Mortgage or bust?

Deal Score0

I am married, but since my husban’d credit is worse than mine, I will probably be on the loan by myself. I make $ 34000 per year, but together we make over $ 60,000. We don’t have a downpayment other than $ 1000. We would like a HUD home or a seller pays closing home, but with my scores (624TU, 599EQ, 615EX) Could we even get 100% financing? I live in Dallas, Texas. We will have more money after we get our tax refund, but thats 3 months away. Should I at least start applying? We have to move in 6 months. I was in college up until 2005, but have always kept a job since then. Are there any brokers/companies here that can help? Thanks

  1. Reply
    April 29, 2011 at 10:13 pm

    Just like anything else, make sure you shop around for that mortgage. Rates can be different from one bank to another, from one broker to another. Talk to a few of each.

    At the very least you will learn what you need to do to fix your credit history.

    Good luck.

  2. Reply
    April 29, 2011 at 11:00 pm

    The problem I see is that if you are going to be the sole borrower, lenders may only count your income and not your husband’s income in determining your borrowing capacity.

  3. Reply
    April 29, 2011 at 11:49 pm

    Yes there programs out there for people in your situation- It would be best to find a broker that someone can refer you to. I have done 100% financing for people with a lot worse scores than that. Another factor is if you can afford the house on paper- if you have too many other monthly obligations it will not matter if your score is in the 800’s, a bank will not give you a loan if it thinks you cannot afford it- so if this is the case defer any student loans you may have before applying. Good luck and happy house hunting.

  4. Reply
    Open Book Advisors™
    April 30, 2011 at 12:41 am

    There are programs that aren’t score based.

    Now is a good time to meet with someone who can assess your full picture and find a program that will meet your needs.

    We’re just a click away.


  5. Reply
    April 30, 2011 at 1:00 am

    Try this link and tell her Doris sent you! She is a sweet lady besides working for a great company. Good Luck

  6. Reply
    April 30, 2011 at 1:19 am

    Don’t go to those in here spamming for business and no internet lenders please.

    Talk to friends and family about recommendations of someone to use in your area. If that doesn’t work, talk to a few lenders and see who is willing to work WITH you, not just sell you the deal that makes them the most money.

    Local lenders will know about programs in your area that out of town lenders don’t have access to.

    Compare much more than interest rate, get a good faith estimate in closing costs.

    You may need a seller to contribute to your closing costs, but remember that comes off their bottom line, so you will have to be closer to the asking price.

  7. Reply
    Greg R
    April 30, 2011 at 1:48 am

    The Texas Depatment of Housing and Community affairs may be able to help with the downpayment. It’s called Program 61.

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