i have 610 in my credit score, i am paying rent for 1,000 now, i am on my second year at the same company, i would like to know if i can buy a house?

Asked by jogatatqm, Houston, TX Sat Mar 30, 2013

i need a house with 4 bedroom and 3 bath, single family, around 77069, do i have chances ? o better wait till i get a better credit score ?, thank you.

Help the community by answering this question:

+ web reference
Web reference:


, ,
Mon May 13, 2013
Good afternoon jogatatqm,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Tabitha Wils…, , Texas
Sun May 12, 2013
There are many factors to qualifying for a home loan. I suggest going through a lender. It does not cost anything to ask questions right and who better that a professional company. This company can do 580 FHA with 3.5 down. You can send in an application online and have someone get back to you or you can call directly. They can tell you your options and even get you in touch with some great Realtors in your area. They are amazing tell them I sent you. Good luck on your home hunt. I stopped renting and bought a home 6 years ago... It was the best investment I ever made and so much better that my money is going to something substantial for myself and my family!

0 votes
Persis Behra…, Agent, Cinco Ranch, TX
Wed Apr 10, 2013

I wanted to suggest too, that it would be a great idea to directly talk with a lender who can look deeper into your credit and related information to let you know your best options. You are smart enough to realize that it could take a little waiting before you can actually purchase if everything is not in your favor, and that will allow you to prepare for your score to go higher and have enough for your down payment and other expenses that come along with the closing.

When does your lease expire? If you have time, you might still be able to purchase.

Let me know if I can help with any other questions.

0 votes
Tiffany Rome…, , Houston, TX
Wed Apr 10, 2013
I would love to help you my number is 281-795-1959 cell
Tiffany Romero
0 votes
Dis Lady aint worth the piece of paper....She is a one liner......Jus want your money and don care about nothin else. Run from dis lady.
Flag Tue Feb 18, 2014
, ,
Thu Apr 4, 2013
We are able to approve FHA loans (3.5% down) with middle credit scores as low as 580. Feel free to apply online at http://www.rhlapps.com/kjones or give me a call and I'll take your information over the phone.

K.C. Jones
RH Lending
0 votes
Al Geffon, Agent, Houston, TX
Thu Apr 4, 2013
Right now, there are 55 homes with 4 bedrooms and three baths in that Zip Code, beginning at $180,000, all the way to over $1 million. Yes, you can likely obtain financing, but you may need a larger down payment, and the interest rate will likely be a bit higher. The amount you can qualify for depends on many factors, which a competent loan officer can determine.

The other question you need to answer is how much cash you have. Assuming that you can qualify for FHA-insured financing with the minimum 3.5% down, you'd likely need somewhere between 6% and 8% of the home's price to cover your up-front costs. So if you're pre-approved for $180,000 you'd have to show about $11,000 to $14,000 in liquid cash. Sellers may contribute toward your closing costs, but there's no guarantee. If you're a qualified veteran, or purchase a property in a designated Dept. of Agriculture area (generally rural) there is 100% financing available ... but that's it.

Of course, owning a home involves more than paying the note each month ... as Mark noted, rental charge does not necessarily equal mortgage payment. You should have a cash reserve in the event that something goes wrong ... and believe me, it will. What I suggest my buyers do is figure out their monthly expenses to the dollar ... then add 15%. If those numbers work, it should be reasonably safe to proceed. The worst mistake anyone can make is to purchase a home on a shoestring.

One more thing ... once you're preapproved for a loan and begin looking for a home, ask yourself if you're really happy with what's available in that price range, or if you're simply settling for what the numbers say you can afford. Then take a look at homes that are a step over your limit, and determine whether it's worth the wait to get something a little better. If you conclude that it is, then postpone the move until you can buy a home that you really want and can afford.

You've obviously had some credit issues along the way, and have moved forward ... congratulations. The last thing you want is to head back to where you've been ... the wrong home can easily do that to you. There's lots to consider here besides numbers. If I can be of assistance, please feel free to contact me. I wish you well.

Regards ...

Al Geffon
(713) 213-6350
Web Reference:  http://www.har.com/algeffon
0 votes
Mark McNitt, Agent, Houston, TX
Sun Mar 31, 2013
That $1000 a month rent would typically translate into $1200/m mortgage with taxes and interest at 5% down. In this zip code, it may be a bit tough to find a larger 4 bdrm/3 bath home, but possible.

Your score is pretty close to get the best type of financing and allow you to put min down payment. A good lender can review your situation (credit scores are not the entire story) and explain your options. Once we know what payment you want per month, we start looking for a home there in the Champions area.

Speak to a lender first and then decide if your ready to proceed. I have many great lenders on my web site. Speak to one or two of them and let us know if we can get started. Here is a link to my web site. http://www.markknowshouston.com/res_list.php?cat=12282&c…

I work in this area and have been for over 20 years. I can represent you as a "buyer's agent" and set up some great technology to assist you with your home search. We look forward to hearing from you.

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes
Cathy Kinney, Agent, Cedar Park, TX
Sat Mar 30, 2013
I have several lenders on my team that can help you-let me know if I can help you.

Cathy Kinney
713 823 5896, 281 469 3425
0 votes
Christy Hemp…, , Houston, TX
Sat Mar 30, 2013
We can go down to a a 560 credit score. So, yes we can help you with a 610 score. Since you have been renting you will also need 12 months of cancelled checks for the rental history verification.
0 votes
, ,
Sat Mar 30, 2013
You may qualify with that score. You need to see if you have 3 open accounts in good standing with a one year payment history on your credit report. If so, you may be able to purchase. Just depends what else is on your report.

Anna Maria Durr, NMLS 266699, TREC 596662
Codemark Financial
2626 Richmond Ave., Houston,Texas 77098
281-592-0667, anna@codemarkfinancial.com
0 votes
Patricia Isom, Home Seller, Katy, TX
Sat Mar 30, 2013
Yes, there are certainly lenders out there who will lend with that score. However, keep in mind that your interest rate will be higher.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more