Unfortunately no, you will need to work on your credit to be able to do anything. Keep rebuilding your credit and keep using your credit cards but keep the utilization levels low at or below 30%. It just takes time for your bad credit to have less of an impact on your total score. Usually once it falls outside of 24 months it is not having a major effect on your credit if you have established good credit since.
Hope this helps.
REALTORÂ® & Mortgage Broker
Austin Real Estate Pros | 360 Lending Group
office: 512.669.5599 mobile: 512.633.4157
www.AustinListed.com | www.360LendingGroup.com
You need to really buckle down and start repairing your credit. Why is your score so low? Do you have recent lates? Do you have collections? Do you have any judgements? Judgements HAVE to be paid in full. If you have collections you need to start paying those off. If you have recent lates than you have to wait 6 months from that late payment before you can buy(check with the lender because some lenders have different guidelines). I have attached a blog entry that I posted awhile back. This has helped so many people increase their scores quickly.... more
Do you need the spouses income to qualify?
A 'trailing spouse' can be a good compensating factor if the debt ratios are on the high side.... But we cannot use income that just isn't there for qualifying.
I would like to learn more about the new job and the previous experience. Is this in the same line of work? Just a new job title? Is this a salaried position?
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055... more
You will only know if you apply. Go to a local bank and to a loan officer who comes recommended and knows special programs. But it really depends on how good or bad your credit is and how much cash you have. Be prepared that if you can get a loan it will be higher in interest.... more
Your homewowner's association is separate from your financing. One is not tied to the other. So to answer your question, no you can not withdraw from the Park Glen (or any other) HOA with a refinance. Hope this helps. Thanks, Cheryl Wages, Coldwell Banker Residential Brokerage, Keller, TX... more
My recommendation is to go with a fixed rate but if you want to roll the dice or are pretty sure you might be moving on in about 5 years or so there are some attractive Adjustable Rate Mortgage's with interest rates in the 3s.... more
H Thompson the loan origination fee is standard. The Up-Front MI is mandatory. The doc prep & Admin fee is based on the company you are dealing with. The only way to truly gauge the fees is speak with other mortgage companies in the area... more
I have several products for borrowers with 580 to 620 scores. I also have had alot of success with working with borrowers to get their scores up to a 620 while working toward a closing. In doing that, they have an approval and a loan to close on with the lower score while working towards the goal of being able to close on a better rate at closing. My number 817-529-0739 and I am located in Fort Worth.
LO/Branch Manager- #116589... more
I am not familiar with "owner to owner" unless you mean a For Sale By Owner. Bad credit is only a problem buying a home if you need financing, which most FSBO's require. You may find owner financing through a conventional listed property or FSBO but with bad credit most sellers will require an incentive for them to take the risk. Typically the incentive would be a large down payment and a high interest rate.... more
Her credit will be pulled in Texas. And her debts will be added to the loan application for debt ratio calculations. But if you qualify for the loan yourself, her bad credit and scores will be ZERO part of the underwriting decision.
Now, if you need her income to qualify, then it can hurt.
However, you would be surprised at what can be approved thru FHA.
If her scores are over 620.... there will be no negative effect on the rates. If they are under, then risk based pricing will ad a little to the rate.
Many times I have seen a borrower who couldn't get approved alone, add a great credit co-borrower to the loan and get approved. So, she may not hurt you as much as you think.
1. Don't be afraid to apply.... it is free. If someone tries to charge an application fee, find a new loan officer.
2. Do NOT pay any collections as a condition of loan approval. FHA doesn't require that.... though, some lenders do. If bank 1 can get you approved by paying collections, bank 2 will definately get you approved WITHOUT paying them.
Judgments/tax liens are the exception to what doesn't have to be paid off.....