Michelle, Home Buyer in Colorado Springs, CO

need a va loan but I have have bad credit and a low score of 550.. need to move soon... michelle from colorado

Asked by Michelle, Colorado Springs, CO Tue Mar 24, 2009

nothing seems to work. in contract and need to move soon.

michelle in colorado

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I work for a direct lender in the mortgage industry who offers conventional, FHA VA, and USDA loans in 47 states. For VA home loans it's NO down payment. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479. NMLS#902687
0 votes Thank Flag Link Sat Feb 20, 2016
Michelle,

If you are still looking, the lender we use can get a 550 score approved for VA. Give me a call at 719-470-0178 if you would like our help.
0 votes Thank Flag Link Thu Nov 12, 2015
We require 620 credit scores so we cannot help directly. I do know there are lenders that will do loans down to a 580 score. But the terms and down payment may be higher. It may be worth it for you to take the time to raise your score to 620 to get the best terms. I think you need to find an experienced lender, well reviewed, who earns your trust, and go through a pre-approval process to see exactly what you can do now with your current score, and then ask what they could do if your score was 620, and you can decide if you think its worth waiting. But a lot of times there are things on your credit report that got your score so low in the first place, like collections, judgments, liens, etc; that may have to be resolved with any lender, even one who will accept a score as low as yours. So waiting may end up being your best choice for several reasons. Please don't be in a rush to buy home, it's the worst mistake you can make. If you have a very low credit score you may have some serious credit issues, and buying a home may simply exacerbate a currently bad credit scenario. Good luck.
0 votes Thank Flag Link Tue May 12, 2015
Low credit scores happen to the best of us, but don't let that get you down. I love helping out fellow veterans. First off, thank you for your service!

My recommendation is to speak with an honest and competent lender. You would be surprised of how valuable these professionals are in not only securing a loan but in helping individuals build their credit scores.

One of the best is Clayton Porter with Eagle Home Mortgage. Here is a link to his Free app:

http://mtgpro.co/2hlz8

It will allow you to run scenarios based on you individual needs and situation. It also contains all of his contact information.

If you have any other questions or would like more information feel free to contact me.

Good Luck!

Rich Pinckney//Associate Broker
Realty ONE Group Premier//720.744.2670
Rich.pinckney@gmail.com / http://www.richpinckney.com
Explore your Market with a free app: Text ROGTRC8 to 87778
0 votes Thank Flag Link Tue May 12, 2015
You should talk to a lender who has VA experience. He/she will give you great tips on how to fix up your credit score and point you in the right direction.
0 votes Thank Flag Link Wed Jul 22, 2009
I know it may not help, but there are a lot of people with this same problem. A couple of years ago, people could get a loan with nothing down and even bad credit. We are all aware of what happen from that. The lenders have gone from that to how it is now. (Investors are even is worse shape.)
I suggest you just rent for awhile. Find a lender you feel comfortable with. Sit down and make a plan. And then do it. One small step leads to large movements. You can do it. (Realtors usually have lenders that they work with) (You can also ask some of your friends for names of lenders they liked)

I know this isn't what you want to hear, but it's where we are at this time in America.
Keep reaching for your goal of home ownership. It's like money in the bank. And it won't take as long, if you get started now.
Web Reference: http://www.GildaBaxter.com
0 votes Thank Flag Link Fri Jul 17, 2009
Hi Michelle :o)

I am sorry to hear about your situation and to be the bearer of disappointing news. Both VA and FHA financing will accept a FICO of no less than 620. Even conventional financing is much more challenging than it used to be, now a days usually requiring more than a 600 FICO.

Under normal circumstances there are things you can do to improve your credit score in as little as 6 to 12 months, however you stated that you need to move soon.

I have a lender I refer my clients to who may be able to advise you and has been extremely successful assisting credit challenged folks in repairing their credit and purchasing a home, however credit repair takes time.

Best Regards
Brian L. A. Wess
CRS, GRI, ABR, ASR, CSR, e-PRO
Realtor®, Broker Associate
Residential & Investment Specialist
Pat Newell & Associates, Inc - Metro Brokers
Colorado Springs, CO
Direct: 719-528-6672
Web: BrianWess.com
COLORADO REAL ESTATE...DONE RIGHT!â„¢
0 votes Thank Flag Link Wed Mar 25, 2009
Michelle,
So sorry to hear about your situtation. Many people are in the same boat. The good news is that bad credit can be repaired. I suggest you sit down with a reputable lender to discuss your situation and they can advise you on what items you need to take care of to clear up your credit in a timely manner to help get you moved as soon as possible. The lender I use is awesome in helping many buyers to clear up their credit and purchase a home. I am happy to give you my lenders name and just ask that you would let them know that I referred you. Once you have spoken with them then I will follow up with you to see how I can assist you in getting moved. Have a great day and God Bless.
Lender info:
David Duarte
Countrywide
719.231.0961
My Info:
Pamela Weatherford
Keller Williams Hope Realty
719.661.8672
719.749.2738
pamelashomes@dishmail.net
Soli Deo Gloria
0 votes Thank Flag Link Wed Mar 25, 2009
Hello Michelle,

Lots of our Buyer's were turned down by most lenders but ended up purchasing homes using Freedom Financial and down payment assistance programs. Let me know if you need some contact information.

Sandy
0 votes Thank Flag Link Wed Mar 25, 2009
Hello Michelle, A low credit score can not only keep you from purchasing a home, it can also severely limit your rental possibilities. There are many ways to improve your scores, but they all take some time. I work with a number of lenders who have helped people in your situation get back on track. Please give me a call and we can talk more about your situation. Barb 930-1323
0 votes Thank Flag Link Wed Mar 25, 2009
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