Posted on: 21st Jul, 2009 12:19 am
I am currently making 102,000.00 a year and I bring home on average after my bills about 6000. I have a credit score of 582 and I cant seem to get approved for any home loans. Im a first time buyer and I am prior military and I qualify for the VA loan. I have never filed for bankruptsy. I would like to find a home in the price range of 120-150,000.00. I have been working with my company for the last two years.
armygirlvet
welcome to mortgagefit.
If you are qualified for VA loan then I do not think it will be a big problem for you to get a mortgage even if you are having a bad credit.
As VA loan by definition is guranteed by US dept of veteran affairs.so they are giving gurantee for your mortgage.It will not be a big problem if you approach any local mortgage lender.
keep in touch.........
welcome to mortgagefit.
If you are qualified for VA loan then I do not think it will be a big problem for you to get a mortgage even if you are having a bad credit.
As VA loan by definition is guranteed by US dept of veteran affairs.so they are giving gurantee for your mortgage.It will not be a big problem if you approach any local mortgage lender.
keep in touch.........
To armygirlvet,
With a credit score of only 582, you cannot qualify for a VA loan. You need a credit score of around 620 to get approved for a VA loan. The credit requirements have now become strict, considering the depression in the mortgage industry. A credit score of anything less than 600 is not taken into consideration while approving a loan. Have you checked your credit report? Are there any negative items? How's your payment history in the last 12 months?
With a credit score of only 582, you cannot qualify for a VA loan. You need a credit score of around 620 to get approved for a VA loan. The credit requirements have now become strict, considering the depression in the mortgage industry. A credit score of anything less than 600 is not taken into consideration while approving a loan. Have you checked your credit report? Are there any negative items? How's your payment history in the last 12 months?
manoj, the "guarantee" is not a guarantee that someone can obtain a loan - it is insurance against default by a borrower. a borrower with a credit score as low as 582 is a credit risk - lenders wish to minimize risk.
girl - you need to bump your score up to 620 in order to get yourself qualified. get a look at your credit report and repair whatever is holding you back as soon as you can.
girl - you need to bump your score up to 620 in order to get yourself qualified. get a look at your credit report and repair whatever is holding you back as soon as you can.
Im really trying and I Think I have done all that I can do right now I even got a credit card for $300 and it has boosted my credit a little but not as much as im needing I have made some mistakes in my past but all are old at least 5 to 6 years old. No new deliquent items. Are tehre any companies out there that focus specifically on Bad credit Home loans?
Im really trying and I Think I have done all that I can do right now I even got a credit card for $300 and it has boosted my credit a little but not as much as im needing I have made some mistakes in my past but all are old at least 5 to 6 years old. No new deliquent items. Are tehre any companies out there that focus specifically on Bad credit Home loans?
Hello everyone. Nice to meet you all.
Repairing your own credit isn't hard or all that time consuming. Each year you should examine your credit report with all three major credit reporting agencies and use their on-line dispute system to dispute any negative information that you don't feel is correct.
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