Home Buying in Pasadena>Question Details

Cheeseberger…, Home Buyer in Pasadena, CA

Hello, I qualify for a Va loan, but have horrible credit and have very little money for a down payment. Is there any hope for me purchasing a house?

Asked by Cheeseberger6776, Pasadena, CA Sat Oct 6, 2012

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VA mortgages don't require a down payment and permit the seller to pay all of your closing costs, so not having much money for a down payment isn't an issue on a VA loan. There are some out of pocket expenses when you make an offer though, the first would be the earnest money deposit which is usually around 1% of the sales price here in SoCal. The earnest money deposit is credited to you when you close on the home though, so eventually that money would come back to you. The next is a home inspection, which I strongly recommend you get unless the property you are buying is brand new/never been lived in. The home inspection will run you around $300-350 or so. On VA loans the appraisal is paid at closing/part of the closing costs, and the termite/pest inspection is required to be paid by any one other than you (meaning the seller or real estate agent usually have to pay for it) - so don't worry about needing to have upfront funds for those two items.

A 630 credit score isn't that bad though - it certainly isn't excellent but it's high enough to meet the minimum score requirements on most lenders VA loan programs (which are usually either 600 or 620). What is on your credit is equally as important as your credit scores though. The last 12 months of credit is closely looked at. Do you have a copy of your credit report history? Have you had any new collections/charge-offs or late payments within the past 12 months? Where did you get your credit score from, another mortgage lender or was it from an online website?

Shane Milne | Lending in all 50 states | NMLS #81195
2 votes Thank Flag Link Sat Oct 6, 2012
Hello Cheeseberger6776, I am also a Veteran and love helping fellow Veterans. I can qualify you with a few dozen questions in minutes. VA is not a fico score driven loan but I will know by looking at your complete credit profile if I can get you funded VA no down payment loan. I can qualify you on a VA loan where you will only need your earnest money deposit and appraisal cost which I can get refunded at closing.

I speciailize in Under 640 Fico Score Loans and offer credit repair at no cost to repair or raise fico scores to qualify for a home loan. I can determine what needs to be done in to obtain financing in minutes. If you have a copy of your credit reports I can advise you by analyzing the reports. I also offer CHF Access half percent down payment program with a minimum 580 fico score which can also contribute towards your closing costs as well. Here is a link for information on VA and a needs list to gather for processing a loan approval.

http://www.under640ficoscoreloans.com/Pages/VAHomeLoans.aspx

Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
Veteran and VA Loan Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Fri Nov 16, 2012
Check with NACA.com they have special mortgages to offset some of the porblems people of modest means often face. Your credit rating may not be a problem.
0 votes Thank Flag Link Wed Oct 24, 2012
Talk to several bankers and see what happens. They are the only ones that can help you.
0 votes Thank Flag Link Sun Oct 7, 2012
My credit score is 630... low because of a recent divorce.
0 votes Thank Flag Link Sat Oct 6, 2012
From my experience in discussing potential clients pre-qualification for a VA Loan, the credit score must be in an acceptable range.
0 votes Thank Flag Link Sat Oct 6, 2012
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