The only hangup I can see is how long you have been here. Work history does count and typically 2 years is required, but documentation can make up for that.
The simplest course is to consult a lender and find out.
Providing Solutions Because...Your Move Matters!
Michael L. Brownstead, GRI, ABR
Keller Williams Realty
Sera M Smith
Mortgage loan officer
You are in the perfect position to buy a home right now, and get $8,000 back from the federal government to boot! Assuming that you are stably employed and do not have too much debt, your 640 credit score should qualify you for an FHA (Federal Housing Administration) mortgage. My mortgage banker is a consummate professional and can get you a definitive answer to that question today!
The federal First Time Home Buyer Tax Credit will give you up to $8,000 (often the full amount) depending on the price of the house and your income. The FHA loan will require a 3.5% down payment, and there are often ways to do that even if you do not have the cash. In addition, it is often possible to have the seller pay your closing costs. Combined, these things put you in a perfect position to buy a house now!
It is important that you act quickly, as you must close on the home by November 30 to receive the tax credit money. Begin looking now, and you can find the perfect home in the next week or two. Then, it typically takes a week or two to negotiate a deal with the seller. Having done that, a professional Realtor with a strong mortgage banker can get your deal closed before the November 30 deadline. You really need to start now if you want this to happen, but you can do it!
Happy house hunting and I hope that you are the proud owner of your own home by next month! Call me if I may help!
Kupke and Tackett, REALTORSÂ®
Keller Williams Realty Plano
Your score seems high enough that it could be plausible to get a home loan in today's current market. A lender would best tell you.
You can apply online with Katie Sparkman at: http://www.katiesparkman.com
The Tax rebate is for buyers who have not yet owned a home and for buyers who have not owned a home in 3 years and who make $75,000 up to $100,000. You can receive back as much as an $8,000 tax credit!
I would love to help you in Plano!
Nicole Arenas, Realtor
If you haven't purchased your first home yet, try http://www.thefirsttimehomebuyerguide.com/ for information on qualifying and buying your first home. You must close on your new home by December 1, 2009 to qualify for the $8,000 tax credit for first time buyers.
Nicole Arenas, Realtor
MY BLOG BELOW
My phone is (972) 757-4527
You sound like you are in a good position to purchase a home.! It is a great time to buy ahome! There are so many choices of great homes out there! Somebody's misfortune can be your gaim. If you would like to procedd? Call (972) 757-4527. I can give you nimbr's of experienced Lenders that can get you a Mortgage If it it is possible to Buy a Home! I can make it happen! The not knowing, and procrastinating, you will talk yourself out of it!
With USDA or FHA you should be able to get a loan for the home of your dreams. Talk to a mortgage broker.
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704
Contact your lender for the latest on rules pertaining to your situation. If you're a month or so from getting your green card you should be ok. I've helped several buyers in your situation and would look forward to helping you too!
Andrea BrooksBest regards,
Keller Williams Realty
The best thing to do is call a lender directly to ask the rules on this. Closing on a home takes approximately 24-48 days so if you are expecting your green card within the time period of 3-6 weeks you should be ok. For exact answers call Tom Gilley from Moncor Mortgage Bank at 972-770-1502. Tom has worked with our team for over 12 years and is well versed in the present laws concerning this. I have recently closed on 2 homes for buyers with green cards...so I know that can be done. Good luck!
You can still get a loan with your credit rating, but as others have suggested, you'll need to contact a lender to find out what type of loan will work best in your situation. I work frequently with 1st time home buyers and and am very familiar with the housing inventory in the area you're interested in. Please feel free to call me with any questions you might have. There's no obligation and I can give you some reliable lender referrals. I hope to hear from you!
Keller Williams Realty
This is Roxanne DeBerry with Keller Williams Realty. It looks like my fellow realtors gave you some terrific advice. I just wanted to add that depending on where you want to live could have an effect on your down payment. If you found a home in Princeton, parts of Wylie you could possibly qualify for a USDA loan. This is 100% financing. There other requirements that you have to meet such as not making over a certain dollar amount in income, but you should check it out if you want to live in one of those areas. The advice the other realtors that have replied is very good since they indicated that you should speak to a mortgage professional. If you would like to speak to me about this, please call me at 214-676-8040.
Here are a couple of my mortgage companies and contacts that I use. Wayne Lancaster at Bankers Financial Group-972-731-9331 and Bill Merritt, Compass Bank Ph: 214-4476544. Let me know if you need any additional assistance.
An FHA loan is a special loan that is insured by the Federal Government. It is a loan where you can put the least amount as a down payment although we also have a zero down loan available called a USDA loan. It is only available in certain cities like Wylie, Forney, Rockwall and outlying cities. FHA is the best bet for Plano area.
Team Downs has a 3 point strategy to get the best homes out there. If you want buyer agency representation give me a call. I will be happy to assist you. I look forward to answering any further questions you have!
Amy Downs & Associates of
Please do not hesitate to call me and I would be glad to send you a search of the area and criteria you are looking for and as an added bonus when you use me as your Realtor I rebate 20% of my commission to you at closing.
Thanks for your time
If you have 10% saved, you will be fine. The FHA guidelines only require 3.5% down, however you can always put more. You may also want to use a portion of your savings to pay for your closing costs (title work, appraisal, etc) and your home inspection. Regardless of how you structure your loan or how much money you put down, it appears that you will be financially set to purchase. Interest rates are very good right now, and you may qualify for up to $7500 tax credit if you purchase before July 2009.
I recommend that you call a trusted professional mortgage person to get pre-qualified before viewing homes. Some recommendations are:
John Hardimon at Prime Lending 214-695-2175 or
Charlie Waller at WR Starkey Mortgage 972-442-3757
While you are working on the pre-qualification letter (which should acompany any offer to purchase a home) you will want to start the home search. I would be happy to send you free email updates of homes for sale that meet your wants/needs so that you can begin your search on-line. Then we will go view homes in person to ensure we find the perfect home for you and your family.
There is no cost to you as a buyer to use our services. We represent first time home buyers regularly in the Collin County area. Please feel free to call me or email me if you have any other questions. We look forward to serving you.
Coldwell Banker Jane Henry Realtors
North Texas Top Team
While it is much more difficult to qualify for mortgages than in previous years, each buyer's situation is different. Your income, dept ratio, down payment amount, and the price range of the property are all factors. There may also be some repair strategies that you may be able to use to boost your credit score over a few months time. The best advice that I can give would be to talk to a lender and see what programs they have available for you. I recommend lenders who are mortgage brokers, which means they have the option of providing loan products from many different sources. And I only recommend local lenders that I know will provide my clients with great service. Don't use an internet lender. Their rates may look great, but that doesn't mean anything if they don't close the loan on time or for the rates they promise. The link below will provide you with some additional information on lenders.
I have been approving people with 580 all along. Certainly, this may limit your options, but if your loan amount will be less than $271,050, then FHA offers prime interest rates.
FHA is a government insured loan. With the government's guarantee, the lenders can afford to offer prime rates to those with even less than perfect credit.
Please feel free to follow up with any questions!!
Sr. Loan Officer
Katie Lewis 972-599-3065 or you can email her at firstname.lastname@example.org. She can pre-qualify you over the phone with no obligation.
After you speak with her then I would be happy to give you some examples of homes that are available that meet your criteria.
Ebby Halliday Realtors