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.
ULTRA Real Estate Services