Question Details

Brian, Both Buyer and Seller in Horsham, PA

Low Credit score, high HH income, VA loan eligibilty, can I get a loan?

Asked by Brian, Horsham, PA Wed Sep 9, 2009

It looks like I will be relocated through my company to the Orange county NY area. This will be a promotion with a raise that will come with it, our gross household income will be around $180k.
Our houes is appraised at about $275k, with about $210k still left on the mortgage. My company will guarantee the selling price and give me an advance to buy a home, but our credit scores both are around 590.
I am veteran and have never exercised my VA loan eligibility.
Can anyone give me the odds of me getting a mortgage? And possible rate? It looks like I will be relocated through my company to the Orange county NY area. This will be a promotion with a raise that will come with it, our gross household income will be around $180k.
Our houes is appraised at about $275k, with about $210k still left on the mortgage. My company will guarantee the selling price and give me an advance to buy a home, but our credit scores both are around 590.
I am veteran and have never exercised my VA loan

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Answers

3
In Colorado we can do loans down to a 600 credit score. Try Continential Credit to get started on repairing your score. Talk to Sebastien Guite at 303-339-7056. Prices are afordable at CC. I do not do loans in NY but if you want I can refer you to a company I know does lower credit scores. Just send me a request by email at jacobh@jacobdenver.com
Web Reference: http://www.jacobhaddan.com
0 votes Thank Flag Link Wed Sep 9, 2009
Brian, you need a 620 for VA. Try finding a credit repair clinic, and get your score up some. Remember the VA will allow some exceptions if you have documented reason for being delinquent. IE in hospital, etc.

Good Luck!
0 votes Thank Flag Link Wed Sep 9, 2009
Its very hard even with VA to get a loan under 620. With the VA it comes to why is your credit score 590, if its because you just didnt or could pay your bills you will be out of luck. If you have a legitimate documeted reason, health is usually the best reason, you have a fighting chance.
0 votes Thank Flag Link Wed Sep 9, 2009
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