Home Buying in Austin>Question Details

debrajrobins…, Home Buyer in Spring, TX

I am trying to buy a new home I have 5k towards house my credit is 583 husbands is 616 been on job for a few years is it possible to get a loan?

Asked by debrajrobinson72, Spring, TX Tue Jul 9, 2013

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Hi Melanie,

I suggest you work on your credit. These realtors will tell you yes, but my husband and I have been dealing with bad credit (IRS debt etc. for several years, thankfully over!) and no way, no how on tradition lending.

We used a local company called Credit360consulting that was referred to us by our agent a year or so ago. They are amazing. (and cheap.. you only pay a small amount down, we paid $99.00 because our realtor TRISH JOHNSON [tjjohnson5@msn.com] referred us to their program and only paid for what they removed after that (also very reasonable). Trish is an expert at owner financing pretty much anything. She is with the Trolley Team and Jay & his wife Diana Espinoza run Credit360 Consulting. (jay@credit360consulting.com) If you decide to give them a try, you can also say I referred you (Jeanene Lambert).

It only took them a couple of months to remove so much stuff off my credit. I literally saw our scored rise from the mid 500's to upper 600's in a couple of months. I now have them working on my kids credit too. (my youngest son just was approved on his first home and my other son is having his worked on as we speak). I tried another company a few years ago that was a waste of time/money.. these guys I highly recommend.. ditto to all you other realtors reading this!)

Take care and good luck!~
1 vote Thank Flag Link Sat Jul 13, 2013
It's going to be tough with scores where they are. Try to pay things down, boost your scores. I would suggest going to your bank/lender and see if you can even pre-qualify.for a loan.

My guess is though, that if you have a ton of debt, you will be denied, but it is best to ask a lender first to see where you stand.
0 votes Thank Flag Link Sat Jul 13, 2013
Good morning,

First thing any potential buyers should do (including you and your husband) is speak with a local lender, get pre-approved. Yes, you will need to work on your credit scores, but a good lender will help. Once you know where you are at, you can work on increasing your scores so that home ownership can be part of your future.

Good luck.

Spirit Messingham, PLLC
3rd Generation Full-Time Realtor®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
0 votes Thank Flag Link Sat Jul 13, 2013
There is a lease to own home in Taylor, TX that's about 1200 sq. ft, 3 bdrm, 1 1/2 bath, older home with lots of charm. Your 5K would work for the down payment, and you could lease it for 1 or 2 years for $900 per month and then pay off balance by getting loan. Price is $79,000...minus your $5K down payment, balance owed in 1 or 2 years would be $74,000. The 1 or 2 year time frame would give you time to get that loan approval.

Let me know.

(512) 694-5661
0 votes Thank Flag Link Tue Jul 9, 2013
.... Are you looking in Spring TX? Or here in the Austin market?
0 votes Thank Flag Link Tue Jul 9, 2013
Over in the spring area ...I really don't want to go over 110K for a house if i can get a loan.
Flag Tue Jul 9, 2013
Anything is possible please consult an loan officer.
0 votes Thank Flag Link Tue Jul 9, 2013
Hello Debra,

It would be best to consult with a local lender who can review your entire financial picture and make recommendations from there.

I would be happy to refer you to a trusted lender with plenty of experience in these types of situations.

Tim Andrews
Modern Home Specialist
Keller Williams Realty
p. 512-765-5883
0 votes Thank Flag Link Tue Jul 9, 2013
Credit scores will work. Will depend on purchase price, income and debt. Contact me and I will get you in touch with a lender I use! Then I would also be happy to help you find that new home!!!
0 votes Thank Flag Link Tue Jul 9, 2013
I'm really scared because our scores are so low, I'm afraid of being turned down repeatedly. It's our own fault but it's worth a try. I'd really like to own my own home soon.
Flag Tue Jul 9, 2013
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