I have a cresit score of 581 and would have co applicants for a mortgage. What kwould I need to get into this home or similar 4 bdrm modestly priced?

Asked by Palmyra Villegas, Houston, TX Thu Dec 6, 2012

home. Co applicants have little or no credit. Our household income is approximately 2500-3500 a month. Can you help? Currently renting for 875 per month.

Help the community by answering this question:

+ web reference
Web reference:


Mark McNitt, Agent, Houston, TX
Thu Dec 6, 2012
As always, we HIGHLY encourage anyone thinking about purchasing a home to get pre-qualified for a mortgage. This would include all parties that will be involved. The lenders typically take into account all scores, but might knock you out due to one lower score.

Again, every lender is different on how they approach credit scores and may offer you and your party some alternatives or suggestions on how to increase your scores. You could purchase upto $95,000 home and your payment, including taxes and insurance, would be around $875 with todays low rates.

I have several great lenders on my web site and they are experts with first time buyers and those with low credit scores. http://www.markknowshouston.com/res_list.php?cat=12282&c… Give them a visit and when you confirm that a mortgage is possible, get with a Realtor to assist you with finding that perfect home. If we could help, let us know!

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes
Donna Bush, , Irving, TX
Mon Dec 10, 2012
The guidelines:
• 580 Platform
• 3-tradelines
• we also recognize alternative trade lines
• less overlays
• in house funding, processing and underwriting
• 620 credit on conventional
• 47% DTI ratio
• 3.5% down payment
• close the average loan for Refi /new purchase in 21 days

Donna Bush
marketing director
R.H. Lending, Inc.
6209 Colleyville BLVD
Colleyville, TX 76034
Branch NMLS: 965158
E-mail: dbush@rhlending.com
Direct line:214-935-8781
Cell/text (214)695-8883
Web: http://www.rhlend.com

For an immediate Pre-Qualification of potential buyers, please see LINK below to fill out an application via our Secure Website:
NOTE: Once a barrower/client is pre-approved, The letter is only good for 60 days

1 vote
Arnold Richie, Agent, Houston, TX
Fri Dec 7, 2012
Depends on your situation. If you have enough cash on hand for a sizable downpayment and good reasons for the low credit score, there are plans that could work for you. You will have to speak to a lender OR find a Owner finance home that meets your needs. Give me a call or email me and I will put you in touch with a lender and if you are not working with a Realtor already, look for a home that would work for you.

Arnold Richie, Realtor®
Terry Burnaman Realtors
1 vote
Don Groff, Agent, Austin, TX
Fri Dec 7, 2012
You should really speak with a lender directly and you definitely do want to work on your credit. Co-applicants won't make up for poor credit unless you need them to qualify for other reasons and that is not always going to work depending on the financing you are looking at. Best to speak with a lender or broker right away to see what your options are and to make sure your credit is not getting worse.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes
Leland Titus, Agent, Santa Fe, NM
Thu Dec 6, 2012
Best thing to do in your situation is to speak with a lender. Often times the lender will be able to pre-qualify you over the phone.
0 votes
Thank you.
Flag Thu Dec 6, 2012
D'Evereaux B…, Agent, Houston, TX
Thu Dec 6, 2012
I know of two lenders that can do mortgages down to a 560-580, email me for their info!
0 votes
Would you mind sending me their information? I could really use a lender that can go that low on credit scores. Thank you.
Flag Thu Dec 6, 2012
Diana Merced, Agent, Houston, TX
Thu Dec 6, 2012
There are some lender that would give you a loan with a 580 score. Contact me for more details. Diana@dmerced.com
0 votes
Thank you for your time. You have made the impossible seem possible with a little work on my part.
Flag Thu Dec 6, 2012
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Thu Dec 6, 2012
You need to get your scores up.
Co-applicant credit is not a problem unless they have bad credit. Little/no credit is not a problem
0 votes
Krystal Vill…, Agent, Houston, TX
Thu Dec 6, 2012
Most lenders require a 640 minimum mid credit score right now for an FHA loan. I have one that will go down to 620, and I've read that Wells Fargo will go down lower with a higher down payment and other stipulations. You will probably need to work on improving your credit score before you will be able to qualify for a home loan. Wish I had better news for you. I would definitely love to know of a lender that could provide a home loan for a 581 credit score, so please let me know if you find someone. Thank you.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more