Home Buying in Alvin>Question Details

Trey T., Home Buyer in Alvin, TX

whats a good mortgage loan lender for someone like me that has little credit history but willing to put a 20% down payment.

Asked by Trey T., Alvin, TX Mon May 28, 2012

Help the community by answering this question:


It depends on your credit... you need established credit even if you are putting 50% down. If you go back you can read my answers on how to establish credit without paying anybody but your first step should be to talk to a lender and see where you are and where you need to be so you can purchase in the future if you can't qualify now.

Hope this helps.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Fri Jun 1, 2012
Is the property purchase going to be your residence or an investment? Do you know what your credit score is? If the property is going to be your residence and you have a credit score of at least 680 or so, you may be able to purchase with a lower down payment. If the property you are purchasing is in Alvin, you might try Hometown Bank of Alvin (next to Kelley's Restaurant on Bypass 35). They are a little more 'flexible' than the big banks and most mortgage lenders. In addition to being a realtor, I also own a few investment properties in Alvin. I worked with Chad Dudley on financing the last one we purchased last December. HTBA has a 'hometown attitude' when it comes to banking and will go the extra mile for the 'locals'. Contact Chad Dudley for more info. He can be reached at (281) 388-5000. Tell him that Maggie Adams referred you.

If you are not currently working with a real estate agent, I would love to assist you. Call me or send me an email: Cell - (281) 705-6075; Office - (281) 786-4010; mjare@att.net.
0 votes Thank Flag Link Mon May 28, 2012
I work the Clear Lake and surrounding areas and I like Jeff Wortham in Clear Lake with Hometrust Mortgage. If he can't write he will be able to make some suggestions. His email is jwortham@hometrust.com and his phone is (713)369-6555. He is very nice and will do a great job for you.
0 votes Thank Flag Link Mon May 28, 2012
A mortgage banker/broker will be your best bet.
The large banks are just offering horrible service right now.

We can use alternative credit for clients who have very little credit. We can use alternate trade lines (rent, utilities. ect) to build credit.... but not to overcome bad credit.

Can you tell us more?

Please feel free to contact me with follow up questions.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
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 Mon May 28, 2012
Little credit history, or no credit history? If you do have credit history, just not very much, you'll have a credit score, and the lender will use that score whether it's good or bad. If you have no credit history that can actually be better than a poor credit score, because it means you don't have debt.

In any case, I prefer small local banks or credit unions for mortgage lenders. They usually have the best deals, best service, and most flexibility.
0 votes Thank Flag Link Mon May 28, 2012
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