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Old 11-30-2011, 02:56 PM
 
5 posts, read 19,334 times
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I am moving to Houston--Katy area due to job relocation. Is it possible to get a home loan with credit score of 599?
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Old 11-30-2011, 03:14 PM
 
Location: San Antonio/Houston
33,549 posts, read 51,750,301 times
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You might try for inexpensive house, maybe with 20% down and be ready to accept high interest rate.
http://www.brokeroutpost.com/reference/171832.htm ( there is no date for this article, so I am not sure if still actual )
http://www.freerateupdate.com/higher...mortgages-8528 new and updated

Last edited by elnina; 11-30-2011 at 03:32 PM..
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Old 11-30-2011, 03:32 PM
 
5 posts, read 19,334 times
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Thanks. I guess I need to find someone to talk to in person when I make the house hunting trip. It's just hard because I want to get an honest person and I don't know where to start. Thanks again...
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Old 11-30-2011, 03:49 PM
 
Location: Pearland, TX
3,333 posts, read 7,791,411 times
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My advice would be to fix your score first. But that's just me.

Ronnie
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Old 11-30-2011, 04:12 PM
 
1,488 posts, read 2,559,808 times
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Quote:
Originally Posted by tx bound View Post
I am moving to Houston--Katy area due to job relocation. Is it possible to get a home loan with credit score of 599?
No offense, but I sure hope not.
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Old 11-30-2011, 05:08 PM
 
Location: Westbury
3,283 posts, read 4,905,975 times
Reputation: 2922
you definitely need to start working on your credit score before you do something like buy a house. if you are accepted for a loan it will be a scary one. in this interest market you don't want some 6%+ rate. that is a lot of money flushing down the toilet when you could just take a year to repair.

get a small loan $2,000 - $5,000 and pay it off responsibly. if you have a credit card use it, but pay it off responsibility. opening up a loan and handling it will really help your score out without being a risky overpriced mortgage
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Old 11-30-2011, 05:19 PM
 
5 posts, read 19,334 times
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I have a home now in CA and will prob. rent it out because value is lower than balance. No car payment or credit cards right now. Also seems like it would be hard to get approved for a loan or credit card. Thanks
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Old 11-30-2011, 05:40 PM
 
Location: Westbury
3,283 posts, read 4,905,975 times
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yet you are seeking another home loan. you'd be approved for $2,000 before $140,000 with the new laws

Texas is going to chew you up dude
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Old 11-30-2011, 08:43 PM
 
Location: Spring
754 posts, read 1,855,189 times
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It will be hard especially if you already have a home loan.
You need at least a 620, but in reality that's the bare to get an fha. If your current home is fha then conventiinal is your only alternative. That would require a 680. And up to 20% down.
I would focus on.fixing score.and selling, if not.fixing it and making good income.
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Old 12-01-2011, 02:19 PM
 
Location: The Greater Houston Metro Area
8,950 posts, read 14,083,351 times
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I was getting ready to name a loan officer to talk to - one that is very good about getting your score into the acceptable zone, at no charge. However, the existing home loan in California just complicated it. With good credit and a good debt/income ratio - it is possible - but you would have to buy conservatively in order to do it.
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