I am the Purchase Manager at Cascade Mortgage here in Minneapolis. We have multiple lenders who can go down to a 580 credit score so we should be able to work with you on getting you a home! I have many recommendations for you of clients who were in similar places that we were able to help!
Please contact me at any number below.
Purchase Manager / Loan Officer
2801 Hennepin Ave S
Minneapolis, MN 55408
Yes there are lenders that will go under 620 and 640 I found them for her, but the UW becomes more strict and I found a lot of the time you paid another .5% on the loan. Just not worth it with you being so close.
The good news is my lender does use rapid re-score as Russ pointed out. I have no idea why every lender does not use this, but it saves a ton of time getting the scores up. Really takes the guess work out of it which I like. My lender also frequently does conditional approvals instead of just the desktop underwriting man lenders do. Basically, what it just means is she goes through the UW department with real people and makes sure you can qualify once the scores are up.
Just an added layer to make sure you get financed with no problems. Maybe besides the credit score you have lack of credit too, which could delay the buying. The only real way to know is start working with a good loan officer right away who handles a lot of buyers in your situation. As long as it is minor we are talking probably around June to get you going if that is something you desire. I just won't know until my LO gets his hands on you hahaha!
Certainly you can try doing this yourself, but honestly realtors do know where the best lenders are. I highly reccomend iLoans and my bud Charles Daily. What was really cool with my VA buyer Kristin is they actually covered the appraisal as a THANK YOU to her. It is like $400 which is not earth shattering, but I don't know anyone else that does it and a really good gesture I think. I also waive my admin fee for Vets as a thank you too which is $395. Basically freeeeee to work with me:)
I would not be surprised if Sheri finds her way on this thread either. I see her answering a lot of financing questions and would have no problem with you using her over at iLoans. Just hit my icon and contact me, and then I will forward you over to them.
You will be able to buy and very soon just make sure to get working on those scores NOW. Hope to hear from you in a little bit.
Did you already get approved?
Where are you looking to buy?
Send me an email if you need help.
Cheers to coffee,
Cody Anderson, MN Licensed Realtor
Metropolitan Home Team
I am a disabled Veteran and very familiar with how the VA works. I have a lot of friends that work for the VA. I also have been doing real estate for Veterans for some time. I know you have gotten a lot of great advice from realtors already. If you have any questions regarding your VA loan or real estate or your VA benefits give me a call or email. I have a true passion for Veterans, as I am one myself.
Thanks for serving our country.
Travis, I think you may have already spoken to Charles? You are in great hands.
And by the way, THANK YOU for your service.
The answer is "maybe". There may be an ability to raise your existing score and there may be extenuating circumstances. Call me at 952-929-2577 and let's discuss your circumstance. I have the ability as a broker to shop your loan among my investors NMLS #373115 http://www.Ventureloanapp.com as well as have a lender relationship at one of the large national banks who may be able to help.
Certified Military Housing Specialist
While it is possible to get a mortgage with a score of 610, you may not like the terms you get with that score. For VA loans we need a score of 620 or better. In fact, for most other loans a score over 640 would be helpful.
There are a number of lenders that use a product called Rapid Re-score, or something like it, to give you guidance on quickly upping your score to qualify. We can also help with referals to credit counselors/credit repair agencies if improving your score needs a longer term plan.