Home Buying in 75007>Question Details

duncanclan, Home Buyer in 75007

experian658, transunion631, equifax580 Can i get approved for a $155000 home?

Asked by duncanclan, 75007 Mon Dec 17, 2012

My credit has been improving, but i think im just about as far as i can get it without waiting for some of the items on my credit stop being reported in a year or so. I've talked to 2 different lenders and they have told me im close but not quite there, and was given no direction other than call us back in 6 months... Me and my wife may have just found the house we've always wanted, and the house we're renting seems to have a new problem everyday. I dont want a new lease, i want to own a home to raise my family. I need help. who should i be talking to? Can i get a loan? truthfully how far away am i? I'm lost... and im starting to feel incredibly discouraged... but my family needs this!

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Kawain Payne’s answer

I would suggest you get your scores up some more before shopping for a mortgage,

Credit is tight these days. The new target min for FHA loans is 640. Lenders usually focus on your middle score. Your current middle score is 631, which means you are a few points shy.

That 580 does not fair well . Take some time to meet with a mortgage consultant, they can give you legit advise on how to get those scores up They should not CHARGE you for this.

. NEVER pay anyone to give you advise on raising your credit score.

Best of Luck to YOU!!!

Kawain Payne, Realtor
0 votes Thank Flag Link Wed Mar 20, 2013

The middle score of 631 will be used. There are programs available for you. What you can be approved for depends on a variety of factors. Contact me through my profile, and I will be happy to help.
0 votes Thank Flag Link Mon Dec 17, 2012
Duncan, contact any lender of your choice and get pre - qualified for usually free. Then you will get hard, real answers.
0 votes Thank Flag Link Mon Apr 22, 2013
Be patient, buyer demand will pressure these mortgage companies to loosen their income standards in the next year. Buyer demand will draw more lenders in the market soon. They are sell waiting for a sustainable recovery. Just be patient, and consider prices around 140,000 they have probably done extensive repairs and you will get your money's worth. And stay away from HOA's They are getting a bad reputation in the press for going overboard.
0 votes Thank Flag Link Wed Mar 20, 2013
Based on your credit scores...YES :)
I do have a few more questions for you - please contact me.
I am able to approve loans with credit scores as low as 580.
0 votes Thank Flag Link Wed Jan 9, 2013
I have a program that can help.

I don't care about FICO scores, but I do look at behavior on the credit report. Based on your comments you sound like you have limited items on the credit report, so I would want to see the rental history and three alternative trade lines (electric, cable, internet, phone, etc.).

If you have a house in mind, you need to act quickly to gather documents and start the process. There seems to be a shortage of available properties so someone that is already approved will be able to act on it right away.

Contact me with questions.

John Lyng
Mortgage Counselor-NMLS 280951
0 votes Thank Flag Link Sun Dec 23, 2012
Please contact me and I will be happy to set you up with a professional loan officer willing and able to walk you through the credit approval process with a plan of action on what needs to be done to get you the approval you need in order to buy that home of your dreams.
0 votes Thank Flag Link Mon Dec 17, 2012
Please contact 972 484 6644 ( mortgage people) they can help you on this.
0 votes Thank Flag Link Mon Dec 17, 2012
It can be a challenge to find help! You might want to try another lender. Lenders have different sources for funds. They can each have different criteria. There are ones who will help guide you through the process. Let me know if you would like the names of a couple of lenders who I have closed recent transactions with clients other lenders did not help!

Elizabeth Morgan, Realtor
Fathom Realty
0 votes Thank Flag Link Mon Dec 17, 2012
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