I have seen buyer's get mortgages with your credit score so I think you have a good shot; especially if you have paid your previous mortgage on time and there are no real BAD hiccups on your credit report. VA would be the way to go in order to get the better rate, as conventional mortgage will be much higher with a low score. I can't speculate on the interest rate, as its not my field of expertise. However, you should have it pretty smooth. As an Orange Cty NY realtor who has done many transferees to our area, I believe you will have a smoother road than you think. You describe a good relocation package. I strongly suggest you contact your relocation counselor. They most probably have a mortgage company/bank that they work exclusively and will require you to work withthem in order to qualify for your relocation package benefits. It is a win/win situation for you. Get a mortgage pre-qualification letter from the lender for your purchase here. It will answer all your questions that you have. If they do not have a lender you are required to work with, please feel free to email me at laura.muscente@randrealty.com and I will be happy to recommend several local ones for you to choose from. Good luck!

Hi Brian

Even with VA financing, both you credit score and history will play a major part in determining your eligbility. Lenders requirement differ in this regards as well. Most now require a 660 or better. Some (like us) require a 620. A few other may still go lower, but, again, your credit history will still be a major factor and may see you getting a higher interest and paying additonal pts. Depending on your complete credit profile and based on today rates, you would be looking at a minmum rate of 5.75% without pts. 5.25 with 2 pts. Given your circumstances, this may be a "grin-and-bear-it situation since the move is facilitating your ability to significantly increase your income position. Also, by being in a VA mortgage, you'll be able to due whats called a IRR (Interest Rate Reduction) 6 months later if interest rates are low enough at that time. Furthermore, if you close before November 30th, with the 8000 Federal Tax Credit, you'll be eligible to recoup up to 8,000 of your closing costs and have it refunded back to you along with the rest of your 09 tax refund. Hope this helps.

I would speak to someone about the VA process. I'm pretty sure your credit score won't mean that much with a VA loan. Good luck.