Purchasing your home with as little as $1250 total investment on your
$500 Earnest Money
$300 Home Inspection
If your Income is below
the 80% Annual medium Income level Example a family of 3 below
$49000 a year than you should be able to qualify for most
Housing assistance programs in the DFW Metro-Plex.
If your income is below
the 110% AMI Example family of 3 $79000 than we can use wither the
TDHCA (Texas Dept Housing) Bond 79 or USDA loans with zero
The Home Buying Process
View our Home Buying
Presentation on You-Tube
a lot of home buyers don't realize is that, apart from the down payment 3.5
% with an FHA mortgage needed
to buy a home, there are other
associated closing costs.
such as Loan setup fees, attorney and
title fees and pre-paid Insurance and Property taxes. These
expenses normally add up to about
5% to 6% of the price of the home.
This means you
are going to need about 9.5% of the
price of the home to be able to purchase this
For those of
you who s income level is below the 80 Annual medium Income level (IE
Family of 3 $49000) there is some form of government grant money
available normally from $7500 to $10000. A seller is also
allowed to contribute up to 6% of the selling price in buyer
concessions with an FHA, VA or USDA loan.
But only 3% on a conventional
loan. This money is normally used to pay some of or all your
This means that
when searching for a home we must find a seller
that has enough equity in their home to be able to afford to sell
their home and give you 6% and still pay their own seller closing costs.
Anyone wanting to obtain a mortgage loan
will need at least a 640 credit score. Sometimes we can find
lenders that will work with a 600 but that always means that the
underwriting will be done manually and your application is going to be
scrutinized and very difficult.
Here are a few ideas on building your
credit score if you believe it is lower than a 640
Revolving credit. Revolving credit is
the type of credit that builds your score. A car payment will
not help your score but a credit card will as long as you use it widely
and try to keep the balance at about 20% of allocated credit Example:
$1000 credit never owe more than $200 at any given time and always pay
the bill on time.
Apply for an
Orchard Secured Credit Card
Apply for a Capitol One Secured credit Card