Home Loan in Texas?

Asked by James, 78130 Fri Jul 3, 2009

My wife and I make roughly $70,000 a year in new braunfels Texas. We want to get a $283k home loan. We have about $40-50k equity in our current home. Her credit is little under 600 mine is 620. Would we qualify?

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Corey Ehlers, , San Antonio, TX
Tue Sep 22, 2009
Do you plan on selling your current home first, before you buy another home? If so, were you planning on putting down the money you make on the sale of your home?

Right now most Lenders are requiring a 620 credit score to qualify for a mortgage loan., but with 20% down, you may be able to go down as far as a 580, with good compensating factors. To be able to give you an accurate answer on whether or not you can qualify, a Loan Officer would need to look at the entire picture when it comes to down payment, credit scores, debt to income ratios, etc. Once they can get all the details, then they could let you know if you can qualify or not.

Just with the few details you have given, I would say there is a shot at getting approved, but a full application would be needed to give you a definite "yes" or "no".
Web Reference:  http://www.mysahomeloans.com
1 vote
Onesource, , The Woodlands, TX
Wed Aug 19, 2009
I'm a Texas Mortgage Broker, you should be able to do an FHA loan as long as mid scores are 620 or above...you can call me at 832-725-4990

Thanks, Tom
1 vote
Kevin, , Texas City, TX
Wed Jul 29, 2009
you can contact http://www.eaglenationwidemortgagetx.com/
hope they can help you out....
1 vote
, ,
Fri Jul 3, 2009

Both of the answers below are right. You need to put in a full application with a loan officer. One that knows credit.
Here is a little book about credit.
Read this and feel free to contact me regarding follow up questions.
You really need to be over 620 FICO score.... And you are really close

Tom Burris
Mortgage Banker
1 vote
Jeani Thomas…, , 78133
Fri Jul 3, 2009
I would advise you to meet with a loan officer (actually 2 or 3) to find out what your financing options are. As you are probably aware, financing is not as easy to obtain as it was a couple of years ago, so it is best to compare and make sure that you are getting the best rates available to you, the least amount of fees and a reputable mortgage professional that will guide you through the qualifying process.
1 vote
Frank Bailey, Agent, San Antonio, TX
Fri Jul 3, 2009
In order to get the best and correct answer to your question, I would highly recommend you talk to a loan officer. There you would find the "right" answer to your question. If you would like me to have one contact you, just let me know either via email or call.
Web Reference:  http://www.fabailey.com
1 vote
Elliott R. O…, Agent, McLean, VA
Fri Dec 17, 2010
It is possible to get an FHA down to a 580 middle credit score but I would not recommend it. Rates are higher and the approval process can be extremely frustrating. Ideally you want to be at least 620 but preferably a 640 to get a good rate and prompt closing.

You need to go through a Comprehensive Pre-Approval process so you know exactly where you stand and address any issues before you start looking at homes. It's all about preparation. I go into more detail on this part of the process here: http://www.elliottoliva.com/preapprovedvsprequalified

Depending on where in New Braunfels you are interested in you may qualify for a USDA No Money Down loan so long as you meet the income, credit and property criteria.
Web Reference:  http://www.elliottoliva.com/
0 votes
Jason Campbe…, Agent, San Antonio, TX
Fri Dec 17, 2010
I get this one a lot!! Almost every day actually! We have a few lenders that we work with that will allow your scores to be as low as 580 with 10% down. However, you can get the good stuff if we just sit down and go over the credit report, and get her score up to a 620. It is not hard to do if you are close to the 600 range... In fact, you would be surprised how easy it really is.

If you are going to keep your current home and use it as a rental, then it really doesnt hurt or help you provided you are charging enough rent to where that payment does not hit your income to debt ratio too hard.

If you are going to sell your home... then being able to show a large down payment, or having "Reserves" in the bank can really help your cause quite a bit. It is amazing how lenders will be more lenient when you have a wheelbarrow full of cash in the bank. You just need to hook up with a loan officer that works with a wide variety of banks and knows which ones will play and which ones wont.

Sounds to me like you guys are easily within strinking distance.. I bet if you just paid down a little debt, or paid off a collection, or paid off a small account in her name... you both would hit 620 and have the pick of the litter.
0 votes
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