r/Midlothian

I need some real talk from locals who have done this. I am 28, live near Midlothian Turnpike, and I have managed to save 30,000 dollars over the past few years. That feels like a lot to me, but I have no idea if it is enough to buy something here.

My credit score is around 640. Nothing terrible, but nothing great either. I have some old medical collections and a couple of late payments from two years ago that I am still mad at myself about. No major debt besides a small car loan.

Here is my question. Would a mortgage even help someone like me? Or am I better off just renting for another few years and saving more?

I keep seeing online that you need 20 percent down or a 700 score to get anything decent. But then a coworker told me that is not really true anymore. I am confused.

If I go talk to a lender, what should I even ask? I do not want to get taken advantage of just because I am new at this. And I definitely do not want to wreck my credit by applying to ten different places.

Has anyone here in Midlothian bought a first home with similar numbers? 30k saved, credit in the 640 range? Which lenders or brokers actually worked with you? Which ones wasted your time?

Any advice at all would help. I am tired of paying rent and feeling like I am getting nowhere.

Thanks,

Richard

A few people asked if I talked to a local lender yet. I called Duane Buziak Mortgage Maestro. He explained the difference between my banking app score and what mortgage lenders use. Turns out my mortgage score might be better than I thought. Still early but at least I understand the process better now.