Low credit score conventional loan

Asked by Bmsdm6, Dallas, TX Thu May 2, 2013

Hi I am looking to purchase a condo in the DFW area for about 75000. I went to get a pre approval today and was denied bc I didn't know that Texas is a community property state and that my husbands debt is added to mine when applying for a government backed loan. (He works off of commission and does not have 2 years of tax returns.) I heard that this is not the case for conventional loans but my middle credit score is a 622. What can I do to qualify for this purchase?

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7
ryateslenders, Agent, Plano, TX
Sun Sep 29, 2013
Actually as long as you have a 620 credit score you can get a conventional loan with 3% down with some lenders. I know several lenders that offer these loan products, visit our website I can refer you to a Lender to pre approve you, and an agent if you need one.
1 vote
Kenneth "Ken…, Agent, Dallas, TX
Fri May 3, 2013
Contact any local lender of your choice and get real, hard answers.
0 votes
, ,
Fri May 3, 2013
A 622 score is an ok score but lenders prefer 640 and over. We help restore and improve credit scores.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of 10+ years
http://www.everlastingcredit.com

We also have DIY Packages available.
0 votes
, ,
Thu May 2, 2013
Most lenders will like to see a credit score of 660+. You might want to look into credit repair as a viable option. They will have to get a copy of your credit report to review each item on the report. Another difficult challenge is that your are buying a condo and you will be required to fill out a condo questionaire to make sure it is warrantable.
0 votes
Amin Barrist…, , Dallas, TX
Thu May 2, 2013
On a FHA loan in Texas, lenders will take spouse's liabilities into calculations for DTI even for non-borrowing spouse....
0 votes
Dixon Wong, Agent, Dallas, TX
Thu May 2, 2013
Well you don't have to add your husband name on the loan. We are in community state so he will be on the deed but he doesn't have to be on the loan.

Dixon
0 votes
Amin Barrist…, Home Buyer, 75007
Thu May 2, 2013
Hello, I'm a mortgage broker and I have lenders that will do conv loans down to 620 score with only 5% down!!! I'm not sure if they'll do condo, though. If u r interested plz call me 214.566.2646.
0 votes
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