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Old 05-28-2013, 07:05 PM
 
1 posts, read 1,070 times
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Hello all,

I am looking for an FHA 203K lender who will go down to a 600 mid score on a property in Beaumont, TX. I also have a question about student loans; if I am currently not required to make payments on my loans, how does that affect my finance? I could buy a house tomorrow and then attend college and rack up college loans, so I don't see the relevance. The loans, if I were paying on them would be $600.00 a month. I currently am not required to make payments with my income/family situation. I make 46,000.00 a year and am married with 2 children, but wife will not be on the loan. ANY lead to a good lender who can assist me would be SO APPRECIATED!!! ... Also, I have been living in the house for 12 years and my mother is selling to me, she is gifting me equity to cover all the down payment and closing costs, still leaving plenty of money for repairs.

Robert R. Beaumont, TX.
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Old 05-28-2013, 08:27 PM
 
Location: San Antonio, TX
1,297 posts, read 3,100,664 times
Reputation: 1168
honestly, our situations are a little different but i believe to be approved for an fha or any type of mortgage, they will factor in your student loan debt and the payments you are or *would be making.

i'm a first time buyer and in the process of getting a condo. bbva was the bank i got the best program from out of 3 other lenders. i forgot what its called but its geared towards those who make 30-60k, with a credit score to qualify at 660 (i know you mentioned mid 600s). plus you can put down 5% or possibly less without there being no PMI insurance added on top of everything else unlike an FHA has.

that might be worth a shot. PM if you have any other questions.
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