Home Buying in San Antonio>Question Details

Carrie, Home Buyer in San Antonio, TX

First Time Home Buyer. With A Credit Score Of 550.

Asked by Carrie, San Antonio, TX Tue Oct 2, 2012

First Time Home Buyer. With A Credit Score Of 550, But Also With A Co-signer Is This Possible?? Any Programs I Can Qualify For To Help Me.

Help the community by answering this question:


I would tell the co-signer to run. . . . .
2 votes Thank Flag Link Tue Oct 2, 2012
To be honest... I do have lender's that will do that loan.. you will need a nice sized down payment, but I will say it's not worth it..

It's better to focus on fixing up your credit.. I do have a source I can refer you to that is quite amazing for credit clean up.. They are cheap, and their work is flat amazing.

Shoot me a text, e-mail, or give me a call.

Jason C Campbell
Option One Real Estate
1 vote Thank Flag Link Tue Oct 2, 2012
Co-Signer doesn't cure the lack of willingness/capacity to pay.
Co-Signer can only add income for someone who can demonstrate the above.


The above link is an article I wrote about co-signers.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
1 vote Thank Flag Link Tue Oct 2, 2012

Try NACA. They will teach you the process and what your options are. The website is


They have helped many people in San Antonio to get into a home after they have exhausted all of the other options.
0 votes Thank Flag Link Fri Oct 5, 2012
Most credet repair companies do not have the same goal as you. Credit repair companies make thier money by charging you a largefee, then a monthly until your credit is where you need it.

I work with a Mortgage company who goal is the same as yours...to get you into a home.

The fee is $250-$300 as long as you use them to get youe loan after they fix your credit.

If you are serious about fixing your credit so you can buy a home,

Contact me directly and I can give you more info.

Marty 210-725-9607
0 votes Thank Flag Link Fri Oct 5, 2012
Hi, Carrie,

As you night guess, the woods are full of scam artists who prey on people who desperately want a house and want a shortcut to qualify. Lenders are under intense scrutiny these days. If they write a loan that defaults in the first year, they may get to buy it back. That's why the standards have tightened.

There are some folks who will lend you the money at a higher interest rate, with a short term due date, where you have to refinance or lose the house. If the home is artificially priced too high to appraise, you are almost assured that refinancing will not be possible.

Your best course of action is to work with a lender with a strong reputation for quality, do what you need to do to raise your credit score, and then buy with confidence. We can refer you to a good one if needed, and we also can find you a rental to live in while you are doing the work.

Best regards,

Doc Stephens, REALTOR
0 votes Thank Flag Link Fri Oct 5, 2012
Your credit score indicates you have a problem handling money. 1/3 of the mortgage approval is based on your willingness to pay your obligations. At this point you are unmortgeable. Work on your credit. Learn to handle your money. To do this go to your local non profit housing group for credit counseling. They will tell you what you are doing wrong and what you should be doing. Also work out a budget with them. When your score is 640+ then you can consider buying a home.
0 votes Thank Flag Link Wed Oct 3, 2012
Good afternoon Carrie,

Most Lenders today want a minimum credit score of 640 to qualify for mortgage financing. A credit score below 620 indicates bad credit.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Wed Oct 3, 2012
Co-signers on mortgage loans is a thing of the past. Your co-signer would probably have to purchase for you. I do have a mortage company that does credit repair for a small fee as long as you apply for your loan with them once they fix your credit. Contact me directy and I can give you more info.
0 votes Thank Flag Link Wed Oct 3, 2012
I have people who can help you with a couple programs. I'd need to review your case. If you contact me Wednesday, I can have an answer for you by noon Thursday.
0 votes Thank Flag Link Wed Oct 3, 2012
Buying Real Estate is an exciting experience and one that requires reflective thought, planning, and insight. That this is an important decision is not in question, and so it is very important that you be advised by a true experienced Real Estate Professional for any Real Estate purchase...

I believe: "In giving advice, seek to help, not to please, your friend."
Solon (638 BC - 559 BC)

Please don't hesitate to contact me if you have any questions or if you would like to get on my time saver customized home search that fits your criteria...

Yours Truly,
Rosie Kelch "The Singing Realtor"
23 years RE Pro.
Hablo Espanol
210-846-3027 Direct Line
0 votes Thank Flag Link Tue Oct 2, 2012
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