Home Buying in Conroe>Question Details

Janie11, Home Buyer in Texas

i know my credit is not good but i have 10k to put down on a house what are my chances of getting the house?

Asked by Janie11, Texas Wed Jan 26, 2011

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3
Bruce Lynn’s answer
Best to get directly with loan officer before you ever bid.
Have them get you preapproved.
A good loan officer will not let you spend money on option, earnest, inspector, and other expenses without knowing for sure you will get the home.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Wed Jan 26, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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HI Janie, The builder I represent, Woodcreek Builders, has three ready-to-move new homes in the Gleneagles Subdivision, on 242 East of I45. We have a program for buyers with as low as 530 credit score, help them improve their credit and move them into an FHA loan. This program has other accomodating features that you might find useful.

Please call me or email me at:
Ed Caballero
281 831 8939
edycaballero@msn.com
0 votes Thank Flag Link Thu Jan 27, 2011
Hi Janie,
Bruce has an excellent point. There are many programs for people with some tarnishing on their credit. There are obvious things that can prevent you from getting a loan and not so obvious things and on the flip side some things can be overlooked when explained correctly to underwriters.
Having $10,000 to put down is only one factor. Other factors to consider is recent credit history, percentage of down payment, amount of reserves in the bank after purchase, Stability of employment to name a few.
It is Critical to get with Loan Professional who is an expert in getting loans done in the current market place. We actually have online workshops to better prepare you for what to expect I invite you to attend one or many to learn more about the process.

Sincerely,
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0 votes Thank Flag Link Wed Jan 26, 2011
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