Home Buying in 75024>Question Details

Naani, Home Buyer in Plano, TX

Hi, I have a credit score of 640. Will I get a home loan in this market ? I am a first home buyer. Thanks.

Asked by Naani, Plano, TX Wed Jan 21, 2009

Help the community by answering this question:


Yes you can get an FHA loan now. visit The Lenders Network, I have had several of my clients get approved and close even with scores under a 600. So if anyone can get you a loan they can, they are in Plano, TX too...

Good luck
4 votes Thank Flag Link Fri Sep 6, 2013
620 is the magic #, however there are many other factors.
Talk to a local lender
1 vote Thank Flag Link Tue Nov 16, 2010
Yes Naani, your immigration status does allow you to get a loan. I have had several clients with the EAV that are scientists at UT Southwestern and some at Collin County Community College and they all purchased a home while waiting for the green card to come through.

Web Reference: http://www.SumnerRealty.com
1 vote Thank Flag Link Wed Jan 21, 2009
While you already have a ton of answers to choose from, your status of 'authorized to work' will allow you to get loans that citizen would get. Your score is acceptable for some types of loans, and your first-time status actually helps you.

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.
Web Reference: http://www.Mortgages-TX.com
1 vote Thank Flag Link Wed Jan 21, 2009
I have a lender who I would like to connect you to for assistance, please contact me anytime.

Providing Solutions Because...Your Move Matters!
Michael L. Brownstead, GRI, ABR
Keller Williams Realty
Cell: 214-872-0400
0 votes Thank Flag Link Fri Aug 23, 2013
Yes you can get an FHA loan now. visit The Lenders Network, I have had several of my clients get approved and close even with scores under a 600. So if anyone can get you a loan they can, they are in Plano, TX too...

Good luck
0 votes Thank Flag Link Sun Jun 30, 2013
Do any one know any program to assist with downpayment ?
0 votes Thank Flag Link Tue Mar 20, 2012
Yes, you can receive a home loan. First step is to visit with a loan officer. Kathy Kelly with America Home Key is great 972 ,931-9000. She has been a loan officer for over 20+ years. Kathy will walk you through the process and guide you to the best loan for you. Then we can schedule time to see properties. You still have plenty of time to find a home before the Fed. Tax credit expires. Please call me for more details. With over 20+ years of experience, my goal is to help you find the best home for you. Finding your first home is exciting and with a little help will be great fun. I welcome the opportunity to visit with you soon.
0 votes Thank Flag Link Thu Feb 25, 2010

This post is over a yr old.....
0 votes Thank Flag Link Tue Feb 23, 2010
Absolutely! Call Kelly Stephens of KS Mortgage, Inc., Plano 972-596-1337 for best rates and lowest cost to you!

Good luck!
Ron Perry
Keller Williams Plano
0 votes Thank Flag Link Tue Feb 23, 2010
Congratulations! Yes you can get a home loan with a FICO score of 620 or above still with an FHA. The questions that still need to be answered are: Have you been late on anything in the last 12 months? Have you had a bankruptcy? If so, when? Do you have any judgements or student loans that are in default? I do work in Plano. If you have questions that need to be answered, you can either call me at 214-405-7264 or email me at ssmith@1bluesky.com.

Sera M Smith
Mortgage loan officer
Bluesky lending
0 votes Thank Flag Link Wed Feb 17, 2010
I think FHA should work, but I would talk with a mortgage broker.
0 votes Thank Flag Link Mon Feb 15, 2010
Dear Haani,

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!

Joe Kupke
Kupke and Tackett, REALTORS®
Keller Williams Realty Plano
0 votes Thank Flag Link Thu Oct 22, 2009
Hi Naani,

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
0 votes Thank Flag Link Thu Sep 10, 2009
Hi Naani,

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.
0 votes Thank Flag Link Wed Sep 9, 2009
Naani & other buyers, you should know that agents are not loan officers, a loan officer is best qualified to answer a direct will I or won't I question. That being said, I have had clients get approved for a mid score this month with a 620 midscore and I also have one lender who can help buyer's with mid credit scores of 580- still currently in this market, which is phenomenal. When getting a loan the lenders will factor in: your debt to income ratio, time on job/in same field, documentable income on W2 or 1099, positive trade lines and dates of negative trade lines. For first time homebuyers, there is not only the $8,000 tax credit for buyer's who buy before Dec. 1, 2009 and who earn less than $75,000/yr, it is also for those who make up to $100,000 a year, though the rebate decreases for income's over $75k. Buying a HUD home will deliver buyers a wonderful deal......just $100 down (for full price offers). (HUD offers homes at less than tax value often times, the savings can be tremendous). For example, there's one right now for sale in the mid $100s in a neighborhood where the home values are $200-$220. If your willing to make repairs, or roll the cost of the repairs into the loan, HUD or foreclosure homes can be a great value. We can have a handyman repair the home prior to moving in. Feel free to contact me so that I can help you and put you into touch with my award winning and reputable lender, and get you started on owning the american dream!

Nicole Arenas, Realtor
0 votes Thank Flag Link Thu May 7, 2009
You should do fine! However? What is your debt? I have excellent lender's that are experienced that I work with, Should know really quick if this is possible for you.
My phone is (972) 757-4527
0 votes Thank Flag Link Sat Apr 4, 2009
In being a first time buyer with a credit score of 640, assuming you will get the loan, and without having a loan originator look at your credit, I am going on assumption here...if you get a loan, and have good credit, there are some PHENOMENAL deals to be had. There are particular qualifying homes in various dallas and suburban cities which if the home is a qualifying home, allows you to put $100 down. Also, I am sure you must know about the $8,000 first time homebuyer incentive. Some loan programs also consider those who have not owned a home for more than 3 years as a first time buyer, but my LO could answer those questions for you. Also, having a pre-approval makes your offer strong in this market, and in situations with competing offers on a home, could help you win that home you want! Please contact me for more Plano homebuying needs at: 214-991-9507 or NicoleArenas@Ymail.com today. Thanks!
0 votes Thank Flag Link Wed Apr 1, 2009
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!
0 votes Thank Flag Link Sun Mar 22, 2009

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!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes Thank Flag Link Wed Jan 21, 2009

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!

Best regards,

Andrea BrooksBest regards,

Andrea Brooks
Keller Williams Realty
Web Reference: http://BrooksTeam.com
0 votes Thank Flag Link Wed Jan 21, 2009
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!
Web Reference: http://www.teamdowns.com
0 votes Thank Flag Link Wed Jan 21, 2009
Thanks so very much for your inputs, contact information, and advise. There is one more thing I wished to add. I am here in the United States on an Employment Authorization Visa (EAD) . This is a status that is awarded during the interim when a Green Card (GC) is being processed. It is the final stage of the GC processing. Do I qulaify for a home loan while on this status? Thanks very much. Much appreciated.
0 votes Thank Flag Link Wed Jan 21, 2009

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!

Best regards,

Andrea Brooks
Keller Williams Realty
Web Reference: http://BrooksTeam.com
0 votes Thank Flag Link Wed Jan 21, 2009
RJ, USDA is indeed out of funds.
We are still FUNDING them... as our investors are certain that USDA funds will be replenished by Congress.
0 votes Thank Flag Link Wed Jan 21, 2009
I had a client that was trying for USDA about two weeks ago and my loan officer told me that the USDA bond is bankrupt. Have they acquired more money for funding?
Web Reference: http://www.findapadfast.com
0 votes Thank Flag Link Wed Jan 21, 2009
Hello Naani,
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.
0 votes Thank Flag Link Wed Jan 21, 2009
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!

Korin Wickham
Amy Downs & Associates of
Keller Williams
(972) 821-6145
Web Reference: http://www.teamdowns.com
0 votes Thank Flag Link Wed Jan 21, 2009
As everyone has said it looks like you will definitely be able to qualify for a loan easily. The next step is finding a Realtor you mesh well with. I would recommend calling a few before settling on one but ultimately just using one that you feel you can trust to be responsive and knowledgeable of your needs.

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
RJ Avery
0 votes Thank Flag Link Wed Jan 21, 2009
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.

Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team
0 votes Thank Flag Link Wed Jan 21, 2009
Here is a site that has a good summary of what an FHA Loan is: http://portal.hud.gov/portal/page?_pageid=73,1827594&_da…
0 votes Thank Flag Link Wed Jan 21, 2009
Hi Naani,

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.
0 votes Thank Flag Link Wed Jan 21, 2009
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!!

Tom Burris
Sr. Loan Officer
0 votes Thank Flag Link Wed Jan 21, 2009
Naani, you can definitely qualify for several types of loans. You should give Katie Lewis at Bank of America a call to find out what types of loan are available for you. Here is her contact information:
Katie Lewis 972-599-3065 or you can email her at katie.l.lewis@bankofamerica.com. 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.


Holt Barber
Ebby Halliday Realtors
Plano, TX
0 votes Thank Flag Link Wed Jan 21, 2009
Thanks for replying. I have no debts AT ALL and plan to buy a house worth in the range of $200,000 to $225000. I can afford to put 10% down. My income is good but right now in this economy none of us are sure of jobs are we? What is an FHA loan? Thanks for taking time ot answer my questions.
0 votes Thank Flag Link Wed Jan 21, 2009
640 is a realitively good credit score Naani. You do, of course, have to qualify for the payment and have a small downpayment, but chances are very good that you'll be just fine. Speak to a good lender and then get with a good Realtor to talk over your options. Loans are still out there. They will make you jump through more hoops this year, but I haven't had anyone turned down with decent credit scores and decent income.

Good luck!
Web Reference: http://www.ChrisTesch.com
0 votes Thank Flag Link Wed Jan 21, 2009
It depends on your income, debt, how much you plan to buy, etc. But if those are good, and you have atleast 3.5% down for an FHA loan, then yes.
0 votes Thank Flag Link Wed Jan 21, 2009
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