Home Buying in Leander>Question Details

Davlo, Home Buyer in Leander, TX

my credit scores are 660, 563,598, i have annual salary of 89,000, can give 6 to 10% down would i qualify for a loan?

Asked by Davlo, Leander, TX Thu Sep 27, 2012

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9
Carla Pennington, Realtor(R)’s answer
Definitely a lender question. That seems like a wide range of scores to me, so I'll be watching to see what the lenders are saying. If you need to talk to a lender in person, I or other realtors in your area can make some recommendations of lenders we have worked with.
2 votes Thank Flag Link Thu Sep 27, 2012
Yes there are still some lenders that can do an FHA loan with a 580 credit score. They are not always easy to find, I know of a couple I can recommend. Visit our site or email me if you still need some help..
3 votes Thank Flag Link Sun Sep 1, 2013
Good evening Davlo,

IT seems like your credit report needs some serious work to improve not only your scores but your entire credit profile. Here's my advice based on 23 years working as a mortgage professional:

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
1 vote Thank Flag Link Thu Sep 27, 2012
Davlo,

If you would like I can put you in touch with a solid mortgage broker to review your information and guide you for the best results if your goal is to find an approval for a loan. He is located near Cedar Park-Leander that you could also speak to him in person. Feel free to give me a call or email.

Bart Tracy
Joe Stan Properties
512-587-9946
Bart@BartTracy.com
0 votes Thank Flag Link Fri Sep 28, 2012
Davlo,

We go down to 600. 620 is easier and 640 is the best deal.
Now, maybe there are some things you can do to raise the scores quickly?
Do you have any credit card debt? Paying that down can get your scores to move fast.
More about scores in my free book... link below.

http://dallasloanguy.com/free-credit-book/

Scores aren't the only factor though!!!
We have to deal with the REASONS for the low scores.

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!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Thu Sep 27, 2012
No you don't.
You should go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ (mid score), consult with a mortgage officer to see what you qualify for.
0 votes Thank Flag Link Thu Sep 27, 2012
Yes you would qualify but first need to make application with a lender to be sure. It also depends on how much debt you currently have. I can recommend dawn rush Dotson as a lender or Wendy Dabrusin with supreme lending. I would be happy to show you homes in your desired area and price point.
0 votes Thank Flag Link Thu Sep 27, 2012
Thank you Mr Martinez, i am working on my credit i have an agency helping me with raising my scores, i will be applying for credit cards to raise higher, i will contact you after my scores are above 640
Flag Thu Sep 27, 2012
My understanding is you have to have a minimum 680 average score to qualify nowadays on an FHA which is the easiest to qualify for. I have a great mortgage guy here locally that can advise or help you get to where you need to be. Let me know if you would like contact info. Dennis Matranga (R), SFR 512.584.9014
0 votes Thank Flag Link Thu Sep 27, 2012
What will most likely happen is the Lender will pre-approve you but during the loan process the lender will require you to dispute a thing or two on your credit report and do what is called an "instant re-score" before closing which will update your low scores and thus enable you for a better rate which is in your best interest.
If you have any question's or want to talk about this more your free to contact me anytime.
Regards,
David Drayer
512-743-8685
0 votes Thank Flag Link Thu Sep 27, 2012
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