Home Buying in Menifee>Question Details

Dreamhome, Home Buyer in Menifee, CA

What is the best bank to go through for a VA or FHA Home Loan with a middle score of 588? Spouse has 650 middle score. Buying in Menifee, CA.

Asked by Dreamhome, Menifee, CA Sun Mar 4, 2012

Basically, what banks do not set a minimum score requirement? Factors bringing down my score are from a divorce in which I have documents (divorce decree, order of contempt to enforce decree, etc). Also, those factors were reported to the bureaus 6 yrs ago, so no late payments in the last two years. 1st time home buyer.

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A good credit score is an excellent starting point for anyone considering a VA loan. But what exactly is a good credit score? Does the VA have a credit score minimum?

If your credit isn’t too hot, don’t worry. Veterans United’s Lighthouse program is designed to help you improve your credit score — no strings attached. Get started on your place VA home loan Lenders & application today. You will get Best one.

Most VA lenders do use credit score benchmarks. Applicants with scores below a lender’s benchmark usually can’t be approved for VA financing. That minimum will vary from lender to lender, but most VA-approved lenders, including Veterans United Home Loans, are looking for a credit score of at least 620.


*VA Loans - Varies across lenders. 620 minimum for veterans United Home Loans.
*FHA Loans - Varies. 620 is most common Minimum.
*USDA Loans - Varies. Most USDA lenders lik to see a 660 minimum
*Conventional Loans - Varies. Anything less than 740 can bring on scrutiny and additional fees.

Contact a NASB VA Home Loan Consultant for more information -- https://www.nasb.com/l_mortgage_va_mortgage.htm And Quick Guide to The VA Loan Process http://vastreamlinemortgage.net/loan-process/
2 votes Thank Flag Link Fri May 1, 2015
VA HOME LOAN PROVIDER - EXPERIENCED & RESPONSIBLE
As a top VA home loan provider, NASB offers great rates on safe and affordable loan products, including FHA and VA home loans. We want to provide those who protect our country with the financial tools to help them build their own American dream. NASB is eager to help you determine if you are eligible for VA financing, and if you qualify, provide you with quick and hassle-free VA loan approval. We know most people want to purchase a home within their means rather than taking the largest mortgage a lender will allow, so during the loan process we provide you with all the information you need to determine the amount of financing you can most comfortably afford. And this is just part of the superior customer service experience you can expect from NASB.

http://www.bankofamerica.com

A VA APPROVED LENDER
Earning the privilege to lend to our brave men and women is an honor we take seriously here at North American Savings Bank. VA approved lenders adhere to the highest standards of financial practice and NASB works extra hard to ensure a comprehensive loan experience for military personnel.

http://valoanguidelines.org/funding-fees-pmi/
1 vote Thank Flag Link Fri May 15, 2015
Hello Dreamhome, I see this is an older post someone is answering but in case others are inquiring. Most VA lenders are going to have their own overlays that require a high fico score to qualify even if there are not any fico score requirements to qualify for a VA or CalVet home loan.

We have many banks we are approved with including a few that will fund a loan with lower fico scores even as low as 500 fico score VA or FHA. I am a Veteran and love assisting Veterans. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

It is good to have a great credit history for the last two years which is the most important timeframe. You will need to be pre-approved if you decide to buy to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.

You may qualify to buy FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt

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0 votes Thank Flag Link Fri May 1, 2015
BALDWIN Fundings Inc is equipped to conduct business in all states with HUD (United States Department of Housing and Urban Development / FHA federal housing authority).Additionally,Baldwin Fundings Inc is recognized as a (FHA Top 20 (2012-Q2) Residential Lender Ranked by Total Volume.kindly send an executive summary of funding you need to email: collins_baldwin@yahoo.com for more information and inquiry.I am obliged to serving your very best
interest. 
Best Regards
Baldwin
FHA financial officer
0 votes Thank Flag Link Fri Aug 29, 2014
There is no minimum credit score for a VA loan. I'm going through the same process. There are many advantages to getting a VA loan over an FHA loan. (100% financing and no PMI, which can save you hundreds every month.) As long as you have had no dekinquencies in the 12 months prior to the application, you should qualify. Ask your real estate agent to refer you to a local lender, and/or go through the local military affiliated credit union.
0 votes Thank Flag Link Fri Aug 29, 2014
Our VA program requires a minimum 620 score for Loan amounts less than or equal to $417,000
Our FHA program requires a minimum 620 score .

Note that a lot of negative information will disappear from your credit report after 7 years and consequently increase your scores
0 votes Thank Flag Link Wed Jul 16, 2014
Your scenario sounds like something we can do- call me 951-656-9335
0 votes Thank Flag Link Wed Jul 16, 2014
Going into the retail branches would only discourage you. Your best bet is to find and work with a loan broker who has experience with credit challenged borrowers.
0 votes Thank Flag Link Mon Jul 9, 2012
If you haven't already started the process, your credit is the place to start. Read my article about fast fixes in order to raise your credit score within 30 days. This certainly offer you more options. Here is an overview of what we can do:

1.) FHA- Requires a 3.5% Down Payment but coupled with a CHDAP you only need .50% Down. We can finance down to 560, rate is a little higher and the process more difficult but doable. At 640 your options will be many. Taking 30 days to work on your credit will have all the difference in the world.

2.) VA- We go down to 620. Easy loan

3.) USDA- We require a 640 credit score. $0 Down Payment, lowest monthly payment (other than VA), by far the best loan in the land if you are not a Vet.

4.) Conventional- As low as 3% 640 is where you really need to be. More difficult to qualify.
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Sat Mar 31, 2012
It will be difficult to get a VA or FHA loan with a 588 score. There will be a lot more documentation and scrutiny if the loan gets approved at all. I highly recommend working with a loan officer to review your credit and brainstorm on ways you might bump the score up quickly to at least 620 to get a better interest rate and better chance. Let me know if you would like me to review your credit.
Web Reference: http://www.socalvaloans.com
0 votes Thank Flag Link Sun Mar 4, 2012
"Best Bank" to go through for a VA or FHA Home Loan?

My suggestion is to a ocal mortgage company recommended by your Realtor!
0 votes Thank Flag Link Sun Mar 4, 2012
I would be happy to refer you to a good lender that can help answer any questions in regards to a home loan.

I also specialize in the Menifee area and would be happy to assist you.

My contact info:
Susana Franco
Real Estate First
951.591.2458 cell
susana.franco27@gmail.com
Web Reference: http://www.your951agent.com
0 votes Thank Flag Link Sun Mar 4, 2012
I've referred many clients to this gal, she's been amazing.

Pamela Witt
First Lending Solutions
pamelawitt@verizon.net
1858-518-1506

I specialize in the area, I'd be glad to help you out if you're looking for an agent who knows Menifee, give me a call or email me:

951-956-7059
diane@rancon.com

Good luck!
0 votes Thank Flag Link Sun Mar 4, 2012
Chris Burns at First Mortgage Corp... 951.656.9335 .
0 votes Thank Flag Link Sun Mar 4, 2012
Hi Dreamhome,
There are a lot of other particulars which will go into determining your eligibility. Feel free to contact me directly to set you up and see what options are available to you. I will be in Menifee next weekend showing property so I can definitely help you out.

Thanks!
Sinead McAllister
Broker
McAllister Homes Real Estate
858-205-5215
brokermcallister@gmail.com
0 votes Thank Flag Link Sun Mar 4, 2012
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