By the way, Thank You For Your Service!
Eddie W. de Leon
Senior Loan Officer
Typically a credit score in the 500's is too low to get qualified for a loan. There are other things to look at of course like your income, your debt to income ratios and what is on your credit. The best thing to do would be to talk to a lender so they can take a look at your credit and advise on what you need to do in order to improve your credit and qualify for a loan.
If you don't already have a lender to speak with, I can always refer you to one.
Lyon Real Estate
We can get you set up with my VA specialist and get a game plan together on how to best increase your credit scores. Once you are Pre Approved we can start shopping!
And what source are you using for your fico scores? I ask since many people are subscribing to credit reporting services, but are provided non-fico credit scores, which can be lower than your actual fico scores...
And have you received your Certificate of Eligibility yet, confirming your eligible for 100% financing?
These are just a few of questions I review with my clients, and I've done many VA loans over the years so I'm very familiar with how this product functions...
Let me know if I can be a further resource for you, and please take some time to review some of my other responses so you can get a better feel for how I do business!
Best of luck to you, Jeff Marr
Correct budgeting would hold that your housing expense should be no more than 30% of your income, assuming you are balanced at about 40% (or less) of your income covering personal expenses. With the current interest rate of around 3.5-4%, then you can assume that you could afford to qualify. But you need to speak to a lender about how much you can afford depending on your other expenses.