Home Buying in Houston>Question Details

Anthony Cann…, Home Buyer in Katy, TX

We need help! Our credit score is 580. We want a house! We are first time home buyers. Do any lenders offer FHA loans with bad credit?

Asked by Anthony Cannon, Katy, TX Mon Nov 18, 2013

I am looking to buy in The Woodlands or Katy TX. I make 150k a year and have 20% to put down on a $300,000 home. Can anyone help us? Please HELP!!

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I can help you find a lender who can offer FHA loans with a 580 credit score with 3.5% down. There is also have a lender that offers a new FHA program 99.5% LTV - so just .5% down with a 580 score. Obviously since the FHA loan limit in Katy is $271k so you would need 20% down and seller concessions for some closing costs unless you can dig into a 401k. I can take a look at your situation and credit to see if you can increase your scores to the 620 mark to see if conventional is an option. If we cannot get you to a 620 score and you want to buy ASAP then FHA with a 580 score definitely an option to purchase your new home right away!

That is what our company specializes in, helping people find a lender that can help and walking you through the process start to finish. I am as good friends with one of the best real estate agents in Houston, I can refer you to her to help find the perfect home.

Randall Yates
The Lenders Network
Toll Free: 855.841.HOME (4663
Cell: 214.984.1213
5 votes Thank Flag Link Tue Nov 19, 2013
Anthony, I have worked with dozens of lenders and The Lenders Network has been the best by far! I have seen them work miracles with my clients who couldn't get the deal done with other lenders. You owe it to yourself to look into his company and contact these people. It only take a phone call and will save you a ton of time and worry down the road.
Flag Mon Nov 25, 2013
I would be more than happy to help you find a home in the Katy/Woodlands area. There is no doubt your interest rates will be high with that credit score, but getting you into a home is definitely possible.
0 votes Thank Flag Link Mon Nov 25, 2013
I have a lender that will work with you to get you approved. He will use all the resources possible! if he cant get you approved, he will guide you in a direction that you will be able to do so in a short time.
Geralda Botnick
Champions Real Estate Group
0 votes Thank Flag Link Wed Nov 20, 2013
Hi Anthony,

I have great local lenders that I use that you can talk to. Send me an email so I can send you the list.

Good luck!

Robert Kandiyoti
RE/MAX Real Estate Associates
0 votes Thank Flag Link Tue Nov 19, 2013
In the event that you decide to improve your credit so that you can secure a lower interest, please contact me, I can put you in touch with a credit repair team that not only charges a very low fee but it will be refunded at the time of closing. I work all the areas but will recommend the Woodlands due to the economy growth & all the amenities in the area. I wish you the very best!

Carmen Martinez
REALM Professionals
0 votes Thank Flag Link Tue Nov 19, 2013
Hello Mr. Cannon, as others have pointed out, you will possibly be able to get with a lender who will approve you. I work with someone who will allow a 5% down on a conventional. With a 580 score, the details will need to be checked.

Give me a call or email me and I can forward the contact information.

REALM Real Estate Professionals.
0 votes Thank Flag Link Tue Nov 19, 2013
We do have a couple of lenders who will finance down to a 580 score. Just depends on what's on the credit report and the debt to income ratio can't exceed 43%.

Anna Maria Durr, NMLS 266699
CodeMark Financial, LLC
4500 Highway 6, Sugar Land, TX 77478
281-592-0667, anna@codemarkfinancial.com
0 votes Thank Flag Link Tue Nov 19, 2013
Anthony ...

There are lenders who will work with individuals such as yourself, but be prepared to pay a higher interest rate ... it was a bit over 5% last time I looked. You can save yourself a bit of money if you were to bump your FICO mid-score to 640 ... but it's your call. You'll likely hear from several lenders here, several of whom will be able to help. Best of luck ...
0 votes Thank Flag Link Tue Nov 19, 2013
Yes, please contact me if you need help 239-989-3353
0 votes Thank Flag Link Tue Nov 19, 2013
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