-587-0409
0 votes Thank Flag Link Sun Nov 18, 2012
No problem but I would recommend not putting so much down cash is king and interest rates are low it won't make a huge difference in your payment to only put 3.5 percent down or if you are a first time homebuyer no money down. Call me I am an expert in the area 469-233-3241 ill have you a home in time for Christmas
0 votes Thank Flag Link Sun Nov 18, 2012
No credit?
As in a credit score of Zero?
No collections or anything?
Then yes. Banks can us alternative credit lines. Like: Rent, utilities, ect

Putting that much down ,ales the loan amount small. I would suggest Wells Fargo or another big bank for your loan.
0 votes Thank Flag Link Sun Nov 18, 2012
I have a loan officer who can answer that question very quickly for you. Let me know if you would like her number. Call me at 469.569.2968 to discuss further.
0 votes Thank Flag Link Sun Nov 18, 2012
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