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Lender

Looking at getting another good faith estimate.Any advice?We dont qualify for USDA Loan we make to much together.
  • January 13 2010 - Wylie
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Answers (13)

Teacher34,

The Texas Department of Housing just released a down payment assistance program in conjunction with an MR bond program.  Of course there are some restrictions such as 580 minimum FICO, maximum sales price 258K, maximum 4% pariticipation, the rate is a bit higher 5.75 fixed, and a few other requirements.

Are you specifically looking in Wylie only?  Frisco has a down payment assistance program (non refundable) if you live and work within the city.

You need to be discussing this with a local broker who is aware of every bond program available.

If none of the grants/bond programs work,  and if you are trying to take advantage of the 8K tax credit, you have a couple months left to save up and work on your credit to bring it to 620 to do an FHA loan.  You need to work with a very proactive lender  though.  With your income, you should be able to do it.

Naima
  • January 13 2010
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Profile picture for BSRL
Could you come up with 3.5% down?
Or would you be interested in buying a HUD foreclosure? They still have the $100 down program.
  • January 13 2010
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We have 7200 dollars of child care expense a year that not enough.Family of 3 salary 95000 then minus the 7200 doesnt quite get us there.

  • January 13 2010
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Profile picture for Memphis Owners12
USDA allows that income with a family of 5, including children, disabled relatives, and the elderly.  USDA also allows deductions to gross income, for the purpose of qualifying-- these deductions include child care expenses, caring for elderly or disabled adults, and a few others.
  • January 13 2010
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No
  • January 13 2010
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Are there any down payment assistance programs available still.
  • January 13 2010
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Give Jason Phillips a call.  He is well respected and contributes on this site.  I am sure he can put you on the right path to buying a home

http://www.zillow.com/profile/TX-Mortgage-Expert/
  • January 13 2010
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Profile picture for BSRL
Sorry, meant to say should NOT be a major issue.
  • January 13 2010
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It doesnt sound like it should be a major issue. Lets take a look!
  • January 13 2010
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95000 together. My score is low for little stuff lender said it wasnt that big of a deal.I am going to pay a few cards down next week and might wait to see if that bumps me up.
  • January 13 2010
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You need to look at doing an FHA loan if you can come up with 3.5% down.  Would you like a second opinion on the USDA loan.  If either of your credit scores are below 620 you may have a hard time getting a loan. Can you qualify on the income of the  635 score borrower?
  • January 13 2010
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575 and 635 A house up to 200000
  • January 13 2010
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Profile picture for BSRL
How much is the property you are looking at purchasing? Any idea on your credit scores?
  • January 13 2010
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