we found a home in merkel texas for about $42.OOO but are score is a 598

Asked by Maria, Merkel, TX Wed Jan 12, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Sarah Montes, , Dallas, TX
Thu Jan 13, 2011
I might be able to help you, please call me to discuss the details.

Sarah Montes
FundingNow@Live.com
(214) 293-1831
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Jan 12, 2011
Without your overall financial information--Consider visiting with any smaller local community banks, or credit unions--after reviewing your finances and credit score--their scoring is oftentimes different--a determination on qualification can be made--if you don't yet qualify, your loan officer may offer great suggestions as to what needs to be done in order to qualify in the near future--then go from there.
0 votes
Justin Ruzic…, Agent, Greenville, SC
Wed Jan 12, 2011
my understanding is that $50,000 is the least amount of money you can obtain a loan for. Meaning if you are buying a house for less than $50,000 then you need to pay cash. Also, you can't go out and get a loan on a house that is listed for $42,000 or a contracted for sale at $42,000, these are not the glory days anymore. nope now we are all stuck with reality. Best of luck to you, if you do find a lender that is willing to give you $42,000 be careful they are not giving you an interest rate of 12% or higher. Good luck on your purchase.
0 votes
Pat & Steve…, Agent, Westlake, OH
Wed Jan 12, 2011
I think you meant to say "our score is 598." If there are 2 of you and one of you has a much higher credit score, plus the 1 with the good credit score, then that 1 can buy the home & still put both names on the deed. You need to talk to a local loan officer to see if you can quality. If not, ask the loan officer what you need to do to bring your credit scor up to an acceptable number.
0 votes
Tony Z - In…, , San Antonio, TX
Wed Jan 12, 2011
You are probably out of luck for financing. FHA and VA loan programs are the only ones that are being funded right now and you need 670+ for those.

You might want to try owner financing, or a rent to own while you get with a mortgage broker who can assist you in getting you score up to where it needs to be.

Good luck.

Tony Z
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Nearby Locations

Email me when…

Learn more