Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
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If the household income is near $80K you may not be eligible for a USDA loan because of the income cap, even if there are kids in the family.
I would wonder about your debt ratio, if you make a good income but only have $2000 in savings. You'll need about $3500 to fund your escrow account.
I don't want to sound harsh, but you've had a foreclosure, and as soon as possible want to buy a home, with no money saved. Take a look at your budget and see if more can be saved, or pay debt.
If you can get the escrows saved (~$3500) it would go long way for me to help with the rest. Check out my company's website at http://www.NACA.com
Mortgage Counselor-NMLS #280951
NACA-Neighborhood Assistance Corporation of America
Keller Williams Realty
3xUS Army Veteran/ Real Estate Consultant
ps. Once you contact me just tell me you need to speak with my Senior Loan Officer I'll get your squared away... Thank you
I saw that the zip code you are looking in is in far south Fort Worth. Since you say that you have limited funds available to pay for down payment and closing, would you consider moving a little further south into Crowley? I mention this because in Crowley you could apply for USDA Financing which requires no down payment and has qualifications that are similar to FHA. If trhis is something that interests you please contact me and I will be happy to answer any questions that you may have.
Keller Williams Realty
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas for 30 Years!
Gross Monthly income X 41%. Take that answer and do not let your recurring monthly debt exceed it. Recurring debt is car pmt, new house pmt, credit cards and Any monthly installments you make. Down pmt minimum FHA is 3.5%. Subprime mtgs exceeded these ratios and look what happened. I am a realtor and for further evaluation you should contact a loan officer. I know some great ones. 33 yrs experience as a realtor 817.980.1047
There are many real estate agents in the field who do not learn much about financing, and therefore, they can offer no real opinon to address your question. There is no doubt in my mind that you can buy a house! We just need to work out the details...
You will find that my clients like my service, and once I have your email address, I can forward you some of their comments about their experience under my wing. I can guide you through the whole process of buying a house, and with my 32 years of experience, I have certainly done it many times before!
We need to have a consultation to go over the details of your situation. We will work out a plan that will lead to you getting a home in the near future. There is no fee for this service, and even though I will represent you as the buyer in the transaction, my commission is paid buy the seller. I will specifically outline for you how much cash is needed out of pocket, and I will make certain there are no surprises for you. We will go together to the closing table, and I will ascertain in advance that everything is in order. You will know up front what it is going to cost you.
So give me a call, or send an email, and we'll get started. I'm available on Weekends, too.
---ULTRA Real Estate Services
Kim Sullivan 817-797-4707
Shawn Jackson 817-521-0125
The Michael Group
You need 3.5% down.
Now, that can some as a gift from a relative/employer/ ect
I would be happy to take your call and talk about your situation and loan prospects.
Let me know if I can answer any follow up questions.
(214) 763-4629 cell/text/nights/weekends(Really!!)
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The best way to find out is to talk to a lender. They will go over every detail with you and let you know what you qualify for. If you are interested in talking to a couple of lenders let me know and I will be happy to give you their information.
All the best,
Coldwell Banker Residential Brokerage