Home Buying in Austin>Question Details

Ad, Home Buyer in Austin, TX

Trying to buy a home

Asked by Ad, Austin, TX Tue Sep 30, 2008

My husband and I are trying to buy our first home. Nothing more than 120K. My mid score is around 530 and his is around 600. My income is 35,000 and his is around 25,000. Very stable income and excellent rental history. Our bills are always paid on time. Is it impossible to get approved for a loan considering the current market ? We were thinking about USDA. Thanks,

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Hi there.
It is not impossible to get approved. In fact, I was recently working with a client who I got qualified with a sub 580 score. If you pay rent on time and don't have any negative hits within the last two years, then you should be good to go. With your combined application, you should easily qualify for the loan needed to buy a $120k home. I have seen people with worse situations still get loans, you just have to talk to the right people and sometimes you have to take a few extra steps.

I work with a mortgage banker who specializes in getting people in your situation qualified for loans. If you are interested, give me a shout via my profile page. If not, good luck with your home purchase! :)
0 votes Thank Flag Link Tue Sep 30, 2008
You are correct a USDA loan is a good way to go. However I would advise you to speak with a lender instead of Realtors about the loans. Loan programs change all the time and the actual lender is the best place to get the most current advice. I would call Paula Hudgins with Summitt Mortgage, 512-340-0024 or Toll Free Phone 866-340-0024 or Joan Gonzales with Land Mortgage 512-554-7520. There are still a few 100% loans out there. I wish you the best of luck and please call me if I may be of further assistance.
Betina Foreman, Realtor Austin Texas
0 votes Thank Flag Link Sun Oct 12, 2008
USDA is the way to go. There is no mortgage insurance, rates are great, and it's the only true 100% financing program other than VA. The property does need to qualify for the program but if you are looking on the outskirts of Austin city limits you shouldn't have a problem. Please feel free to contact me if you would like to get more information.
Web Reference: http://www.kylecrabb.com
0 votes Thank Flag Link Thu Oct 9, 2008
Yes, you should be fine with your good paymeny history. I would seriously consider FHA mainly because you can put less of a down payment and get a better interest rate then a conventional loan. I can also show you how to save thousands in interest payments. Please feel free to contact me.Regards,David Drayer
0 votes Thank Flag Link Wed Oct 8, 2008
Hmm... Never underestimate the power of owner financing or leasing with the option to buy... All you have to do is "ask".
0 votes Thank Flag Link Wed Oct 8, 2008
Sounds like an FHA loan would be a good bet especially in todays market.
If you are looking new please give me a call. I can help.
Email me with any questions you may have.
Talk to you soon,
0 votes Thank Flag Link Thu Oct 2, 2008
Before you start looking get with a mortgage lender, they will be helpful in getting you approved. Once you are approved whether it is FHA or USDA, then you can start looking with a realtor.
0 votes Thank Flag Link Wed Oct 1, 2008
I would recommend you look into the possibility of getting either a FHA or VA loan. Both of these loan types do not put a high emphasis on credit score. In order to get a VA loan either you or your husband must be classified as a veteran. You need to visit with a loan officer who can advice and assist you in getting a loan approval.. Feel free to go to my Web site, click on Venders, then go to the lender paragragh for names of lenders who can assist you in qualifying for a home mortgage. If you need any further assistance, please feel free to contact me at your convenience. My contact information is available on my Web site.
0 votes Thank Flag Link Tue Sep 30, 2008
Your best bet is to talk with a local bank or some other FHA lender. There's more to getting approved than just a score but some FHA lenders can help you with this.

I mostly do "NO PMI" loans which are called conventional home loans. You'll need at least a 620 score to go conventional and at least a 660 to qualify for a No Pmi loan.

Best of luck
0 votes Thank Flag Link Tue Sep 30, 2008
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