Home Buying in Lewisville>Question Details

Cmurphy61, Home Buyer in Lewisville, TX

What does your credit score have to be in order to qualify and does income have to be 3 and 1/2 the payment like an apartment hate to waste my time?

Asked by Cmurphy61, Lewisville, TX Tue Sep 27, 2011

looking if I know I can't qualify.

Help the community by answering this question:

Answers

5
I have a lender that can get you preapproved with a 580 credit score or better. You want to make sure that the payment on the mortgage will not be more that 34% of your total income.

The best way to handle the situation is to talk to the lender get preapproved and they will let you know how much payment they will allow you to take on. From there we will find houses in the price range that keeps you at that payment.

Give me a call if you want to get pre approved and see some houses. I will be more than happy to help you.

Chris Hutchinson
The Chris Hutchinson Team
The Michael Group
http://www.chrishutchinsonteam.com
972.809.0607
0 votes Thank Flag Link Sun Oct 2, 2011
Many factors come into play when it involves to qualify you for a loan .

Recomment contact a mortgage broker complete loan application continues the process

Most lender prefer 625 and above

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Sep 27, 2011
Murphy,

I depends on a lot of different factors, credit score, income, debt, source of income, etc.
Let's get you connected with our loan officer in Coppell and see what we can make happen for you.
If you can't qualify now, at minimum we can give you some goals to shoot for.

Bruce Lynn
Keller Williams Realy
0 votes Thank Flag Link Tue Sep 27, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Most lenders need a 620 to qualify.
The 3 & 1/2 times payment is not a figure we use.

Your income needs to be 2 times (payment + all other payments on the credit report like credit cards and car loans)

A god loan officer can manually calculate the debt/income ratios without a full loan application.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
0 votes Thank Flag Link Tue Sep 27, 2011
Good Morning,

There are many programs out there to help home buyers qualify for a loan. Credit score is just one of the factors. I recommend that you talk and to a local lender to guide you through the process and the steps in case you need to repair your credit score.

Best.

Maria
0 votes Thank Flag Link Tue Sep 27, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer