Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Minimum Score for VA Loan in OH

Posted on: 26th May, 2009 04:46 pm
My husband and I are trying to get a VA Loan. His job relocated us to Ohio in '05 and I was unable to find work. We fell behind on our bills and had a lot of issues. Fast forward to the present. We have paid off all of our collections accounts, but did not know that we should have negotiated to have them removed so they now all show paid or settled. Our Avg Scores are 604 and 598 and we have been either paying off or disputing (inaccurate) items on both reports. I have been working with a lender that insists that we will not be able to get a loan until, at very best, November. Is this true or is there any hope for us? Our lease is up on 31Aug and we really don't want to continue giving these people $1100 a month for a townhouse!
Hi rcheriemontgomery!

Welcome to forums!

If you can increase your credit score up to 620, then you would be able to get a FHA loan. It is good that you have paid off most of the debts. It will definitely have a positive effect on your credit report. You can also check out the following page to know more about improving your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Feel free to ask if you have further queries.

Sussane
Posted on: 26th May, 2009 08:13 pm
Hi,

As your credit score is 604 and 598, if you apply for a loan jointly then the lender will consider the lowest credit score. There are lenders who provide loans to low credit scores but there may be some hidden costs. Generally the lender provides loans with a credit score of 620. There are other factors also like your source of income and credit history. Try to improve your credit score by making all your payments on time. Take out your current credit report and check if there is any discrepancy and try to rectify it. Don't loose hope, search for good lender and discuss about your financial condition clearly so that in future you do no face any problem in paying back the loan.
All the best.
Posted on: 05th May, 2010 11:19 am
Page loaded in 0.099 seconds.