Financing in Peabody>Question Details

Searching, Home Buyer in Peabody, MA

credit score of 600 or lower make 60k a year can I be approve for a VA loan for 200k-220k?

Asked by Searching, Peabody, MA Mon Jun 1, 2009

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Danny’s answer
Being a Veteran myself (ETS 2005), when I was looking into purchasing an investment property in Frederick, Md I got pre-approved and approved with a 607 credit score for 378K (the purchase price of the home) My lender didn't put it max, just 378K. I was making 67K at the time...

Hope this helps. Hooah!
0 votes Thank Flag Link Wed Jun 17, 2009
Being a Veteran myself (ETS 2005), when I was looking into purchasing an investment property in Frederick, Md I got pre-approved and approved with a 607 credit score for 378K (the purchase price of the home) My lender didn't put it max, just 378K. I was making 67K at the time...

Hope this helps. Hooah!
0 votes Thank Flag Link Wed Jun 17, 2009
Are you currently working with a buyers agent? Most often they can answer most of your questions or direct you to professional that can. If you need help getting started contact me anytime.

Kelli Cassidy
978-979-2823
0 votes Thank Flag Link Tue Jun 9, 2009
thanks so much for the info contacted bank of america and was told min credit score is 550 and all collection must be paid off ,
0 votes Thank Flag Link Mon Jun 8, 2009
Absolutely. Your scores are just fine for VA approval. I just closed one last week with a 607 and we had no snags whatsoever. Your key is finding a lender without a minimum credit score requirement, like Bank of America Home Loans. Please feel free to contact me if you have any questions.

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes Thank Flag Link Tue Jun 2, 2009
There are originators out there doing loans in the mid 500's. Call Bob Capone from MSA mortgage at 978-479-8886. Won't cost you anything to get a professional opinion. And if that doesn't work, I have one more for you. contact me with any questions if you want.
Paul
Web Reference: http://www.lynnforsale.com
0 votes Thank Flag Link Tue Jun 2, 2009
You can get a VA loan with a 585 score on higher, so you should be OK. There are a lot of lenders that have imposed 620 min credit scores for FHA and VA, but there are still some that go below that.
Web Reference: http://socalvaloans.com
0 votes Thank Flag Link Mon Jun 1, 2009
For VA you would need a credit scored of 720. Lowest requirement would be 620 for an FHA with 3.5% down.
0 votes Thank Flag Link Mon Jun 1, 2009
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