Dana Giles, Home Buyer in Fort Worth, TX

I am a first time buyer with a credit score of 667 experian with 33% debt ratio recently had to buy new car. What are my chances for loan?

Asked by Dana Giles, Fort Worth, TX Tue Apr 9, 2013

I have no negative history. I am able to put 9k down max. Looking at houses in Fort Worth area under 100k. Not sure what score is for the other 2 credit bureaus can't image being that much different. Thanks for your time.

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Rick DeVoss, Agent, Ft Worth, TX
Sat Oct 12, 2013
What a timely answer. This question was asked on APRIL 9th!
2 votes
Penny Adkers…, Agent, Fort Worth, TX
Thu Feb 6, 2014
As long as your debt to ratio is no not higher you should be okay what kind of pmt are you wanting.i can give you Agee lenders info call me 818-528-7606 I am a Acredired buyers rep and a TX afordable home specialist
Penny Adkerson
Winansbhg realty
0 votes
donnatupper, Both Buyer And Seller, Fort Worth, TX
Thu Feb 6, 2014
We are looking for people who want to own a home but can't get approved for a loan because of bad credit or who show little to no income due to self-employment. Let me be clear, this is NOT a free-for-all on home buying. My company finds buyers who have the funds to support a mortgage payment but show very little income or have a poor credit score. We find homes for those looking, remodel the home to the buyer's wants/needs and put them in it. A 10% deposit is necessary to secure a home in your name. If you want to own your own home and have a stable, verifiable income that can support a monthly mortgage payment, we need to talk. Let us do the work for you and see if we can get you into your own home. Again, this is NOT a government sponsored program or a loophole in the system. We are an honest company helping those who cannot find funding in a traditional manner. Contact me and let's start examining your options!
Donna T
0 votes
Sajata Hale-…, Agent, Fort Worth, TX
Sat Jan 11, 2014

What did you find out? Where you able to buy anything? Your credit score is fine, it's just a matter of finding what YOU want and I hope you were able to! If not, message me and we'll get you moving in the right direction. Have a fabulous weekend! :)

Sajata Hale-Williams
(817) 706-4859
0 votes
Jessica Bate…, Agent, Beverly Hills, CA
Wed Nov 13, 2013
They are very good. People can get an FHA loan with just a 580 credit score, you only need 3.5% down.. Talk to a lender first though, check out The Lenders Network they can get you to a lender that can help you..
0 votes
Michael Dryd…, Agent, Fort Worth, TX
Sat Oct 12, 2013
Dear Dana

I congratulate you on selecting the 76137 area for your search, and on doing the initial homework on your credit information. I've lived in that area for over 20 years and specialize in helping buyers and sellers in my neighborhood.

I would recommend that you check all three credit reports...not just the scores. Nealry thirty percent of credit files have errors that negatively impact the score. You can get a free copy of each credit report once each hear. The Federal Trade Commission website at FTC.GOV has information on how to get your free annual report as well as great information on credit scores and how to improve them! Unfortunately, their site is currently down, due to the government shutdown. You can still ge the report, though by going to https://www.annualcreditreport.com

I assume that the 9k down would include the money you have for closing costs. There are many quality preowned homes in the Fort Worth area that you should qualify for.

The first step would be to work with a professional REALTOR(R). Only members of the National Associations of REALTORS can use that title. They have to adhere to professional standards that will give you a great deal of security as you work with them. Start by having a conversation with your REALTOR that includes the LIFESTYLE you are looking for...not just the house and the loan amount. You want a home that is in an area with things important to you in terms of shopping, activities, convenient access to your work location, etc. The list is different for every client I work with. Your REALTOR should spend lots of time listeing and asking you questions on your first visit.

I'd be happy to help. You are about to start a terrific adventure! Find a professional to help that doesnt' just want to sell you a house.l Find someone that wants to help you find your way home.

Michael Dryden
Prudential Worldwide REALTORS
0 votes
Penny Adkers…, Agent, Fort Worth, TX
Mon Apr 29, 2013
I can set you up with a lender and there also first time buyer bonds and USDA loans. I am a Texas Affordable loan Specialist in this area. Call me so that I can set you up wth a lender that deals with those programs and we can go over your needs
Penny Adkerson
Billie Gregory Realty
0 votes
Cynthia Henry, Agent, Weatherford, TX
Sat Apr 27, 2013
shouldn't be a problem. call Mark McCormick..

.and then call me (Cyndy) http://www.parkerdavisrealestate.net

Mark McCormick

Senior Loan Officer

NMLS 133418

Cross Country Mortgage, Inc.

NMLS # 3029

1601 E. Lamar Blvd, Suite 200

Arlington, TX 76011

Ofc 817-500-5108

Cell 817-875-2643

FX 214-224-0943


Mortgage Rates and news 2 USE

Who am I Click here

Let’s Connect Professionally

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0 votes
John Lyng, , Dallas, TX
Tue Apr 16, 2013

You should be in good shape even with a bank, if the $9000 is the total you have for down payment, closing costs and funding escrows you may need to get help from the seller for closing but you should be right there. Your score probably dipped some after buying a car but it will come back up as you start getting a few payments on it. Some lenders might make you wait since that is a new debt ; my program wants to see 6 payments on time to move forward.

My program also offers no down payment, no closing costs, and I don't use FICO scores. You would need to show about $3500 for funding escrow, the first month's payment, inspection on the property and earnest money. This way you can keep most of your cash

Contact me with questions.

John Lyng
Mortgage Counselor-NMLS 280951
0 votes
Penny Adkers…, Agent, Fort Worth, TX
Wed Apr 10, 2013
With that credit score and debt to ratio there are sone lenders can can work with you.However dont charge anytjing else till you close on your home if buying soon contact me 817-528-7706 so I can help you
Penny Adkerson
Billie gregory realty
0 votes
John Straub, Agent, Fort Worth, TX
Wed Apr 10, 2013
Hi Dana
Your score is not going to be a problem for you. The challenge may be your debt to income ratio these are the numbers used by a lender to determine your ability to qualify for a mortgage. For an FHA loan, a lender typically wants no more then 43% of your gross income used on debt and the house payment. But let me be clear on this fact that some people overlook. The debt we are talking about is the debt that shows on your credit report, this does not typically include, phones, cable, electricity, water, or rent and it is the minimum amount due according to the creditor as reported to the credit bureau. If you pay more than you have to that does not count towards your debt ratio. I suggest that you have a sit down with a REALTOR and have him or her explain the entire process to you from A to Z and then work together to build a team including a lender, an inspector, and escrow officer to help you get your new home. I wish you the very best in your homes search and if you have any questions or I can be of any assistance please feel free to contact me directly.

John Straub
Keller Williams Realty
0 votes
Curly Sue, , Texas
Wed Apr 10, 2013
Does 33% debt ratio include your car? That is crazy, crazy high DTI. How do you expect to afford a house payment if max DTI is 48%

There's no way to give you any kind of answer without knowing your income.
0 votes
the bulk of my debt is student loans. I thought I put it in my initial inquiry sorry.
Flag Wed Apr 10, 2013
A lot of people don't calculate DTI right....
They think total debt divided by income is a number we use.
Before I call something crazy, I usually ask for more info.
Flag Wed Apr 10, 2013
Rick DeVoss, Agent, Ft Worth, TX
Wed Apr 10, 2013

Well, you threw out the bait, and all the sharks have come out with an answer! Even some from other states who don't know a d___ thing about Fort Worth properties, or Texas real estate practices. I just got back from an evening out, and began reading this blog. I'm not sure who you thought you were writing the question(s) to, but some of the responses are amusing; and there's a few we will predict who will chime in tomorrow.

But for the other first-time home-buyers who are reading this site, you've raised several significant issues. Let's take a look at some of them:

> You say your Experian score is 667; and then you said "I have no negative history." I don't mean to sound cold, but your score would be a lot higher if you had no negative history. Perfectly positive credit is somewhere well over 800! But your credit score should not hold you back with most lenders, and some of them are starting to make loans to people with much lower scores. But here's the catch: If Experian is your high score, and the other two are much lower, you could have a hurdle here. I suggest you either run the other two reports yourself, or get a loan officer to pull all three of them in a "merged credit report."

> You seem pretty positive that your income to "debt ratio" is 33%. Is that without considering a house payment? Is that before or AFTER you bought a new car? (You should have applied for the house loan first, and THEN bought a new car.) It's amazing how many people make major life decisions without getting any good advice from a professional, ie., you should have talked to a Realtor first, before buying the car. (You could have even asked the questions on HERE before buying the new car!) IF you contact me, I'll explain further about I/D ratios, or just ask your favorite loan officer. They are the guys who do that sort of thing for a living. Get some advice from a professional, ...not a website.

> If you have $9,000 in the bank, (verifiable), then you are in good shape to make the down payment. On an FHA loan of $100,000, you will need $3,500 for the down payment. You may even have enough to pay your own closing costs, but if you contact me, I'll show you how I negotiate for my clients and get the seller to pay for most of them.

> Yes, there ARE houses in the Fort Worth area under $100,000; but it depends on what part of town you want to live in. If it's "76137" as indicated by Trulia, we can find some there for you. I have sold houses in that Zip Code since they first started building them out there. There are currently 8 for sale (in MLS) that fit that description, but only half of them are 3-2-2's. Call me if you want to see all four of them.

> You have been misinformed if you think all three credit bureaus have the same info on you, and publish the same scores for you. The three scores can be widely different, and you can't afford to guess about the other two if you want to qualify for a loan to buy a house. Lenders do NOT average the 3 scores; they look primarily at the middle one, but will consider evidence on all three when making a final determination of your risk factor. Some people who have lower scores than yours can get a loan approved due to the nature of what is pulling their score down. And there may be cases of people with a higher score who get rejected by a lender.

So, here's the bottom line: you need to talk to an experienced Realtor (that would be one who doesn't just say "call my favorite loan officer"), --OR-- call your own choice of lenders and talk to a loan officer!

What are your chances? --They are very good! You could be a homeowner by late May or early June.

Good luck with it. I'm here to help anyone who wishes to talk with a live person, instead of an impersonal website which perpetuates myths.

Rick DeVoss

ULTRA Real Estate Services


0 votes
Rick, you sound very angry or threatened by competion.....one doesn't need to know a thing about Fort Worth or Texas real estate practices on this one because it is a question about mortgage loan qualification. Also, I don't mean to sound cold, but, having NO negative or derogatory credit history does NOT mean you have a high credit score. Many factors influence one's score and a LACK of (not enough) credit history is a prime contributor to a low score even if the little existing credit history shows a PERFECT payment record!
Flag Wed Apr 10, 2013
John Reaves, , Fort Worth, TX
Tue Apr 9, 2013

It sounds like you are in pretty good shape. Inventory is really tight in the Fort Worth market. As others have stated, the first step is to get in touch with a lender. Once you have gotten prequalified then its time to start looking for a house. You will need the prequalification letter from the lender in order to make an offer on a home. It will be sent along with the offer.

If you need the name of a good lender please give me a call. Also, feel free to use my website http://www.cowtownhomesales.com it will give you real time access to everything that is available.

Thank you,
John Reaves
Keller Williams Realty
817-789-5542 (cell)
0 votes
Debbie Scri…, Agent, Weatherford, TX
Tue Apr 9, 2013
Give me a call. I have agreat mtg. banker who can walk you through the process in a short time and then we can hit the road to finding your home. Call and let's talk 817 980-1047
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Tue Apr 9, 2013
You need to apply with a lender.
Your chances are good if the lender also calculates your debt ratios that low..... Many people do not calculate that right

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
0 votes
Cassandra M.…, Agent, Canton, GA
Tue Apr 9, 2013
Any lender will pull all 3 credit reports and usually take the middle score. However, any recent negative items or collections would need to be taken care of - but sounds like you should be clear of that.

The debt to income ratio seems a little high so they may want you to pay a few balances down - depends on which programs they are looking at.

It seems like you sound be good though.

The best way to find out is talk with a reputable lender in the area and have them pull your credit and review your situation. This will also let you know if there are any surprises or errors on your report.

If you need a referral locally for a lender or REALTOR, let me know. Id be happy to give you a few names/numbers.

Good Luck,
Cassandra Bickel, REALTOR
0 votes
Tricia Winte…, Agent, Southlake, TX
Tue Apr 9, 2013
You would have a very good chance of getting a loan. I can set you up on a search of homes with your criteria then we can go look at the homes you are interested in. Also I can recommend a few lenders who would be happy to help you with a loan.
I look forward to hearing from you.
Thank you
Tricia Winters
Alexander Chandler Realty
0 votes
Sloan Yorek, Agent, Fort Worth, TX
Tue Apr 9, 2013
I'd recommend speaking with DeAnna Morgan with Benchmark, she can probably work with this... 817-944-8094 or DeAnna.Morgan@benchmark.us
0 votes
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