I am 22 and looking to purchase a home within the next 6 months. What does my credit have to be and approx. what % of down payment? (cedar hil, tx)

Asked by Nisha, Cedar Hill, TX Sun Apr 15, 2012

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K.C. Jones, Mortgage Broker Or Lender, Irving, TX
Thu Jan 10, 2013

The short answer is...580+ credit score and 3.5% down.
Contact me and I'll help you get into your new home. :)

K.C. Jones
RH Lending
0 votes
Ron Jensrud, Agent, Fridley, MN
Wed Dec 5, 2012
That really depends on the loan program. FHA 3.5%. Conventional 2%, 3%, 5% or more. VA 0%, USDA 0%, With down payment assistance maybe $1000 or less. You want your credit scores to be as high as possible to give you the most options, most likely 620 and higher.

You also need an Exclusive Buyers Agent, who will be in your corner 100% of the Time on ANY home you want to purchase. Although every agent will tell you that they will be your "Buyers Agent", they sometimes forget to tell you that, it will only be on homes NOT listed by their brokerage. Anything homes they show you that is within their firm, the agent will become a Dual Agent.

If you need more advice, contact me.
Ron Jensrud
100% for Home Buyers - 100% of the Time!
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Don Baker, Agent, Red Oak, TX
Wed Dec 5, 2012
You're taking the right step in the right direction by finding out about financing first. Talking to an EXPERIENCED Loan Officer will save you time, money & disappointment. I'm an agent now, but I have 14 years of mortgage experience. I recommend talking to Victoria Baker with Service First Mortgage. She has 28 years experience in the mortgage industry & can guide you in the right direction for home financing. Different loan programs require different down payments, credit scores & other criteria. She's great when it comes to service & communication. You can contact her at 214-693-6308 or vbaker@servicefirstmtg.com. Once she pre-approves you, I can help you find the home of your dreams. It's an advantage to you to have your Loan Officer & Realtor under one roof! I wish you the best in your journey to finding a home!

Don Baker
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Wefixbadcred…, , Texas
Thu Sep 27, 2012
@Nish make sure you have a credit score 680 or above...

Sponsored by http://www.wefixbadcredit.org
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Robin Cranda…, Agent, Cedar Hill, TX
Tue Jun 19, 2012
Hi Nisha,
I commend you for asking the right questions before spending a lot of time and energy looking at homes. It used to be a client would find a home and then get a mortgage because mortgages were very easy to get by almost anyone with a job and even some that didn't but had great credit scores.
Today in a recessed market, loans are much harder to get but not impossible. Therefore, the market dictates that a person must be pre approved before looking. Most Realtors will require it and almost every seller will require it before they would even consider your contract offer.
I own a company, Freedom Restoration Credit Services, Inc. that specializes in helping first time home buyers get approved for home loans. My company does everything that a client would need to finding the perfect home and representing you in the contract negotiations. We can provide the mortgage for you once you were qualified and outline a course of action from the very begining to make it all happen. You are young but more people in your age group are making the decisions to own instead of renting. One thing to consider is net worth. People who rent increase their net worth by only $5000.00 over 15 years. People that buy a home, their net worth is $168,000.00 on average, over the same 15 year period. It make sense to buy for many more reasons. Please contact me if you would like to know more about what we can do for you. My company is located right here in Cedar Hill. We were honored recently by being named Best in Cedar Hill in Mortgage Brokers and Mortgage Assistance, Credit Repair catagories by a group of national experts in the field. We specialize in taking non qualified home buyers and making them home owners in as little as 90 days. I am sure you to can be a homeowner sooner than you might think possible. You can find out more about us online at http://www.freedomcreditservices.com. I hope to hear from you soon. Robin
0 votes
Hi Robin, Thank you so much for this information. I am very interested in learning more asap. I wil be in touch.
Flag Tue Jun 19, 2012
Brian Rayl, Agent, Dallas, TX
Thu Apr 19, 2012
Congratulations on making the decision to buy a home so early in life. You obviously have a good head on your shoulders!

Tom's answer is right on. You definitely need to speak with a lender. There is much more that goes into qualifying to buy a home than a credit score.

Give Tom a call. Once he gets you prequalified, feel free to give me a call and I can show you some properties.

Brian Rayl
Keller Williams Elite
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Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Mon Apr 16, 2012
640 FICO & 3.5% down is the benchmark.
But there is more to it than just scores.

You should have a long conversation with a mortgage guy sooner than later.

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
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Miracle Benn…, Agent, Cedar Hill, TX
Sun Apr 15, 2012
Credit score requirements vary by type of loan. The best thing you can EVER do when getting in to home buyer mode is speak to a qualified and experienced lender like Harlan Cooper in Cedar Hill. He has 30 years in the mortgage business and really knows his stuff. His number, if you would like to give him a call, is 214-284-5568. Getting your financing in order first will help you determing not only how much home to look for but what type of offer to make when you find the right one.

Down payments also depend on the type of loan. A good estimate is 5% for conventional loans and 3.5% for FHA. There are, however, some programs with only 100$ down on certain foreclosed homes.

I would be pleased to help you with the entire process of your new home purchase! Please feel free
to give me a call or email me :)

Miracle Bennett, REALTOR
Your Realtor in Cedar Hill!
RE/MAX Preferred Associates
140 W. FM 1382 #110
Cedar Hill, Texas 75146
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