More Lender Woes...

Real Estate Agent with RE/MAX Compass 540867

I represent a buyer who has a marginal credit score of 605.  The only outstanding credit she has is her existing mortgage (and this lack of existing credit is hurting her); She is current on her mortgage payment.  This client is in a situation where her house is being bought out by the city.  It's a good deal for her as her house is now in the floodway - the city is paying her for what the house would be worth were it not in a floodway.  She will have about $53K cash to work with and the city is also paying for her relocation and closing costs.  We have found her a decent replacement home at $90K.  She is putting $45K down.

According to her lender, even with a 50% down payment, she cannot get a loan. 

My heart goes out this nice lady.  She has worked hard her entire life; doesn't make a lot of money but "qualifies" for the house she wants to buy based on debt to income ratio.  She is stable; has been with the same company for 18 years and has a nice balance in her 401K. 

Suggestions are appreciated.


Posted by

Kris Hoch, ABR, ePro®

RE/MAX Compass

7825 Hwy 6 N, #112

Houston, TX  77095

832.928.5070 - Cell

832.476.8644 - Fax

Referrals are the lifeline of my business.  If you or someone you know are in the market to buy or sell, please consider me for your real estate needs.

For more information about the Spring-Cypress TX area, please visit my website at

If you are planning to buy in Spring or Cypress, TX, you can reach Kris at or via cell phone at 832.928.5070.


Comments (4)

Dawn Houlf
The Force Realty - Listings-Homes for sale-First time home - Las Vegas, NV
Las Vegas Commercial & Residential Real Estate-Investor-1031

Greetings in Las Vegas,  there is a bank here in Las Vegas that maybe able to assist!!   They look at the whole picture just not the check boxes on an application.  They do not sell their loans off.  They are a traditional savings and loan.  Call Joanne Stetler , Washington Federal Savings,  bank # (702) 387-9853  and her cell # (702) 521-3874 .  Let her know that Dawn Houlf referred you.  Good Luck!

I pray that she will be able to help.  Call her over the weekend. She will call you back

Happy 4th

Jul 03, 2010 03:55 AM
Kris Hoch
RE/MAX Compass - Cypress, TX

Thanks Dawn.  I will give Joanne a call. 

Jul 03, 2010 04:00 AM
Tom Hlavin
Real Street Marketing - Chesterland, OH

Hi Kris,

Wells Fargo allows borrowing with a 600 score.  Your client would need some "non-traditional" sources of credit, e.g., gas bill, electric bill, cell phone bill, etc. that show 12 months on-time payments.  Give me a call and I'll be glad to help her with a free pre-approval.  Tom Hlavin, Home Mortgage Consultant with Wells Fargo Home Mortgage.  440.255.0387

Jul 03, 2010 04:00 AM
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

Wow...that is crazy that she still can't qualify!   Glad you are getting some possible help!!!   good Luck!

Jul 03, 2010 04:03 AM