Posted on: 10th Jan, 2011 07:46 pm
Currently I have a credit score of about 595. As of right now I about $12,000 saved up for a down deposit. Im looking trying to buy my first home around November after Ive been at my new job for a year. Where I live you can easily find 3 BR for around $50,000.
So tell me, with that credit score and at LEAST 20% down how much of an issue will I have getting my first mortgage.
Oh yeah! Im a veteran that qualifies for the VA home guarentee.. Will that help??
So tell me, with that credit score and at LEAST 20% down how much of an issue will I have getting my first mortgage.
Oh yeah! Im a veteran that qualifies for the VA home guarentee.. Will that help??
Hi Jessicacerlan!
Welcome to forums!
You will require a credit score of around 620 in order to qualify for a VA mortgage. If you want a conventional loan, then you will require a credit score of 700-720 and a down payment of 20%.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will require a credit score of around 620 in order to qualify for a VA mortgage. If you want a conventional loan, then you will require a credit score of 700-720 and a down payment of 20%.
Feel free to ask if you've further queries.
Sussane
Depending on what is actually what's on your credit, there is a great possibility with 20% down to acheive a mortgage. It all depends on what's causing the drop in your credit score.
Well currently my credit score isnt actually dropping its still raising.. I just paid off everything negative on my report and it has raised 30 points in the past 2 months so Im hoping by November in 10 months it might raise at least 25 more points to make me at least a 620.
You can get your score up in a matter of 72hrs by doing a rapid rescore.