Financing in Atlanta>Question Details

Richard Alex…, Renter in College Park, GA

VA LOAN $45K with Credit score of 580 in Georgia

Asked by Richard Alexander, College Park, GA Fri Jun 22, 2012

Trying to find a VA loan for $40-45k with credit score 580, no deragatory credit just inquires, with 12 months credit history and 12 month employment.
Will wells fargo or anyone do this type of loan...

Thanks

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6
VA loans require 24 month work history in the same line of work. The VA doesn’t have a minimum credit score. However lender can make their own guidelines. Most lenders right now require a 640 credit score or higher. Our advice would be to maintain a consistent job history and make sure make payments on time for the next year and credit will not be an issue. The job history wouldn’t be an issue either.

Let us know if/when you want any lender referals ... or if you want us to help you find a GREAT deal.
0 votes Thank Flag Link Mon Jun 25, 2012
No, all mortgage loans, including VA require a verifed 24 month employment history. All lenders have to follow these same guidelines. If there is only 12 monhts of credit history, that may very well also pose a problem.

Anything less than 24 months does not give the underwriting systme or the underwriter much stabilty to make a decision. The 24 month employment history does not necesarily have to be with the same employer, so long as you are not self employed or paid by 1099.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Sat Jun 23, 2012
Lookin for a VA LOAN with Credit score of 628 $40-$45k no deragatory credit just inquires, with 12 months credit history and 12 month employment.

Can this be done.... ayone know who can do this loan...

thanks

Richard Alexander 404-316-4925
richardalexander40@hotmail.com
0 votes Thank Flag Link Sat Jun 23, 2012
Hi Richard,
The typical industry minimum credit score for a VA mortgage is 640+. It has been that for at least 3-4 years now. Generally 620-639 would only be done by exception with a very strong file. I really doubt you would even get an automated underwriting approval with a credit of
0 votes Thank Flag Link Fri Jun 22, 2012
Very simple. NO. Pay cash.
0 votes Thank Flag Link Fri Jun 22, 2012
usually inquiries would not affect your score that much, you should start by meeting with a local and trusted loan officer from a bank or mortgae company that does VA loans. they can prequailify you at no cost looking at all your financials and review your score. good luck
0 votes Thank Flag Link Fri Jun 22, 2012
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