hello my fiance is trying to find out on getting a house credit score is 640 but he only make 25,000 a year is there any possiblilty of getting a loan

Asked by Ndwyer, Webster, TX Tue Oct 25, 2011

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Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Thu Oct 27, 2011
You can..... But the selling price might be pretty low.
Depending on where you want to live, if you can find homes in the price range you get pre-approved for.... then you might be ok.
Do you work?
Do you want to be on the loan?


Please feel free to ask follow up questions.... email is best



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!!
1 vote
, ,
Thu Oct 27, 2011
With the rates in the 3's you may be surprised as to what you qualify for. Give me a call, I am not licensed in Texas but there are people in my office that are.
0 votes
Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Tue Oct 25, 2011
I see that you live in texas. At one point in my past I was on the brink of moving there and I had a chance to review property prices and you can buy a pretty decent house even with a $25k salary depending on the liabilities on his credit report. It's possible with some reserves you could afford a 100k home, less depending on what's on his credit report, if anything.

You'll need to speak with a lender to determine exactly what he'll qualify for as the automated underwriting engine that all lenders use will give you an absolute answer with the appropriate documentation provided to the lender.

Don is correct. Most lenders require a 620 or even a 640 now from what I've been hearing from other lenders.

I almost forgot, if you're looking to buy a mulit-family home (2-4 units) then your buying power will go up and you may qualify for a lot more home than you thought possible.
Web Reference:  http://RobWeber.com
0 votes
Don Groff, Agent, Austin, TX
Tue Oct 25, 2011
Depending on his other debts he may be able to qualify now. 620-640 is the minimum score required by most FHA lenders. My recommendation is to go speak with a banker or mortgage broker to see about getting qualified and see what you can afford. Just because a bank states you can afford something does not mean you want to spend that amount. Find a lender who will work with you and help you get into a home if that is what you want to do.

Best of luck to you,

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes
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