Financing in 33709>Question Details

Robert Baerr…, Home Buyer in Pensacola, FL

I am a disabled american veteran. I have a 50% disability rating. I am also employed. My credit score is 582. Is it possible to get a VA. home loan.

Asked by Robert Baerresen, Pensacola, FL Tue Jan 19, 2010

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VA loans are not Credit Score driven, Robert. The requirements are much more lax than that of a traditional loan. If you want to speak with a VA specialilst, Visit us or give us a call.

Mortgage Loan Specialists
51 Horton Plaza
San Diego, CA 92101
Toll Free:(888) 237-9889
0 votes Thank Flag Link Thu May 20, 2010
I can't take you VA, but I can do it FHA with that score. VA requires a 620 score in most cases. Down payment would be 3.5%. Rate is slightly higher than normal (about 1%). Depending on the county you live in, there may be an assistance for the closing (down payment or closing costs). The lender is picky about the credit, so score may not take you to the finish line.
0 votes Thank Flag Link Wed Jan 20, 2010
Robert,

With a 580 the down payment would be steep at 20%, the good news I have software that reviews your credit report and can help you understand what you need to do to get to and past that magical 620 credit score so you can purchace with a VA 100% financing loan. Sometimes it is even just one or two items that are easly overcome and sometimes a little more complex. Also we are a VA Certified Lender we can get your COE and qualify you right on the VA website with very little effort and paperwork from you.

Please contact me thru Trulia, or you can apply online below.
0 votes Thank Flag Link Wed Jan 20, 2010
I suggest you speak with a VA drect lender. I've worked with Sarai, below, or contact a direct VA lender of your choice.

Sarai Pacada, VA Loan Specialist, iFreedom Direct
840 5th Avenue Suite 300, San Diego, CA 92101
Toll Free:(800) 396-7676 ext. 4630
Direct:(619)531-4630
Email: spacada@ifreedomdirect.com
0 votes Thank Flag Link Tue Jan 19, 2010
Hi Robert

For the majority of lenders today, you'll need a 620 or better credit score. Talk to a lender you trust thats experienced in credit restoration to determine what you will need to do to increase your score. Almost everything required you can do yourself, thereby avoiding the need and cost of a credit repair company.
0 votes Thank Flag Link Tue Jan 19, 2010
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