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Asked by Shirley, Spring, TX Mon Jan 4, 2010

I have 20,000.00 and below par credit. (500 with foreclosures and other issues) I am retired and want to buy a home for my retirement years. I have 2700 guaranteed income per month and do not want to spend over 65,000 for a home. Is there a lender out there who would finance me in Marble Falls/Horseshoe Bay area?

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Brad Bowen, Agent, Horseshoe Bay, TX
Wed Aug 8, 2012

20% down; old fashioned bank.
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Emily, , Llano, TX
Tue Jan 5, 2010
Shirley, I am in Llano and have a contact in Marble Falls that you might want to talk to in the lending business. If you will give me a call I can put you in touch with her to discuss your situation and how she might be able to assist you.
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Bruce Lynn, Agent, Coppell, TX
Tue Jan 5, 2010
You need to get your credit score up. Get with a loan officer at your local bank and see if they will review your credit report with you and give you some guidance on what you can do to bring up your score. Sometime it is just a matter of paying off some collections, keeping current on your current bills, etc. They can give you some goals to shoot're almost there. Good luck.
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, ,
Tue Jan 5, 2010
Shirley: You'll need to get your scores up to about 580. There are programs available with 530 scores, but it's worth waiting for the higher score for the better rate (and lower fees). As Rudy mentioned, the foreclosure needs to be 3 years old (or 2 with circumstances). I'm assuming that you don't have credit now and therefore it'll be hard to get those scores up. You'll first need to pay off any open collections unless they are medical or utilities. Second, go to a credit union and see if you can get at least 2 loans that are secured and that report to the credit bureau. If you can't find any, let me know and I'll email you info on a company that does just that. Your scores will continue to go down as you pay off collections, especially if the collections are over a year old, but that's part of the process of recovery. The lender will want to see at least 12 months of on time payments after a foreclosure or bankruptcy with a score below 620. You want to be able to show the lender that you have the ability to repay a loan without any problems. Good luck!
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, ,
Mon Jan 4, 2010
Hi Shirley

To assist you, FHA wise: you'll need to get your score up to a min of 640. Furthermore, depending on when your foreclosures discharged, you'll have a 3 year waiting period from that date of discharge before being eligible for a new mortgage.

Fannie/Mae Conventional wise: You'll need a credit score of 680-740 or better and have to wait 5 years from the date of your foreclosures discharging to be eligible. I'm not a big fan or advocate of them, but depending on how soon you're looking to buy, you may want to utilize your full 20K and look to a hard money lender to finance the rest. Hope this helps.

Rudy R. McDowell / Senior Loan Officer
NMLS#: 141856
770 S Adams Birmingham, MI. 48009
o: 800-678-6663 Ext 5154 / f:248-594-6156 /d: 313-410-1344
"Referrals are the Best Indicators of My Service and Your Satisfaction
0 votes
Sue Ellett, Agent, Austin, TX
Mon Jan 4, 2010
Hi, Shirley - your first priority will be to talk to a local mortgage broker. If you are interested, let me know and I can get you in touch with someone in the Marble Falls area that I work with regularly who can tell you if you will qualify or, if not, what you need to do to improve your credit. they can generally do a preliminary over the phone/by email.

Sue Ellett
Texas Affordable Housing Specialist
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jan 4, 2010
Why not directly visit/contact any qualified loan officer(s)--have him/her look at your credit and overall budget and take it from there--oftentimes the loan officer may have tips on how to improve that credit score in a reasonable amount of time.

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