Colin Rosenthal Broker

5352 E Highway 121 Lewisville TX 75057

dfw metro housing LLC.
Call Us At: 972.353.4990
    Please Refer us to your Friends

 Free credit Check and Mortgage loan Application

   
       
     

 

             Apply for a Mortgage loan On-line  

Purchasing your home with as little as $1250 total investment on your part.

$500 Earnest Money

$300 Home Inspection

$450 Appraisal

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 down payment.

 

The Home Buying Process  

View our Home Buying Presentation on You-Tube 

 What 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.  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 home.   

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 closing costs.  

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.

 

   Mortgage Loan

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

1) 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

2) Paying off current Debt reporting:  If any item is report on a monthly basis on your credit report try to call the debtor and make payment arrangements (Don't worry about any old debt that has gone into collection and no longer reporting) 

3) Make sure everything is paid on time and never ever late.   Just one last payment on anything could and often does effect your credit score as much as 100 points.  It takes one month to cost you 100 points and a whole year to rebuild again.

4) Eliminate all derogatory reports:  You cannot have any judgments, Tax liens,  outstanding student loans that have late payments and please beware of Bad rental History can also effect your credit. 

Free credit Check and Mortgage loan Application

 

 

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