Can I buy a home with a Fico score of 630 and get qualified for FHA loan? AlanLouganis@yahoo.com I like to buy a house that I can put a Jacuzzi/

Asked by Alan Claudio Louganis, Kihei, HI Sat Apr 27, 2013

swimming pool in the backyard or just a Jacuzzi. Which part of Austin is best for a single gay dude like me? How is SouthWest Austin?

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9
Jessica Bate…, Agent, Beverly Hills, CA
Thu Jul 18, 2013
Yes. If you use the right lender, Talk to a broker first that actually has lenders that can first get a 580 score approved and closed. I would recommend the lenders network, if any company can get you a loan they can. I have had clients with under a 600 score get approved and we closed within 30 days... Brilliant real estate minds with a ton of lending contacts.

Good Luck!
3 votes
C, , Denver, CO
Sat Apr 27, 2013
Personally I would see a lender before you do anything. A local Company that I always refer to is Supreme Lending. You can contact Adam Welch personally 512-554-2682.
Take Care,
Crissy
0 votes
JOSEPH E JAR…, Agent, Austin, TX
Sat Apr 27, 2013
Alan, how I miss Kihei! Believe it or not, it was a choice between Kihei and Austin when I made a move from the East Coast. Nevertheless, I do have a couple of excellent lenders who may be able to talk to you to help you raise your score enough to qualify for a mortgage. That would probably be the best route versus paying higher fees and interest rate for a lower score. Feel free to contact me and I will be happy to refer you to them. I am one of the busier agents in Austin and since I send them a good deal of business, they do not charge you anything for the preapproval process, will help guide you to a better score, and they give my clients preferential treatment with with regard to rate, fees, etc.I will be in my office today from 12 PM central standard time on if you would like to give me a call so I can determine which lender would be best suited for you.

As far as which area might be best for you, Austin is a very liberal city in general and most areas would be more than welcome to have you. I would be happy to discuss that further with you as well.

Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, Austin's #1 Real Estate Company, Ranked #1 by Buyers and Sellers (JD Power & Assoc. 2012)
Call 512-261-4415
0 votes
David Samuel, , Austin, TX
Sat Apr 27, 2013
Short answer is yes, however you have to find a lender willing to work with that score. The industry has been pushing a 640 score to give them wiggle room and avoid the manual underwriting process required once the score dips below 620. As others have mentioned, there are many other moving parts as well, like income, debt to income ratio (how much you spend on bills vs. how much you bring in), and job stability. If you shoot me an email I can recommend a few folks to get you started on the prequalification process, and they should be able to give you a general yes/no within an hour or so.

As far as areas go, I'd actually recommend the east side over Southwest Austin right now just from a value perspective. 78702, 78721, 78727 all have relatively reasonable dollar per square foot ratios, and you will be very close to that east 5th/6th scene which is really picking up steam. If you aren't already working with a Realtor, I'd be happy to help you find something that works perfect for you.
0 votes
Randall Ortiz, Agent, Sacramento, CA
Sat Apr 27, 2013
I have worked with many clients that have a FICO score similar to yours, so that shouldn't be an issue. The lenders may add on an additional fee for the low FICO, but you should be able to get the loan.
0 votes
Steven Nusin…, Agent, Austin, TX
Sat Apr 27, 2013
Hi Alan,

I would be happy to help with your search in Southwest Austin as well as connect you with a local lender to discuss your financing options.

Please feel free to contact me anytime.

Steve Nusinow
(512)922-7588
0 votes
Bill Austin, Agent, Austin, TX
Sat Apr 27, 2013
Alan,
Your credit score is right in the range. Lenders look at the "middle score" as well as other data like, job, income & debt to income ratio to name the top few. I'd be happy to help you find a home and get a loan.
Bill
0 votes
vivianne dor…, Agent, Austin, TX
Sat Apr 27, 2013
Alan,

Credit score is not the only thing lenders look at. 630 is rather low, but if your income is good and your debt is low, you could probably get a loan. As far as location goes, you buy where you think is right for you and, most importantly, where you can afford to buy, home prices vary by location. You should start by talking to a mortgage broker to see if and how much you qualify for. Once you get pr-qaulified, you can start looking at the homes that fit your budget. I can recommend some good mortgage broker, just contact me.

Vivianne Dordea, Realtor
Sierra Homes Realty
vdordea@austin.rr.com
512-554-5997
0 votes
Christina Ha…, Other Pro, Morristown, TN
Sat Apr 27, 2013
Alan:

You are about 10 points away from the general norm that many lenders require as a minimum score of 640. IF you need help my company offers credit score boosting services.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of more than 10 years.
http://www.everlastingcredit.com
0 votes
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