Deirdre Wort…, Home Buyer in Atlanta, GA

My husband is a veteran but our credit score is 520-600..Can we still qualify for a home loan or anything? and how?

Asked by Deirdre Worthem, Atlanta, GA Mon Jun 11, 2012

Help the community by answering this question:


You may not be able to get a home through governmental programs, but could qualify in two ways for home with owner financing or lease purchase programs that actually help you build your credit while you have the house "tied up".

Normally, in lieu of a good credit score, these "private" programs are available to people that have cash to put towards the eventual payment.

For example, I have a home in Stone Mountain on which I would do a lease purchase. You would have up to three years to purchase the home .. the amount of monthly "rent" varies with the amount of money down, or the option price.

You rebuild your credit every month by paying your rent, and your option price goes toward the down payment when you are ready to purchase the home. The amount of cash required is between $ 3500 and $ 5000. The purchase price on this 3 bedroom 2 bath totally remodeled house is $ 49000.

For more information, call 770-823-1896 or email .. Thanks ... Joe
0 votes Thank Flag Link Fri Jun 29, 2012
Hi Dee
Try Veterans United at I have worked with them and they are great. They have programs for you that your husband has earned through his service to our country.

Best of Luck and thank you to your husband for his service
Barbara Carter
0 votes Thank Flag Link Fri Jun 15, 2012
The typical minimum credit score for a VA mortgage is 640+. Financing for score of 620-639 is generally only done on an exception basis. With credit scores as low as you have, you need to spend the next several months working in your credit.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Fri Jun 15, 2012
Hi Dee,
The best option for those with low scores to qualify for a loan is to have an in depth consultation to determine the items that are the most detrimental to your scores and to develop an action plan to resolve those items. Then to learn how to maintain good credit credit history with education and counseling. Refer to the link below for more information on how I can help you with that.
0 votes Thank Flag Link Tue Jun 12, 2012
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