Buying a Home...Killeen/Harker Heights Area

If you live in Texas, www.texaslending.com usually helps those with less than perfect credit. That's what they advertise & it's what's on their website. I'm trying to get my hubby to get his VA loan through them but he's a procrastinator when it comes to important things. Good luck!

Morning A.;

Caution, Caution, Caution!

Shop, shop, shop! There are lots of mortgage companies, use the yellow pages and shop, call them and talk, find out
their loan percentage! Never and I do mean never buy a home with a percentage more than 51/2 percent! Actually get it
lower if possible.
Make sure it is a fixed rate, do not and I mean do not be
conned into a variable rate or any loan that the rate can change on!!
Read all fine print carefully!
Do Not buy a house with a loan payment that will make it hard on you! Remember any home loan will actually increase in payments because of taxes, that is the only thing that can increase your payments and believe me it will!!
If you are careful in every detail of looking and shopping and finding out first what you can afford and then taking your time, you will be happy with you home for years and years! That is the way to look, thinking that you may be in that house for 40 or 50 years!
We (my wife and I) have been in the same home now for 43 years!
Have Fun
B. C.

A., I used to be a loan processor, a long long time ago. Most everyone can get a mortgage loan, even if your credit is not great. Your loan term options just may be a bit different and your interest rate may be a bit higher. They will probably ask you for a letter of explanation as to why your credit is not great. I would first find a realtor, explain your situation, then she will refer you to a mortgage broker.. He will need to pre-approve you before you start looking at houses.. Good luck..

A., Is there some way you can clean up your bills and get your credit score up? Pay off all the credit card debt and just put small amounts on them that you can manage to pay off each month. Credit scores are based on how you pay your bills. Houses bring more bills - so if you have to demonstrate that you can pay the bills. After you do that, is there someone in the family who could co sign or loan you the down money? That is one way to qualify. My dad loaned me the down money and that was how I qualified and I made sure I didn't fail because I couldn't disapoint my dad. I paid him back every cent too. Good luck.

Hello A.! I am a REALTOR also, but unfortunately I don't live close to you at all to meet with you, but I can give you some facts. Do you know what your credit scores are? How long ago was it since you had your credit report pulled for a mortgage loan? If it hasn't been more than three months, ask the lender that pulled your credit report to send you a copy of your credit report so you can take it with you to other financial institutions that might be able to work with you and you can shop around without having to add more inquiries on your credit reports. Lenders use all three credit bureaus to find your mid score or the score that's in the middle to determine which score to go by. Avoid adjustable rate mortgages because your monthly payment could jump to a very high payment you might not be able to make. Paying off some of the debts that you have might be able to help, but you should definitely speak to a lender. Although there are some programs that offer assistance, not all areas qualify for that particular assistance. You could check with your county to find out if the neighborhood where you want to purchase a home qualifies for a first time homebuyer assistance program. For some of those programs you may have to attend a class, but you still need to have a lender. In many areas prices are a lot lower right now and that makes it a buyer's market. Try this link to find a REALTOR close to you, that can help you out. Good luck! http://www.texasrealestate.com/web/FindRealtor/

I know that in Odessa, TX they have a "Own your Own Home" program that assists individuals such as yourself. The program is run through the Community Development Office of the City and utilizes funding from various governmental pull downs, this is NOT HUD. There are specific qualifications and you have to qualify, but I can assure you it is probably safer than other private, for profit companies.

Try lendingtree.com. We used it to buy our first house, and even our seasoned realtor was shocked at how easy they made the process. Plus we had 5 or 6 quotes from different mortgage companies within 2 days. And somehow we ended up not even having to pay closing costs and got $500 back! I hope it works for you, it was the best experience for us!

I am a REALTOR in Bastrop - Check with your local USDA office to see if you can qualify for one of their programs, and if they have money to give for your area. I don't know if that is a rural enough area. There are some loans for first time home buyers and options out there. Credit repair can be done in as little as six months, if you can find out what is wrong and get an idea of how to fix it then by early summer you could be "fixed" enough to buy. You might also check with yoru local banks and credit unions, sometimes they can be more flexible.

Try Eric Miles ###-###-####. Not sure who he works for or if he's now independant. He was with a company but left them a few years ago. When I was first trying to buy a home I was basically told I would need to try for a Hud home or worse to be able to afford a home. I had given Eric my information to see what he would come back with and decided that if he came back with bad news I would wait another year to buy a home. He was able to get me approved for the house I wanted and then some to cover closing costs. My credit wasn't great, I was a first time home buyer and single mom so not a large income. My husband and I are now selling our home and looking for a larger home and working with he and his wife. His wife is a real estate agent. Between the two of them they try to get you the best price and the best financing. Eric was telling me the other day that interest rates are really low right now too. I know several people who have worked with him and have been very happy with the outcome.
And by the way if you are looking in Round Rock our house will be going on the market I believe next week. If you're intersted in looking at it let me know and I'll send you the address. No pictures yet but the realator is taking those early next week. Great layout but we are now working on our 5th member of our family plus I have a business out of my home. Great neighborhood, lots of kids, playground at the front of the neighborhood 3/2.5/2, privacy fence and more. Let me know if you are interested in seeing.
Sorry one more thing. Depending on your credit score you can still possibly be approved at a rate you can afford. Eric will tell you straight whether you need to wait or what you should do to improve your credit if needed before you purchase a home. I've always been told that if you wait until you can afford something or are ready for something then you never will be. When I worked with Eric the first time I thought there would be no way I could afford a home. With a friend of mine he told her that she needed to do this and that before he could get her a loan. He won't talk you into buying a house if he isn't sure you can afford it. There isn't a cost to have him check and worst case he'll say you need to wait until x time. Good Luck with everything.

I would say not to buy a home and try to save tons for a down payment or pay down your debt to increase your credit. If you really do want to get a home now, which may be a good idea because you can get more for you money; I would suggest to go to your local chamber of commerce or the consumer credit counseling centers. They will guide you or give you information on getting help from the government or non-profit organizations that help out first time home buyers. And I advise to read through and ask as many questions as possible, you can still get foreclosed on if you miss so many payments.
Good luck!

How about cleaning up your credit before you buy. Listen to some Dave Ramsey for good tips. He also has books out. Best of luck.

Try calling David Baker with Cedarstone Mortgage at ###-###-#### located in the woodlands. If for some reason your credit is not good enough, he'll recommend you with a credit repair agency and he'll give you other suggestions, or you can apply on his website www.cedarstonemtg.net and he'll go from there.
Good luck!

Hi A.,
You can contact a loan company, & they can ususually get you financed through FHA. I would suggest finding a reputable realtor & letting them put you intouch with a loan company. Most realtors have certain loan people they work with. They can give you an answer in a metter of minutes if they can get you qualified to purchase a home or not. If you want, I can give you the name & number of the loan company & the person we used. He's GREAT!! He can do it when others say it cant be done. He works with Hometrust Mortgage in The Woodlands & his name is John Peterson. ###-###-####

Realtors usually have someone that they work with that works well with people in trying to buy a home. And, the expense isn't out of your pocket since you're buying the home. At least it wasn't for us. Our realtor just got a percentage from the sale and I believe it was paid by the seller.

Hi A.,
My expertiese was in mortgage bankiong for over 30 years. this is what I would suggest- get with a local realtor- choose the one with the best reputation in that area. They know where all the loans are for those who do not have the best credit- also, I would suggest that you use CTX mortgage if they are still open in the Killeen area- they have great loan programs. Also, you may qulify for one of the first time homebuyers bond programs but your realtor would have that information. Good luck and blessings

A.,

you might try to get a grant for new home buyers and you might not have to pay it back

My husband is a loan officer, and I good one at that. He doesn't tack on the hidden fees like some loan officers. He is looking to be a mortgage consultant for life, so if your interested give me your info and I will have him contact you. He will be most honest with you and let you know ALL your options. You will not be disappointed. I promise you. If not, good luck to you and yours.

A.,

I am a TEXAS REALTOR. Everyone is willing to work with you but not until your credit is in great condition. I recently went to a Financial Success seminar. Part of the seminar was focused on credit repair and what you can do on your own for free. I would love to share with you what I learned. My website is www.theKLMteam.com and my contact info is there.

Good Luck!

Hi A.,
I would try Excel Mortgage Corporation. The number is ###-###-####. or www.excelmortgagecorp.com. They really helps us and we were in the same boat. Sam Cammack runs the shop and he helped us directly. I am not sure if he is still handling loans directly these days but I am sure he could put in contact with one of his officers.
Good Luck!, T. B

A.,
I can refer you to a loan officer whom MAY be able to assist you. I am unsure of your score, but a phone call may help. I trust him with my personal business, as well as all friends and family. Tell him K. K. with Certified referred you. Paul Vincent ###-###-#### or
____@____.com
Good Luck!
P.S. I am in the mortgage business.

My husband and I were in a very similar situation. We finished college and struggled for a year or so, which left our credit pretty much in shambles. Now, we are on our feet and working on our credit, but there is much work to be done! So, when we started looking for homes, we looked into Owner-Financed homes. We now have two homes--we rent our first fixer-upper (& make a little profit off of it) and have moved into a larger home. However, DON'T BE FOOLED. You will pay a premium for the easy approval. You will pay more for the home and your interest rate will be very much higher than through a bank. For us, it was the only way to get into our own home! Good luck & best wishes to you!

Congratulations - God bless you all. Actually the best way for you to get expert advise is to use a reputable realtor. IF you don't have one, my daughter Heather Tiernan works for Gary Green Realty in the Woodlands. I know from experience how she has helped others. IF she is not in your area, should would gladly give you a referral for your area. The one you choose should have accurate available tools to help you. Good luck.

Hi A.,

I live in Spring and am a Mortgage Processor for Southwest Funding. We have 150 plus lenders we can send your loan to for approval. We have alot of first time homebuyers. We also have alot of very very qualified Realtors in our office. If you need help give me a call at ###-###-#### and I will give you personal attention and tell you what you can do and where to go for help. I usually work from home because I am a proud mom of 3 and love being home with them. Also, we do loans in every city and state. I just did one in for a Canada couple. We have done loans in every city in Texas!

Make It A Great Day!
C.

You could really get raked over the coals trying to get a loan you're not quite ready for. My husband is a Realtor and I help him with property management. Owner finance situations can be with some very shady people taking advantage of people who can't get their loans elsewhere. You're late on one payment and they renig and you've lost everything you've put into it. They use it as a way to suck money out of you. If you can't get a loan with a reputable mortgage company, you'll be farther ahead down the road to wait a year or so after you've cleaned stuff up. We recently bought a house with a mortgage we really shouldn't have been given (ARM). Luckily, we were able to sell the house for a profit and get out from under it and pay off some debts and set ourselves up for getting a better loan and house. We are now renting and so grateful we got out from under that ARM. We live in an oil town and the market was good here when everywhere else it was bad. We were fortunate and saw many couples splitting across the country from being in over their heads. Be extremely cautious. The stress from bad mortgages and being financially over-extended is not worth it. There are homes for rent in every price range.

Pray about it. God is great about putting you right where He wants you and where it's best for you.

My husband has worked in the mortgage industry for 15yrs and just recently started his own company. He has been doing alot of loans and refinancing. You should look up their website and give them a call. www.Leader1mortgage.com