Rentals in 77065>Question Details

Toby Dodd, Renter in Jersey Village, TX

Are there any realtors/lenders that will get me into the house I need/want with a credit score lower than 580 and a broken lease?

Asked by Toby Dodd, Jersey Village, TX Mon Mar 31, 2014

My situation is urgent. I have bad credit from 2 previous divorces, and I have a broken lease because of the job I had. I worked offshore in the Gulf of Mex and overseas off the coast of West Africa. I had no choice but to break my lease because I was sent overseas unexpectedly. The complex wouldn't let me pay the month's rent without $4000 in penalties without a payment plan. Now, I have a corporate job with a great salary and am in dire need to get a house in the northwest Houston area. Can anyone help?

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I know a couple lenders that can possibly get you approved to purchase with a score under 580 and 10% down.
1 vote Thank Flag Link Sun Apr 6, 2014
I have found a lender that can work with a 580 credit score. Give me a call at 713-256-7721.
0 votes Thank Flag Link Mon Jun 23, 2014
Hey Toby,

Thanks for posting your question and background. Although you cannot purchase at this time due to your score/lending guidelines, do not let that discourage you. Renting is not impossible. If you can tell me the specific area you need to be in, and your price range, I will do my best to see what I can do for you leasing wise. I'm available tomorrow (Thurs. 4/10) to talk, or feel free to shoot me an email if that works best for you.

Also-You can look into some credit repair while you are leasing... It's not unrealistic that in a year's time with the help of working with a lender and credit repair service, you could get your score up and qualify for an FHA loan to purchase a home. I've seen it happen. Just takes time. Whatever you do... Don't get involved with a shady lender who says he/she can get you in a home without the proper score. That is one risk you do not want to take.

Thanks Toby and I look forward to talking with you soon.

Megan Becerra
281-323-8341 (cell)
0 votes Thank Flag Link Wed Apr 9, 2014
Toby ...

You're far better off leasing and increasing your score by taking care of your currently obligations in a timely manner. In this day and age of a sellers' market, your situation would not qualify you to purchase a home. Your time will come ... just not right now. I wish you well.
0 votes Thank Flag Link Sun Apr 6, 2014
It looks as though your score would be too low to qualify. The minimum is 600 as per federal guidelines, but lenders are requiring at least a 620 or no go on a loan. The best thing to do is take a look at your credit. Broken leases are not a problem unless you owe money to the property who is reporting to your credit bureau. What you will need to do is clear up any balances on your credit, and start some credit lines to raise your score. A great resource is Citi Privacy Assist with Credit Monitoring, you can use different scenarios that will allow you to take an action and verify how it will afffect your credit. My best advice is to take control of your credit and manage it using the tools mentioned. You've got a great corporate job, kudos to you! Start slowly and you will be able to rebuild your life and move forward...
0 votes Thank Flag Link Tue Apr 1, 2014
If you are looking to purchase, trying to find a home where the owner will carry the financing could be an option. Send me an email and we could look into this.


0 votes Thank Flag Link Mon Mar 31, 2014
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