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Old 09-16-2010, 07:25 AM
 
15 posts, read 33,027 times
Reputation: 10

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I am about to start a VERY important phase of my life----buying my first house. I will be moving to katy by next summer and while I have four areas (pine mill, silver ranch, westheimer, katy creek) where I would love to buy, nothing will be possible without decent credit. Do you have/had a mortgage broker/real estate agent that helped you through reviewing your credit and guided you through the buying process that you can recommend? I would prefer someone in the katy area also....I have no repo, no foreclosure just a few late/closed accounts which most of them were already paid off.......Thanks
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Old 09-16-2010, 09:40 AM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,195,821 times
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Just read that FHA will now go down to a 500 credit score (in October) - but you will be putting down 10% and not 3.5%. Anyone over 580 can do the 3.5%, but each individual lender may have higher requirements.
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Old 09-16-2010, 10:01 AM
 
Location: Fondren SW Yo
2,783 posts, read 6,675,343 times
Reputation: 2225
Quote:
Originally Posted by quadri View Post
I am about to start a VERY important phase of my life----buying my first house. I will be moving to katy by next summer and while I have four areas (pine mill, silver ranch, westheimer, katy creek) where I would love to buy, nothing will be possible without decent credit. Do you have/had a mortgage broker/real estate agent that helped you through reviewing your credit and guided you through the buying process that you can recommend? I would prefer someone in the katy area also....I have no repo, no foreclosure just a few late/closed accounts which most of them were already paid off.......Thanks
My wife and I bought our first house this summer. We used Cheryl Johns, whom I met on this forum, as our buyer's rep. I strongly recommend her, she was great.

The contact info. of the mortgage guy I used below, he was also a pleasure to work with. Responsive, easy on the BS fees and doesn't come off as a used car salesman type. he was patient and thorough in answering my questions.

Brian Beatty
Mortgage Consultant - Bedrock Lending
A Fairway Independent Mortgage Company
4925 Greenville Ave. Suite 200
Dallas, TX 75206
214-448-4641 direct
877-409-3382 office
469-287-5800 fax
brianb@fairwaymc.com
Brian Beatty - Top 10 Lenders in Texas
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Old 09-16-2010, 04:23 PM
 
201 posts, read 914,740 times
Reputation: 112
Good for you for thinking so far ahead. I recommend getting your credit score first and make sure it's okay. With this much lead time, you have a chance to correct or improve your score if there are any issues.

You're also smart to get a realtor involved. One thing to be aware of is that a realtor may lose interest in you when you tell them that you don't want to buy until next year, but a good realtor will still help you out now, hoping that you'll come back to them when you're ready to pull the trigger.
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Old 09-17-2010, 05:15 PM
 
834 posts, read 2,684,020 times
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Definitely study your credit score and fix anything that you can. Definitely do not apply for new credit cards or any new financing. Lower your credit card balances if possible. It really helps when you search for houses within your budget. To be more realistic, go to a mortgage broker - they will be able to review not just your credit score, but your assets, your salary, etc to determine how much would you qualify for and give you an idea of closings costs, monthly payments, etc. Also they will have contacts with several banks that have loan products to meet your needs.

I have used Jamie Wolf at Capital Security Mortgage and I recommend him. His info is below.

Jamie Wolf
Capital Security Mortgage
281.543.5488
713-297.5625 fax
jwolf@houstoncapital.com
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Old 09-17-2010, 07:41 PM
 
15 posts, read 33,027 times
Reputation: 10
Thank you all soo much. I will make contact with your recommendations and see how it goes....I just hope that someone will be able and willing to work with me for the next 7 months. My buget will be 210-220 with 35-40000 down,
so then is it better to go FHA or traditional? I just have 10,000 in student loan which I am just about starting to pay back.
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Old 09-17-2010, 07:48 PM
 
15 posts, read 33,027 times
Reputation: 10
one more quick question....so should I use a mortage broker and a realtor from the same company?.....sorry lots of questions.......Owning a home for me is much more than an american dream. I am an immigrant and apart from the fact that I will be the first one in my family to own a home, this home is where my mom will stay whenever she visits and for as long as she wants!!!!!
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Old 09-17-2010, 07:54 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,195,821 times
Reputation: 15226
Quote:
Originally Posted by quadri View Post
one more quick question....so should I use a mortage broker and a realtor from the same company?.....sorry lots of questions.......Owning a home for me is much more than an american dream. I am an immigrant and apart from the fact that I will be the first one in my family to own a home, this home is where my mom will stay whenever she visits and for as long as she wants!!!!!
It's not necessary. A realtor does one thing and the lender another. We have a lender associated with our company, but I prefer other lenders due to better rates and cheaper closing fees.
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Old 09-21-2010, 05:24 PM
 
15 posts, read 33,027 times
Reputation: 10
Thanks alot!!!
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Old 09-23-2010, 11:05 AM
 
15 posts, read 33,027 times
Reputation: 10
rb4Browns hi..dou you happen to have cherly johns contact info?
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