Financing in Pennsauken>Question Details

Barbara Bata…, Both Buyer and Seller in Pennsauken, NJ

Is a VA mortgage more lenient with respect to credit scores?

Asked by Barbara Batavick,Broker Assoc, Pennsauken, NJ Thu Jul 7, 2011

I have a tenant who is a Navy veteran and has credit issues. He would like to purchase the home he is renting. Right now it's going to take at least a year to clear issues up. Does the VA have any programs?

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VA mortgages have no score requirement, but VA lenders score requirements are similar to FHA's (580 to 640 will be the typical required score with most lenders).

Also what is on the credit that is bringing the scores down plays an equally important role - someone with a 700 score but a foreclosure a year ago is less favorable than someone who has 600 scores but clean credit history for the past 24 months.
0 votes Thank Flag Link Thu Jul 7, 2011
There is no way around the lender's credit requirements. Have you contacted the Landlord to see if they would consider private financing?
0 votes Thank Flag Link Thu Jul 7, 2011
All Loans have Credit score requirements you need to sit down with a Financing Specialist and chat about what is available to you!
0 votes Thank Flag Link Thu Jul 7, 2011
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