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Home Buying in Belton : Real Estate Advice

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Fri Sep 27, 2013
Garrett Thill answered:
It depends on the situation. You may qualify for an FHA loan with a 640. The reason I wanted to reply is you mentioned "paying off". Please consult your lender before doing this. You may actually benefit from carrying small balances on your trade lines. Some people make the mistake of paying it down to 0 and then their will be nothing to report to the credit bureaus. I am not a licensed mortgage professional, so I highly recommend talking to one as most reputable ones will help you free of charge! :) ... more
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Sun Sep 23, 2012
answered:
Hi Renedosier,

If you're only approved for a $50,000 mortgage you may want to look into the USDA Direct mortgage since they can subsidize the mortgage through below market interest rates. By subsidizing the mortgage, you should be able to qualify for a higher purchase price which will give you more options.

Call the local office in Temple on Monday and ask about the USDA Direct mortgage.

RD STATE OFFICE
USDA RURAL DEVELOPMENT
101 S MAIN ST
TEMPLE, TX 76501-7602
(254) 742-9700
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