Home Buying in 98682>Question Details

Civil One, Home Buyer in 98682

When our offer on a house (through Freddie Mac) was accepted we had a FICA score in the early 700's. Our

Asked by Civil One, 98682 Fri Sep 19, 2008

closing date is October 20th. Things changed overnight with the governments new policies. We heard you now have to have a FICA score of at least 740 to qualify for a mortgage loan. Will they run another credit check on us before closing? Since we were pre-approved in August can the new mortgage stuff going on effect our VA loan?

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Answers

5
Lender answer (question actually):

Is your rate lockec?

There should be no impact on a VA loan.

The credit score issue relates to charges Fannie and Freddie add to lenders' interest rates. If you are below 740 on a conventional loan (not FHA/VA/RDA), Fannie will charge a higher rate (simplifying things greatly).
1 vote Thank Flag Link Fri Sep 19, 2008
you need to check with your lender to be sure. did you already get your mortgage committment. if so you should be ok, if not they will be able to tell you unless you dont wantto raise a flag with them.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 27, 2008
VA isnt credit score driven .. they go off your last 12 months credit history ... there is alot of factors that go into getting approved for a loan but if your debt to income ratio is good having a credit score over 700 you should easily qualify for a loan ..
0 votes Thank Flag Link Mon Oct 27, 2008
I have never known VA to use a credit score but I agree with Linda, things are changing every day. Check back with your lender because I doubt that you have to have a 740 to qualify for a VA loan.
Web Reference: http://www.RochelleGano.com
0 votes Thank Flag Link Fri Sep 26, 2008
Check with your lender. Things are changing quickly! Your lender should be happy to tell you if your loan is impacted.

Best wishes, Linda
0 votes Thank Flag Link Fri Sep 19, 2008
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