Is there any hope in getting a mortgage with 50% down and a poor credit score with little debt?

Asked by Leslie Peaarson, Haslet, TX Sun May 27, 2012

We have been told we don't have enough "credit cards."

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Answers

10
Carla Pennin…, Agent, Georgetown, TX
Tue Oct 2, 2012
Thanks for following up, Joe. I forget about these situations, and it would be great to know the rest of the story. I hope she answers!
1 vote
Janet Peterm…, Agent, Burleson, TX
Mon May 28, 2012
if you have at least a 580 credit score there are lenders who will give you a loan.

There are a few things that can be done to help your score like some new credit with a prepaid credit card.

Finding a owner financing are hard to find but there are a few not ususal in Burleson but around Burleson
1 vote
Our score is 675.
Flag Mon May 28, 2012
Nikki Skalsky, Agent, Fort Worth, TX
Sun May 27, 2012
Tom is correct. I always refer loan questions straight to my lenders. I hope you find the answer your looking for.
Web Reference:  http://nikkiskalsky.com
1 vote
The United H…, Agent, Mansfield, TX
Mon Jul 9, 2012
"Meeting your needs and exceeding your dreams!"

Please, feel free to contact me today in regards to assisting you and your real estate needs. I have a lender on call that would gladly assist you and bring you up to date on methods of bringing up your credit score.

Keller Williams Realty
3xUS Army Vet./ Real Estate Consultant
Joseph Fernandez
cell: (817)975-7258
off: (817)635-1157
email: blissfulestates84@gmail.com

FOR ACCESS TO AN UPDATED SEARCH ENGINE CHECK OUT http://WWW.BLISSFUL-ESTATES.COM
0 votes
Jolene Clarke, Agent, Burleson, TX
Sun Jun 3, 2012
The advise gateway mortgage in Burleson has told me is that you can get one card charge one tank of gas a month pay it off on time Do this for 3 months and it will raise your credit score. Also i believe it is wells fargo that has a prepaid ceeidt card that could help you establish credit history.
0 votes
Thanks - that's a great idea.
Flag Sun Jun 3, 2012
Dallas Texas, Agent, Dallas, TN
Sun May 27, 2012
Best to clean your credit then push forward with your purchase. Many families no longer have credit cards BUT alternative credit is used. lower credit score will typically be declined by a lender

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
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0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Sun May 27, 2012
Leslie, make sure you get your answers from a lender..... Not a realtor.

It sounds like you have bad credit. With very little good credit to offset that.... right?!?!!?

Having credit cards in good standing helps, but is not always necessary. Only when people have too little positive credit.

Regardless of what you might read here about "considering other things"..... If you don't have the score, you don't get the loan.

What is your score?



Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
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0 votes
Experian - 675
Flag Sun May 27, 2012
Jolene Clarke, Agent, Burleson, TX
Sun May 27, 2012
It is possible. There are other factors that they consider like current debt to income ratio and job history. Gateway mortgage in Burleson are get to work with 8172959100
Fell free to call me if you have any more questions. Jolene Clarke Remax 8172664959
0 votes
Thanks! Our income is very good and debt is low. Job history is excellent. We had many slow pays after Katrina that seem to have really hurt our score. And we don't carry much credit. I will contact Gateway. Thanks again.
Flag Sun May 27, 2012
Barbara Coker, Mortgage Broker Or Lender, San Antonio, TX
Sun May 27, 2012
With 50% down, you could consider "hard money." The rate would be well above market, but if your score is too low for even FHA, your choices would be hard money or an "owner-carry."
Barbara Heath Coker
NMLS#228545 Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
0 votes
Kim Sullivan, Agent, TX,
Sun May 27, 2012
You can call Jeff at Supreme Lending. Jeff or Pam are great with helping clients get their scores up. They will guide you and work with you to get you mortgage ready . Then myself or my associate can help you find a home!
Call me Kim Sullivan -817-797-4706 for more information and I will give you Jeff's number. You can also email me at Kimsullivanrealty@gmail.com

Thanks.
Kim Sullivan
The Michael Group
0 votes
We were able to get financing through Supreme Lending. Thanks so much for the referral!
Flag Mon Jul 9, 2012
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