Posted on: 27th Sep, 2012 01:28 am
My husband and I have been married for two years and we started dreaming about owning our first home in March. We had our scores pulled and they were not where they needed to be (620) to qualify for a VA loan....my husband was in the marine corpse....so we began the journey towards credit repair. I started with TU/513 EQ/484 EXP/513. Many disputes later, my fico scores are TU/634 EQ/640. I am pretty sure my EXP will be my lower score because there are two collections still reporting there despite my efforts to have them removed (both are inaccurate). Now we have decided to revisit our LO and see where we stand. I am almost positive my TU will be my mid score. Can anyone explain what I should expect?
The VA lender will consider your middle score in order to approve you for a loan. Even if your Experian score is lower, your TU score will be considered as the middle score. In such a situation, you may be able to qualify for a VA loan.
Hi Guest,
To know all about VA loans, you can check out the given page: http://www.mortgagefit.com/va-loan.html
Thanks
To know all about VA loans, you can check out the given page: http://www.mortgagefit.com/va-loan.html
Thanks
You seem to imply you are not also a veteran. If your income is not needed to qualify, why doesn't your husband (who presumably have better FICO scores) obtain the VA loan by himself?
I cringe anytime 'dreaming' in the same sentence as mentioning 'home purchase' May indicate you have been on the receiving end of a typical Realtor sales pitch. Home ownership is a laudable goal but make sure you're ready and have thought this through. Your scores were very low. Be sure 'credit repair' has changed not just your FICOs but also your approach to debt management.
VA mortgage is an excellent vehicle but remember you're upside down by a bit over 2% from the get go (VA funding fee). In today's slow real estate market, the transactions costs will be hard to cover in you need to sell in a few years. Also VA has a long memory if you leave a deficiency.
I cringe anytime 'dreaming' in the same sentence as mentioning 'home purchase' May indicate you have been on the receiving end of a typical Realtor sales pitch. Home ownership is a laudable goal but make sure you're ready and have thought this through. Your scores were very low. Be sure 'credit repair' has changed not just your FICOs but also your approach to debt management.
VA mortgage is an excellent vehicle but remember you're upside down by a bit over 2% from the get go (VA funding fee). In today's slow real estate market, the transactions costs will be hard to cover in you need to sell in a few years. Also VA has a long memory if you leave a deficiency.