Home Buying in Fort Worth>Question Details

B.jauregui@y…, Home Buyer in Fort Worth, TX

in general, what is the minimum credit score # a home buyer should have enable to be considered pre approved w/out a co-signer

Asked by B.jauregui@yahoo.com, Fort Worth, TX Thu Feb 17, 2011

i live in DFW metroplex TX. But i think this question is in general since banks and government grants are national. it be great if someone can PLEASE give me a number. If it means much, my husbands income combined with mines is $60k a year. but i have no credit and little that i have is not good. i have a closed medical bill account. and husband just haves bad credit but owes under $2k. we just dont pay because we were told it still wont delete our credit history therefore our score wont improve. to just pay new debt. as a real estate agent what credit score gets denied and at what number do they start getting approved. i hope someone can answer. Thank YOU.

Help the community by answering this question:

Answers

11
BEST ANSWER
Yes - mortgages are getting more and more difficult to be approved. The scary thing with rent to owns are sometimes they person that owns the home is not paying the mortgage and you don't know until you are told to move out. The most helpful person to help you is a Lender who walks you through the credit correcting process with someone you can trust. Realtors are ethically bound not to give legal advice however we can point you in the right direction. You may be surprised at how fast things will turn around for you!

Keep in touch!

Lucy
0 votes Thank Flag Link Fri Feb 18, 2011
I have JUST the person for you! Call Lisa-Marie Thompson at VIP Lend tomorrow!
Her number is (214) 758-7531
or you can email her tonight: lmthompson@VIPLend.com

She will discuss your financial position with you and if you are not quite ready to buy a home, she will guide you on how to qualify before interest rates rise further.

She works until late at night and will be available when your schedule permits. Once she has worked with you, she will let me know when the FUN part begins in find your home!

Best regards,

Lucy A. Puniwai
REALTOR®
(214)783-6416 - Cell
(682-224-8050 - Fax

puniwai@fathomrealty.com
1 vote Thank Flag Link Thu Feb 17, 2011
Hi, I am happy to try to help you with your question. Yes the requirements have tightened for loans. It is still possible to get approved with some work.

First to a mortgage office it is not okay to just not pay. I have a wonderful mortgage banker that can help you repair your credit free and help you get into a home. I have worked with him for years and if you do what he says he can get you into a home. It might not be over night but with some work it is possible.
The number you are looking for is 580-600 for minimum scores-keep in mind it is not just based on scores but other factors play a factor.
If you do not already have an agent are would like more information I would love to help you. I work ith a team of professionals that are ready to help. Thanks

Kim Sullivan, RN/Realtor
DFW Fine Properties
GRI, ABR, SFR, e-Pro
817-797-4706- kimsullivanrealty@gmail.com
0 votes Thank Flag Link Fri Feb 18, 2011
FHA will go down to 580. Most lenders will only go to 640 though. Any lender that will go below 640 will have hefty fees and rate add-ons.

Conventional will go down to 620, and again there are major fee add-ons for this type of score. Also, the problem will be if you can get mortgage insurance if your down payment is less than 20%. Most mortgage insurance companies will only go to a 680 score, and that is in "unrestricted markets", other market areas require a higher score.

Good Luck.
0 votes Thank Flag Link Fri Feb 18, 2011
I know of some lenders who can still do 580. I think most others need 640. I have a list of mortgage brokers and mortgage lenders/specialists if that is helpful to you...

Kind Regards,
Sloan Yorek
Sloan@BrantsRealtors.com
817-223-5435
0 votes Thank Flag Link Fri Feb 18, 2011
Speak to a local mortgage professional. Credit score is one of the most important things when getting approved for a loan, but it is not the only thing. You need to have the right debt to income ratio, down payment and closing costs, and open credit accounts. In order to use all income, both of you have to have high enough scores. Having a co-signer with excellent credit does not cancel out your low scores. If you pay off old bad debt, it will not delete these items from your credit report, but it is better to show them as paid and settled, rather than still open.
0 votes Thank Flag Link Fri Feb 18, 2011
Real Estate agents do not deteremine the credit scores for lending that is accomplished via a mortgage broker when you apply for a loan

Most scores have be approx. 620 + with 3.5% or more down payment

Direct Link
: http://www.lynn911.com/Web/AR287090/CustomContent/index/5046766

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Feb 18, 2011
Typically you need a credit score of 620-640 to receive loan approval. I will be more than happy to speak with you about this if you would like. I can pull a copy of your report and give you advice on things to do to improve your credit scores. No cost for the credit report and never an application fee at Integrity First Home Loans. You can reach my at 972-918-0404 or my mobile at 972-948-2630.

Ricky Coles
RColes@IntegrityFirstHL.com
Integrity First Home Loans
1221 W Campbell Rd, Suite 115
Richardson, TX 75080
972-918-0404 Office
972-948-2630 Mobile
972-918-0909 Fax
IntegrityFirstHL.com
NMLS License #209438
0 votes Thank Flag Link Fri Feb 18, 2011
At Coldwell Banker Mortgage the minimum FICO score is 620. It sounds like you really need to get in touch with a good lender soon. They will guide you through the process of what you need to do to improve your credit, they should also be able to help you with that medical bill problem. I noticed you said you just don't pay old debt and just pay new debt - I think you need to verify that with a lender, sounds like bad advice to me. You can search right here on Trulia for a lender in your area. Good luck to you.
0 votes Thank Flag Link Fri Feb 18, 2011
i really appreciate your responce(s) and lucy thanks for the refferal. overall thank you guys! all answers are highly appreciated. =)

my credit used to be fair (667) all sudden this medical bill from 2007 popped up with no notice. i never received any phona call or correspondence. as soon as i found out (jan 24-2011) i called several times to pay it in full but they wont work oit with me and im not trying to reopen on what is now a closed account. oher than that i have no debt i pay my bills. Now i decided to get a credit card, establish something persay and within a few months apply for a small personal loan and maybe after another few months my credit will be good enough for a home loan with out a co signer. im sure by asking a relative they might say yes but i would hate to put anyone in that position and i'll just wait until i can get one on my own... im not interested in rent to own. although people say they are legit, it still feels like a scam to me.
0 votes Thank Flag Link Thu Feb 17, 2011
B.Jauregui,
In general a credit score of 640 is good enough for you to qualify for a loan without a co-signer. Of course there are a lot of other factors coming into count, like your debt to income ratio, if you have an outstanding collection, income, employment history, downpayment and the type of loan you are applying for.

The best way to go about it is to talk with a loan officer. I reccommend one you can sit down with, face to face as opposed to the online application.
0 votes Thank Flag Link Thu Feb 17, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer