Q. How do I find out what my credit scores are?
A. There are a few ways that you can do this. You can go online and pay to have a company show you what they are. By far the best way is to talk to a lender or a bank about pre-qualifying and they will pull your credit.
Q. What if I have had a bankruptcy?
A. Generally if you have re-established your credit and have had no late payments or collections since the bankruptcy, you would be able to get a mortgage 2 years after the DISCHARGE date.
Q. What if I had a foreclosure or a short-sale?
A. Generally, if you have had no late payments since the foreclosure/short sale's final date you would need to wait 3 years to apply for a mortgage.
Q. What if I haven't been on my job for two years?
A. Lenders want to see a consistency in work history. They like you to be in the same line of work or to get a better job.
Q. Do I need a bank account to get a mortgage?
A. Lenders will need to verify that you have enough cash to close and the only way they can do that is through a bank account.
Q. How do I know if I can qualify for a mortgage?
A. You would need to talk to a lender or bank.
Q. I get paid cash on my job.
A. Only verifiable income through paystubs, W-2s and tax returns can be used to qualify.
Q. My wife/husband has bad credit but mine is good.
A. The wife/husband with the bad credit does not need to be on the application but you will not be able to use their income in the qualification process.
Q. I am separated/getting a divorce. Can I buy a house?
A. Since Texas is a community property state, the spouse would need to sign the deed of trust at closing.
Q. I have heard that different places have different credit scores.
A. That is correct. Generally, the lower the credit score the higher the rate. Lenders have a minimum credit score requirement. They vary from one lender to another.
Q. How much money do I need to buy a house?
A. A conventional loan requires a 5% down payment, an FHA requires a 3.5% down payment and VA has no down payment. You will also have closing costs. The closing cost amount depends on the lender and the program.
Q. Can the seller pay my closing costs?
A. The seller can contribute 3% of the sales price for closing costs, FHA is 6%, and VA is 4%.
Q. My credit is bad but I can get a co-signer.
A. Co-signers only help with income not credit.
If you would like to qualify for a mortgage , this lender will go down to 580 on credit scores.
If you think your credit scores are 620 or above visit this webiste. For 640 and above try here.
There are many lenders available and you are free to choose whomever you like.
Please let us know when you have applied so that we can follow up.
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
806*676*6341
http://pinkhouseteam.com
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