Home Buying in Lubbock>Question Details

Zephaniahist…, Home Buyer in Lubbock, TX

We need to find a loan for bad credit first time home buyers numbers and names for the lubbock area would be great

Asked by Zephaniahistheman, Lubbock, TX Wed Jun 5, 2013

We are in lubbock tx our criedit scores are low so we cant get the normal loans the scores are 525 518 525 he is the main income i have 584 600 600 We dont have a down payment but need to come up with a lender that will take us we can maybe come up with a small amount but very unlikely please help oh we would also be first time home buyers

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If you will contact me directly I can put you in contact with some Lubbock lenders who can help you map out a plan...I'm not saying they can for sure get you a loan right now, but at least you will know specifics as to what you need in order to get one. There are some down payment assistance programs out there right now that can help with down payment, but your credit will be the biggest issue to overcome. Email or call me directly. tgarrett@westmarkrealtors.com 8067946000
1 vote Thank Flag Link Wed Jun 5, 2013
to be honest, I would start working on your credit score and save up some money. This is prob not the answer you would like however it will better help you in the long run when your credit score is up and you get a better interest rate. Contact Chris at Mr. Credit Solutions here in Lubbock. He can help you with your credit score.
0 votes Thank Flag Link Mon Sep 9, 2013
Please give me a call at 972-673-4193 ext. 153. I can pull your credit and advise on what to do next..cheers
0 votes Thank Flag Link Fri Jul 26, 2013
I don't think anyone that has bad credit has got approved for a home. My credit score is Exp 700
Eqif 620 Transunion 650. I will never apply for credit with those 600 scores. I do know for sure they will be about 690 or 700 this October. I will NOT buy a home until all of mines reaches 720. My advice to you is work on your credit scores first before purchasing a home. You can purchase a home with a 640 credit score. WATCH OUT FOR THE INTREST RATES!!!
0 votes Thank Flag Link Tue Jul 9, 2013
I am a Realtor in Lubbock. I was going to have you contact me, but I noticed that Tim Garrett has already responded. You should definitely contact him and follow up. He knows our market and knows the lenders who can help you. It's definitely not a lost cause. I know he would enjoy helping you get into a new home :-)
0 votes Thank Flag Link Thu Jun 13, 2013
Flag Tue Jul 9, 2013
I agree with Trevor, will add that not only is credit repair usually a scam, it is also mortgage fraud if you dispute accurate information just because it is negative. In the current business climate you could commit murder and get out of prison sooner than someone guilty of mortgage fraud.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Wed Jun 12, 2013
Good afternoon Zephaniahistheman,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Jun 12, 2013
Sounds like you have been down the road with some "credit repair" companies. I only know of one that has worked. Based out of dallas, I have actually had clients buy a home after going thru them unlike most/many of places out there. Let me know if you would like to at least talk to them and see. Thanks. 806-928-6473
0 votes Thank Flag Link Tue Jun 11, 2013
The problem is we know that we need to work on the credit we need to get into something and not map out a plan we have done that with many people already we need to get into something to get out of this bc mapping out a plan is keeping us in a bigger bind
0 votes Thank Flag Link Wed Jun 5, 2013
Feel free to reach out to me at Info@Fil-AmericanMortgage.com I am Mortgage Broker nmls# 899535 and a Realtor with Lubbock Discount Realty 806-577-6674
0 votes Thank Flag Link Wed Jun 5, 2013
If you're looking for a hard money lender you are going to need a substantial down payment. You'd be better off working on your credit!
0 votes Thank Flag Link Wed Jun 5, 2013
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