Financing in 52227>Question Details

Kdbehm, Home Buyer in 52227

Avg credit score 580, income currently 200K, nned to borrow 226500. Am vetran and first time home buyer.?

Asked by Kdbehm, 52227 Tue Jan 4, 2011

Currently serving in Afghanistan working as a government contractor. I am a W2 employee so not self employed. Have poor credit history in past and bankruptcy that was discharged 6.5 years ago. Have cleaned up credit and currently have no collection accounts. What option do I have. Most lenders I have spoken to want between 20 - 35% down. I am looking for something with 10% down or less.

0 votes Share Flag Financing in 52227

Help the community by answering this question:


You should use your cash to pay off collections and judgements if any show up.

You need to bring your credit score above 620 - and you have a shot at a VA mortgage with 0 down.

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, Virginia and District of Columbia
0 votes Thank Flag Link Wed Jan 5, 2011
I'm not a lender, but I work with lots of them. If your credit is 580, it sounds like you still have some work to do. A lender will be able to give you an idea of what needs to be done to get it back up. And with your income, you should be able to save $$ for a decent down payment in a relatively short amount of time (provided you don't have any other major debts, expenses to pay off). If bankruptcy was 6.5 years ago, you should be sitting well as far as that is concerned. I would be happy to refer you to some lenders who'd be happy to help.

Take care,

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0 votes Thank Flag Link Tue Jan 4, 2011
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