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Alvin
"Your mortgage specialist!"
- 8 Helpful Answers
- 45 Answers
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Sr. Mortgage Specalist for Cavalier Mortgage Group
May 2005—present
Financial Center Manager for BB&T
April 2000—April 2005
About:
I am a mortgage broker with Cavalier Mortgage Group. Whether you are a first time homebuyer or seasoned investor, let me offer you the best financing options
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Alvin answered:
Mrs Saunders,
I can understand your frustration as it seems like everyone was working with 580 credit scores as short as a year or two ago. Unfortunately, in today's market, the credit guidelines have tightened up, and all lenders are much more cautious (understandably). Although VA doesn't necessarily have minimum score requirement, most lenders do. We're a broker and out of the 15 or so lenders we use, most require a minimum credit score of 620-640. If you do find a lender working with a 580 score, you'll be paying a hefty premium (higher rate and/or costs) for it. Other questions to consider are - do you have a down payment available? If so how much? Purchase price/range you are seeking?
Your best bet would be to analyze your credit report to figure out why it is at 580, and to see what can be done to improve it in the next 2-6 months. You'll get a better rate, and save a huge amount in the long run. Let me know if you would like a further analysis.
Thanks!
I can understand your frustration as it seems like everyone was working with 580 credit scores as short as a year or two ago. Unfortunately, in today's market, the credit guidelines have tightened up, and all lenders are much more cautious (understandably). Although VA doesn't necessarily have minimum score requirement, most lenders do. We're a broker and out of the 15 or so lenders we use, most require a minimum credit score of 620-640. If you do find a lender working with a 580 score, you'll be paying a hefty premium (higher rate and/or costs) for it. Other questions to consider are - do you have a down payment available? If so how much? Purchase price/range you are seeking?
Your best bet would be to analyze your credit report to figure out why it is at 580, and to see what can be done to improve it in the next 2-6 months. You'll get a better rate, and save a huge amount in the long run. Let me know if you would like a further analysis.
Thanks!
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