Ideally, it wouldn't matter what your credit score is, we would just approve you for a loan and into a new home. Reality says, that's just not going to happen. Credit score plays a HUGE part of a someone qualifying for a mortgage.
The good part is that you can qualify for a FHA with a credit score of 620. Where as on Conventional, you can go down to 640 but with a slight adjustment to your interest rate due to you being a 'higher risk'.
This post is not about 'qualifying for a texas mortgage'.
If you had credit issues in the past, it's going to take time to work out those issues. Your mortgage originator could probably tell you about one or two reliable and trustworthy credit repair companies, so be sure to ta
lk with them about it first. Something to keep in mind is that whatever the issue is, it didnt happen overnight... so, it wont be fixedovernight either.
I try to be very upfront with the clients I work with that are going through credit repair. I ensure they know that this process can take 3-6 months, depending on the amount (and types) of issues that are reported. But it never fails, I'll get calls from the client 3 weeks later or from the Real Estate Agent asking if I heard anything lately.
Don't get me wrong, I'll be happy to answer any questions but don't be surprised if I remind you that this can take some time. As a matter of fact, there are some cases where it can take up to a full year to resolve some very derogatory accounts and/or judgements.
Recently, I have been working with Dana LaRue of The Carter Law Firm here in Dallas. Dana is very thorough, patient, and easy to contact. I've found that their process is outstanding! They color code the entire report so the clients know the problem areas, strengths, and places that could use some attention. If you need Credit Repair, give me a call about Dana.
Overall, be patient. Credit repair can take some time, but it does not have to take forever either. Typically corrections will last 3-6 months.
When you fill out a loan application but your credit does not allow you to qualify, my response is that you do not qualify 'YET'. We work together to put you in a position to buy your new home or refinance your existing mortgage.