I am a first time homebuyer who is doubting I have a chance to purchase a home. I was denied pre-approval in June of 2013 through DHI. Help?

Asked by Unspecified, 76137 Thu Feb 20, 2014

I have a steady FT job where I make $37.5k a year. I have been working furiously to improve my credit. I have paid my one credit card off once & will have this paid off again by the end of March. I will also have a minimum down payment (3.5-5%). My credit score is a 615 through Transunion. When I was denied they told me my score was a 596. I figure that once I pay down my cc to 10% utilization, my score will be somewhere around 640-645. I have outstanding payment history. I always pay on time & always more than the minimum payment. I figured I would need some sort of city or state assistance in purchasing my first home so I went ahead & took the 1st time homebuyer class & got the certificate 2 weeks ago. However, my income is over the limit for Fort Worth DPA. What do I do next? I'm looking to purchase in 4-6 months if possible in the north Fort Worth area.

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15
Rick DeVoss, Agent, Ft Worth, TX
Fri Feb 21, 2014
BEST ANSWER
Dear Hopeful Buyer --- I congratulate you on your efforts to get approved for a loan so you can buy a house. ....Some of the answers/inputs you have received on here are positive, and some of them are worthless. I am fairly certain that you CAN buy a house and I would like an opportunity to sit down with you and discuss a plan. ...If I'm right, ~you will get a house. ...If I'm wrong, ~ I'll buy you dinner. ...So you have nothing to lose at this point, but I'll stake my 34 years experience on the fact that there IS a way for you to qualify --- if we package your application properly, and work with the right loan officer. ...If you are interested, please contact me at your earliest convenience. ...I look forward to helping your family move into the home of their dreams! ...Rick DeVoss......ULTRA Real Estate Services.......817-300-6121......WholeLife@Yahoo.com......
1 vote
Arthur Garcia…, , Fort Worth, TX
Fri Feb 21, 2014
Congratulations on working on your credit. I've always said that if you want a home bad enough, you will do what it takes.
If you have the 3.5% or even the 5% down yourself, it won't be necessary to use DPA (down payment assistance).
When you feel like you're ready to move forward, please give me a call. I can help guide you and give you the best recommendation for your situation.
I'm always here to help.
Thank you.
Arthur Garcia III
NMLS# 991969
Cell: 817-992-6740
agarcia@ssbtmortgage.com
1 vote
Bill Merritt, , Dallas, TX
Thu Feb 20, 2014
Your income would qualify you to buy a property on our Home 97 program, which is 3% down payment, NO PMI, all of the finds, including down payment can be gifted by a relative, and the minimum credit score we require is 620. The Seller can contribute 3% of the sales price towards closing cost/pre-paids. Try to stay away from an FHA loan if you can.
When you are ready, feel free to contact me for further information.
bill.merritt@bbvacompass.com 972-705-2806
1 vote
To both of your questions, the answer is no. This is not a FNMA loan, it's a Portfolio loan. The income varies depending on location. Here in the DFW area, the income is $55,150. It may be less than that elsewhere, but the property can be located anywhere.
Flag Sat Feb 22, 2014
I looked into this & it says the program is discontinued? Is this the Fannie Mae 97% Conventional Loan?
Flag Fri Feb 21, 2014
Does the home have to be located in a certain area in order to qualify for this?
Flag Fri Feb 21, 2014
Ereka Jones, Agent, Richardson, TX
Wed Feb 4, 2015
Hi There!

I have some many homes in that zip code and I have a lender with a program that goes up to 80K for the yearly salary.

G
0 votes
Jodi Hight, Agent, Southlake, TX
Wed Feb 4, 2015
You just need a helpful lender and some guidance on finding a great home in your price range. If you still need an agent to help you, don't hesitate to contact me! I specialize in the 76137 zip code!
0 votes
Susie Kay, Agent, Dallas, TX
Tue Feb 25, 2014
You are doing a lot of good things for yourself there but you also need a good mortgage banker/broker who can help analyze your situation and give you advice.

I have some lenders that I can introduce you to and assist you in obtaining a loan. Let me know if you need a name or two, you can call me at 469-371-2899.

Good luck,
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes
Alecia Smith, Agent, Frisco, TX
Fri Feb 21, 2014
Congratulations on working so hard to achieve the American Dream. I have the perfect program for you. NO DOWN PAYMENT, NO CLOSING COSTS, NO MIP AND BELOW MARKET FIXED INTETEST RATES. I have been working this program for years and all of my clients have closed in 30-45 days. I would love to chat with you about the options you may have and how I can best assist you with your real estate needs. Regards, Alecia Smith, 214-274-6056.
0 votes
Linda Fisher, Agent, Humble, TX
Fri Feb 21, 2014
GOO FOR you , you are on the correct path, If you come to Houston I will be happy to help you

You should be able to purchase a home.

Find a good lender and a good Real Estate Agent, they will guide you through the loan process and

help you with what you can afford. You will do great

Good Luck and Good Bles

Linda


















I think you are doing great it may take a little longer, but hang in there one day at a time, I think you can get a loan if you have good job stbility, pay your rent on time.

Find a good lender and a god Real Estate agent , they will help you through the loan process

If you land in the HOUSTON area give me a call it wilbe my pleasure helping you

Linda
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Feb 21, 2014
You can work on your credit scores for continued improvement, keep saving money, pay your bills on time 4 -6 months goes quickly then hopeful to purchase a home

My website is updated daily therefore saves you time search accurate information

Allow my professional profile to introduce myself to you
http://www.lynn911.com/Web/AR287090/About/index/5002763

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Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

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(If my answer is helpful indicate by THUMBS UP or BEST ANSWER. Thank you )
0 votes
Robert Hanson, Mortgage Broker Or Lender, Olney, MD
Fri Feb 21, 2014
Hello,
I can work with a 580 score for an FHA loan with 5% down. With a 600 score you only need 3.5% down. I also have access to software which enable me to run unlimited scenarios for things we could do that then lets me know how it would affect your score. In addition, I can use this software to project out in time so we can see what the effect will be in one month, or two, or more. Often I can get peoples score up significantly while we process their applications.

I'm available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
0 votes
Veronica Sti…, Agent, Fort Worth, TX
Fri Feb 21, 2014
Hi there, I would sit down with a lender and walk through all aspects of your situation. They can outline a time line for you and once you are pre approved, we would be happy to help you find your first home. Sounds like you are very close. Good luck!
0 votes
Kimberly Kel…, Agent, Dallas, TX
Fri Feb 21, 2014
Calll back your lender and have them pre qualify you again in about two months keep your cc balances low. If you have any other questions, please feel free to call me.
0 votes
David James, Other Pro, Bakersfield, CA
Thu Feb 20, 2014
There is a program through FHA that will basically allow you to put just .5% down you may qualify for. You would get one loan for 96.5% of the purchase price and another small loan for 3% towards the down payment and additional funds for the closing costs. I know of a couple lenders that offer this program I can refer you to if you are interested email me or visit our website.
0 votes
Donald Crouc…, Agent, Collinsville, TX
Thu Feb 20, 2014
I recommend you work with either TexasLending.com or QuickenLoans.com; two of the best Direct Lenders who will shoot straight with you and tell you right up front if you are qualified, if not what you need to do to get qualified.

Just my opinion, Hope this Helps.
Donald Croucher Jr
0 votes
Mark R. Barr…, , Bakersfield, CA
Thu Feb 20, 2014
I would call a large broker They have a DPA that goes down to 580 FICO and you don't have to be a first time home buyer. If you make over 80k it probably won't work. I do these in California brokered through my wholesale wholesale division. The income limits vary so they could be 100k where you live.
0 votes
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