Financing in 60081>Question Details

Emily, Home Buyer in 60081

My fiance is eligible for a VA loan. His credit is bad but mine is very good. I am a student though, so I have no income. Will we qualify?

Asked by Emily, 60081 Tue Oct 4, 2011

We are hoping to buy a house. We were hoping to close before the wedding, but from what I've been reading, a VA loan coborrower works best as a spouse. Do we need to wait until we are married? Will my high credit score help us even though I have no income? His income is more than sufficient enough to qualify for a much larger loan than we will need. His credit score is just really low.

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Emily,
I am a local agent and I can help you, if you still need some help. This is an older question and I wanted to check in to see if you got the help you were looking for. Just contact me if you do. Have a great day!
0 votes Thank Flag Link Mon Jul 7, 2014
I'm a retiried broker and all you need to do is both of you put your name on mortgaage. You will be the home care worker and he will have the credit.Put both together on loan. With him having bad credit you might start with a high interest rate but it will go down in time any question please email me. sbecky004@gmail.com becky
0 votes Thank Flag Link Wed Oct 23, 2013
Becky, your answer is nearly all incorrect.
Flag Wed Oct 23, 2013
Hi Emily, since his income is needed to qualify his credit will need to be good enough as well. You can be on the loan (you will need to be married or else a down payment would be required), and so your good credit can help, but it won't make the underwriter overlook your fiance's credit.

After there has been bad credit, VA requires there to be 12 months of re-established credit. So since it sounds like you know his scores/credit, when are the last negative items (late payments, collections, etc.) reporting and what positive credit does he have since then? What negative items are there? While VA doesn't have any score requirements, mortgage lenders are free to impose their own score requirements and many are looking for 620 scores. If there are owing collections & charge-offs, VA doesn't require those to be paid either, however again lenders can make their own more restrictive guidelines and so sometimes they may have to be paid depending on the lenders you are talking to.
0 votes Thank Flag Link Wed Oct 5, 2011
Emily you should really meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know what you should do to be able to get a mortgage in teh easiest way. Anyone else i sjust guessing without looking at your full financial picture

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…

Please see my blog for tips and advice on getting amortgage
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Oct 4, 2011
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