Home Buying in Victorville>Question Details

dannidiva2002, Renter in Upland, CA

Is it better for my husband and I to use his VA to purchase a home even though we have poor credit or would it be better to buy a HUD home?

Asked by dannidiva2002, Upland, CA Mon Aug 20, 2012

We live in Upland and are looking for a home in the Victorville area.

Help the community by answering this question:


VA has no absolute lowest credit score allowable.
These loans are taken on a case by case basis and whether or not they pass the residual income test.
You would be much better off with the VA. It is a better product and you will, most likely, be better qualified for it. cg
2 votes Thank Flag Link Mon Aug 20, 2012

Obtaining a VA home loan is almost always easier and more affordable than an FHA insured mortgage. VA home loans have more lenient underwriting guidelines, NO DOWN PAYMENT requirement, and NO MORTGAGE INSURANCE. Under most conditions, you'll just have to put $500 into escrow as an earnest money deposit, and sometimes $500 to your lender for a credit report and appraisal fee. Both of these can be refunded to you at the close of escrow! Then, simply start making your monthly payment 4 to 6 weeks after you move in!

A HUD home is a house that is being sold by the US department of Housing and Urban Development. You can purchase a HUD home using a VA home mortgage!

If you have any further questions, please contact me directly -

Bo Goulet, cdpe
Certified Distressed Property Expert
DRE #01854568
Shear Realty-Spring Valley Lake
12170 Spring Valley Pkwy.
Victorville, CA 92395
Mobile: (760) 713-6137
1 vote Thank Flag Link Mon Aug 20, 2012
Hi Dannidiva,

VA is hands down the best mortgage available right now so that's what I'd recommend. If you buy a HUD home you'll need an FHA mortgage and the credit requirements are pretty much the same for VA & FHA. The big difference besides the down payment requirements is the monthly mortgage insurance on an FHA mortgage will add $10.41 for every $10,000 you borrow. For example: an FHA loan of $200,000 will have monthly mortgage insurance of $208.33 so a VA loan of the same amount would save you over $200 per month.

Please feel free to contact me for more information or help. You can also find more info on my VA mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
ENG Lending
1 vote Thank Flag Link Mon Aug 20, 2012
I am a HUD approved Broker and have keys to all the HUD homes. Let's get you approved to buy with a few minutes over the phone.

Sheryl Arndt, Broker – Loan Officer
DRE# 01440252
NMLS# 297251
0 votes Thank Flag Link Tue Oct 9, 2012
Yes, it is better to go VA as they are more acceptable of any credit issues. How many bedrooms, baths, one or two story, large or small lot, newer or older? Go to http://www.FrankandSheryl.com and check out the listings. Here are all listings for Victorville up to $500k. Cut and paste this link for 129 listings in Victorville under $500k http://vvmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Victorv…
We used to have our own office HomePride Realty in Upland 6-7 years ago.
Give us a call to qualify you in just a few minutes of your time. You will need to gather together, one month paystubs, two month bank statements, last two year tax returns including all schedules, copies of your drivers license and social security cards. We can get you approved for VA No-No or half percent down purchase loan, whichever pencils out the best that you pick.

Sheryl Arndt, Broker
DRE# 01440252
NMLS# 297251
0 votes Thank Flag Link Sat Sep 8, 2012
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