January 24, 2009,
A.D. asks from Killeen, TX on January 21, 2009
Buying a Home...Killeen/Harker Heights Area
The hubby and I are looking into buying a home, but our credit is way less than perfect. Is there somewhere we can try and apply for a loan that is willing to help first time home buyers whose credit is not great?
3 moms found this helpful
So What Happened?™
I just want to thank everyone for all the information. My hubby and I are very grateful for all the websites and phones numbers that have been provided. It's great to know that there may be a few options that are open for us, but if not, as everyone has said we can wait a little while. Thanks again.
N.H. answers from Houston on January 22, 2009
If you live in Texas, www.texaslending.com usually helps those with less than perfect credit. That's what they advertise & it's what's on their website. I'm trying to get my hubby to get his VA loan through them but he's a procrastinator when it comes to important things. Good luck!
B.C. answers from San Antonio on January 22, 2009
Caution, Caution, Caution!
Shop, shop, shop! There are lots of mortgage companies, use the yellow pages and shop, call them and talk, find out
their loan percentage! Never and I do mean never buy a home with a percentage more than 51/2 percent! Actually get it
lower if possible.
Make sure it is a fixed rate, do not and I mean do not be
conned into a variable rate or any loan that the rate can change on!!
Read all fine print carefully!
Do Not buy a house with a loan payment that will make it hard on you! Remember any home loan will actually increase in payments because of taxes, that is the only thing that can increase your payments and believe me it will!!
If you are careful in every detail of looking and shopping and finding out first what you can afford and then taking your time, you will be happy with you home for years and years! That is the way to look, thinking that you may be in that house for 40 or 50 years!
We (my wife and I) have been in the same home now for 43 years!
1 mom found this helpful
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J.K. answers from Austin on January 22, 2009
A., I used to be a loan processor, a long long time ago. Most everyone can get a mortgage loan, even if your credit is not great. Your loan term options just may be a bit different and your interest rate may be a bit higher. They will probably ask you for a letter of explanation as to why your credit is not great. I would first find a realtor, explain your situation, then she will refer you to a mortgage broker.. He will need to pre-approve you before you start looking at houses.. Good luck..
L.B. answers from Odessa on January 22, 2009
You could really get raked over the coals trying to get a loan you're not quite ready for. My husband is a Realtor and I help him with property management. Owner finance situations can be with some very shady people taking advantage of people who can't get their loans elsewhere. You're late on one payment and they renig and you've lost everything you've put into it. They use it as a way to suck money out of you. If you can't get a loan with a reputable mortgage company, you'll be farther ahead down the road to wait a year or so after you've cleaned stuff up. We recently bought a house with a mortgage we really shouldn't have been given (ARM). Luckily, we were able to sell the house for a profit and get out from under it and pay off some debts and set ourselves up for getting a better loan and house. We are now renting and so grateful we got out from under that ARM. We live in an oil town and the market was good here when everywhere else it was bad. We were fortunate and saw many couples splitting across the country from being in over their heads. Be extremely cautious. The stress from bad mortgages and being financially over-extended is not worth it. There are homes for rent in every price range.
Pray about it. God is great about putting you right where He wants you and where it's best for you.
C.S. answers from Houston on January 23, 2009
I live in Spring and am a Mortgage Processor for Southwest Funding. We have 150 plus lenders we can send your loan to for approval. We have alot of first time homebuyers. We also have alot of very very qualified Realtors in our office. If you need help give me a call at ###-###-#### and I will give you personal attention and tell you what you can do and where to go for help. I usually work from home because I am a proud mom of 3 and love being home with them. Also, we do loans in every city and state. I just did one in for a Canada couple. We have done loans in every city in Texas!
Make It A Great Day!
B.B. answers from Houston on January 22, 2009
Congratulations - God bless you all. Actually the best way for you to get expert advise is to use a reputable realtor. IF you don't have one, my daughter Heather Tiernan works for Gary Green Realty in the Woodlands. I know from experience how she has helped others. IF she is not in your area, should would gladly give you a referral for your area. The one you choose should have accurate available tools to help you. Good luck.
H.D. answers from Odessa on January 22, 2009
My husband and I were in a very similar situation. We finished college and struggled for a year or so, which left our credit pretty much in shambles. Now, we are on our feet and working on our credit, but there is much work to be done! So, when we started looking for homes, we looked into Owner-Financed homes. We now have two homes--we rent our first fixer-upper (& make a little profit off of it) and have moved into a larger home. However, DON'T BE FOOLED. You will pay a premium for the easy approval. You will pay more for the home and your interest rate will be very much higher than through a bank. For us, it was the only way to get into our own home! Good luck & best wishes to you!
K.K. answers from Houston on January 22, 2009
I can refer you to a loan officer whom MAY be able to assist you. I am unsure of your score, but a phone call may help. I trust him with my personal business, as well as all friends and family. Tell him K. K. with Certified referred you. Paul Vincent ###-###-#### or
P.S. I am in the mortgage business.
T.B. answers from Houston on January 22, 2009
I would try Excel Mortgage Corporation. The number is ###-###-####. or www.excelmortgagecorp.com. They really helps us and we were in the same boat. Sam Cammack runs the shop and he helped us directly. I am not sure if he is still handling loans directly these days but I am sure he could put in contact with one of his officers.
Good Luck!, T. B