my husband makes 21,000 a year is renting the best thing for us to because our credit is not so good

Asked by Meka Gant, Dallas, TX Fri Aug 31, 2012

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John Lyng, , Dallas, TX
Sun Sep 16, 2012

I would be concerned mostly about your behavior in the last two years rather than credit score. Do you pay rent on time? I want to see that plus your current obligations within the last two years. If you don't have much n the way of open credit that isn't a problem as long as you pay other bills such as electric , water, cable/internet/phone, etc. timely.

Remember that with budget we would be talking about a home of about ~$60K, but there are community developers that may be able to help.

Feel free to contact me with questions.

John Lyng
Mortgage Counselor-NMLS 280951
Offering America's Best Mortgage-NO Down Payment, NO Closing Costs, NO Perfect Credit
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T.E. & Naima…, Agent, Dallas, TX
Sun Sep 9, 2012
If you had no other monthly debt payments, you would might qualify for a $60,000 home loan, but the bad credit could prevent you from qualifying.

You'd need to ask a loan officer to see what you qualify for in terms of maximum home price. It will likely turn out that renting is your only option until you can exercise some discipline over your credit and get the score you need. At a minimum you'll need 620 for a middle score to qualify for most financing.
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Dallas Texas, Agent, Dallas, TN
Fri Aug 31, 2012
GREAT he has a job $21K per year with credit improvements you might be able to qualify for a $50K home . Keep working on credit issues

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer

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Katherine Le…, Agent, Dallas, TX
Fri Aug 31, 2012
Hi Meka,
The best thing for you guys to do is talk with a mortgage professional. They will be able to clarify the whole home ownership picture when it comes to financing. And the right mortgage professional can also give your tips and steps toward becoming a home owner - such as how to get your credit in better shape and eliminate debt. I also always reccomend the great Dave Ramsey for helping with finances! Best of luck to you.
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Kenneth "Ken…, Agent, Dallas, TX
Fri Aug 31, 2012
Get per qualified for free with any lender to see where you stand credit wise.

Good luck.

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