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Score 623, Husband 720, curious about Loan?

Together we make 84,000 a year, I am wondering if you have an idea of what he could possible qualify on his own if I did not put my name on the loan. He alone makes 32,000. We tried applying in January and I took the steps to get my score to a 640 but cannot know for sure if that is where it is until they run my credit again for a loan. We are trying to buy a house within a few months (our lease ends May 1st) but are nervous about trying to apply again and it reflecting on my credit score. Is there anyone in Dallas that will accept our credit scores the way they are? We have the down payment and more, the only thing holding us back is my credit score. by julienne_804_922 from Dallas, Texas. Aug 9th 2011 Reply


William Crawford (AspireLending)
#70 ranked lender in Texas - 6 contributions

Hi Julie -My name is William Crawford and I am the branch manager at Supreme Lending here in Southlake. It seems that the best answer to your situation is to use our FHA program which only requires a 620 credit score. Even with the lower score, on a 30 year loan your rate on an FHA loan would be 4.5% fixed.Feel free to contact me directly at 817-203-2200, and I would be happy to do everything I can to get you pre-approved.Best,- -William

Aug 9th 2011
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

Hi Julienne. FHA would definitely insure a home purchase loan with a 620 mid-FICO score. Give my friend John Cannata out of Dallas, TX a call direct at 214-728-0449. That is his mobile number and he is known as the Texas Loan Guy. If anyone can help you...it's John. Congratulations on taking one more step to the American Dream of homeownership.

Aug 9th 2011
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Tom Stevens (Thomas.Stevens)
#21 ranked lender in Massachusetts - 68 contributions

HiYou wouldn't want to just have your husband only on the loan. Texas is a community property state and your debt would have to be considered anyway - you'll need your income to offset that effect. As the others have said, Government (VA, USDA, FHA) backed loans might be your best bet given your scores. I suggest that you obtain a mortgage loan pre-approval from one or two lenders. Don't fret about having your credit pulled too often because as long as the different mortgage lenders pull your credit around the same time it counts as a single inquiry. Tom Stevens - Financing in 50 states.

Aug 11th 2011
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Brad Cahoone (info@globalhomefinance.com)
#89 ranked lender in Texas - 1,042 contributions

Good afternoon Julienne. My name is Brad Cahoone. I am a Mortgage Broker at Global Home Finance Inc. in Lewisville. As with these other good people we can do FHA with your score and all the way down to a 580 in some circumstances and at a 600 with no problems. I have seen some individuals walking away with 30 year fixed rates in the high 3.00% range and the 10 and 15 year fixxed notes are going in the low 3.00% range! I can look to see if we can get qualified solely under your husband, but would need to develop a debt ratio and we would be required to go Conventional if we were to go that route. You would remain on the deed and be in ownership to the home even though he would be the only one on the mortgage if we go that route. I am at your disposal. Please call me at 972-724-3222.Brad Cahoonebcahoone@globalhomefinance.com

Aug 12th 2011
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