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Financing in 76119 : Real Estate Advice

  • All8
  • Local Info1
  • Home Buying3
  • Home Selling0
  • Market Conditions0

Activity 18
Sun Mar 31, 2013
Debbie Scrimshire answered:
Do you qualify for Section 8 housing. I don't know that much about rentals but it would not hurt to ask.
0 votes 1 answer Share Flag
Sat Apr 2, 2016
Don Groff answered:
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.

Don Groff
REALTOR® & Mortgage Broker
Austin Real Estate Pros | 360 Lending Group
office: 512.669.5599 mobile: 512.633.4157 |
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0 votes 9 answers Share Flag
Wed Mar 21, 2012

Do you currently have a FHA loan?


Mark DeWitt
National Residential
San Diego
0 votes 5 answers Share Flag
Mon May 12, 2014
Molly Mosley (Hay), CDPE,CNE, MIP, SFR answered:
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
0 votes 25 answers Share Flag
Tue Feb 7, 2012
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?
Please elaborate.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
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0 votes 10 answers Share Flag
Fri Mar 31, 2017
Annette Sievert Principal Broker answered:
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
0 votes 23 answers Share Flag
Thu Sep 13, 2012
Tina Lam answered:
Search for a local mortgage broker who handles government financing programs like FHA. You probably won't see FHA listed as the use of the term is being limited.
0 votes 23 answers Share Flag
Wed Aug 24, 2011
Dallas Texas answered:
It depends on purchase amount try local lender

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
... more
0 votes 8 answers Share Flag
Mon Jul 1, 2013
Cheryl Wages answered:
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
0 votes 7 answers Share Flag
Sun Apr 3, 2011
Ken Montville answered:
4.75% is extremely reasonable in today's market.

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
0 votes 10 answers Share Flag
Wed Jul 22, 2015
Corey Grushin answered:
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
0 votes 8 answers Share Flag
Tue Feb 22, 2011
Jaylee Baker answered:

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.
Jaylee Baker
LO/Branch Manager- #116589
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0 votes 16 answers Share Flag
Tue Mar 8, 2011
Dan Tabit answered:
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
0 votes 4 answers Share Flag
Thu Jan 20, 2011
David Pham answered:

Without looking at the case specific information, we may not give you the best advices. However, here are some guidelines that mostly apply to your case:

1. Your partner income may not be as high as you, but if that income alone qualifies for the loan then use that income.

2. because of your foreclosure record, adding your name on the loan application would make higher interest rate.

3. Until your foreclosure completely goes through, you are still liable for the existing house. So, adding your name on the loan application also mean adding more liabilites onto the scenario.

I strongly suggest you to consult your case with an experienced loan officer. Good luck!

David Pham
National Brokers - connecting people to homes
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0 votes 3 answers Share Flag
Wed Nov 3, 2010
Can you give us some more details?

Purchase price as is?
Loan amount with construction costs?
Are you going to try and do these repairs yourself? <= likely deal killer.

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0 votes 3 answers Share Flag
Sat Oct 30, 2010
Dallas Texas answered:
Unconfirmed on where you pulled our credit scores. It should come direct from mortgage broker there are many "false scores" out there. cost approx. $50 provides the most accurate to any mortgage scores.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
... more
0 votes 9 answers Share Flag
Mon Feb 20, 2017
Yes, but you have to be a veteran.

Look at this blog it will help you to learn more about mortgages and VA deals.
I've got most of my answers there as well.

Good Luck.
0 votes 11 answers Share Flag
Sat Oct 30, 2010
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.
No worries!!

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.....

Good luck!!
... more
0 votes 8 answers Share Flag
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