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New Home – If you are buying a new home you will arrange your loan through the home builder when you visit the new homes.
Existing Home – To buy an existing home, you need a Pre-Approval Letter before you can go looking for homes to buy. Please contact a bank or loan company or you can use our excellent Loan Consultant.
Mention that you were referred by Lloyd Martin
You can buy a New Home Today with no money! Here is how it works:
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Texas pays the down payment that you never have to pay back
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The home builder will pay the closing costs
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The Federal Government will pay $167 of your monthly payment
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I give you $2500 Appreciation Bonus if you want to use my expertise as your Realtor.
All You Need Are These Things
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600+ Credit Score
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Income over $35,000
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$1000 Earnest Money to reserve your home
Southwest Credit Repair
Lauren Gill
Senior Credit Counsellor
214-454-6762
Small company with personalized, one on one service and peaceful style, with ten years experience,
Lexington Law
855-972-1063
Large company offering free consultation.
New Start Financial
Wayne Sanford
Senior Credit Counsellor
469-358-6444
Small company with personalized, one on one service and aggressive style, with twelve years experience,
To Be Eligible for this Grant Program, Your FICO Score must be 620 or higher
Here are some suggestions that will improve your Credit Score.
- You Must have Credit Cards to get good credit. Use them to purchase what you would normally pay cash for, then pay them, On Time, every month. Your credit will go up fast.
- Apply For a Credit Card Here (Only if you do not have any)
- Do Not Pay Off Any Collections Notices – We will advise you how to handle these.
- Don’t buy a car or any other purchase that you have to finance.
- Don’t Co-Sign for anyone. Their loan is Your Loan.
- Your Credit Does Not improve by paying more than the “Minimum Payment” each month. You simply must “Pay As Agreed”, which means pay the minimum amount on time every month.
- Get your credit card balances down to under $75 for each card. Pay extra payments when you can but only on one card at a time.
- Do not Cancel/Close any unused credit cards.
- Important – Use your credit cards for Date Nights even if you can’t afford it
You Also Have to Meet These Debt to Income Ratios to Get Your Loan
The debt-to-income ratio (DTI) is a percentage that shows how much of a person’s income is used to cover his or her recurring debts. Lenders calculate DTI at the monthly level using the borrower’s gross, or pre-tax, income.
Calculate your DTI ratio by dividing your total monthly debts by your gross (pre-tax) monthly income. For example, if my recurring monthly debts total $2,000, and my gross monthly income is $6,000, I have a DTI ratio of 33% (2,000 ÷ 6,000 = 0.33, or 33%).
2015 DTI Limits for FHA Loans: 31% / 43%
According to official FHA guidelines, borrowers are limited to having debt ratios of 31% on the front end, and 43% on the back end. Here are the relevant excerpts from the HUD Handbook:
- Front end: “The relationship of the mortgage payment to income is considered acceptable if the total mortgage payment does not exceed 31% of the gross effective income.”
- Back end: “The relationship of total obligations to income is considered acceptable if the total mortgage payment and all recurring monthly car payments, credit cards, alimony, etc. do not exceed 43% of the gross effective income.”
Compensating Factors
On the surface, this suggests that borrowers with DTI numbers above the stated limits could have a harder time qualifying for FHA loans. But that’s not always the case. There are exceptions to the official debt-to-income caps.
