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Cornville : Real Estate Advice

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Activity 3
Fri Sep 26, 2014
answered:
Hi Abiegailmcgovern,

Thank you & your husband for your service/sacrifice.

Most lenders require a 620 middle score for VA mortgages BUT I can go down to a 600.

As far as whether or not it will be easier to get approved for a VA mortgage while your husband is still in, it depends.

One good thing is the VA mortgage program will allow your husband to buy in Maine with just you and your kids occupying the home there while he stays here in Texas. The question here is are you guys ok with the separation?

Here are a couple of other things to think about.

If your husband is paying rent here it will be counted against his debt to income ratios which would reduce the amount of mortgage that you'll qualify for in Maine. The other thing to think about is what your husband is going to do once he get's out. Is he retiring or will he need to find a new job? If he needs to find a new job, how confident are you that he'll be able to find one quickly?

One the other hand, if you wait until your husband gets out and you want to buying using his VA entitlement it can be little more difficult because of the way the VA income guidelines are setup.
I can go over this in more detail if you contact me.


Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
(877)228-9069
NMLS# 787231
http://www.trulia.com/profile/john-burke-mortgage-broker-or-lender-austin-tx-993995/reviews
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Tue Jul 26, 2011
Sdf asked:
I am married but want the mortgage in my name only if possible. Currently have a mid creditscore of 590 as of May 2011 Trying to find lender to work with me and instruct me on what to pay…
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Sun Jul 3, 2011
Margaret Mitchell answered:
Hi William - As you see, it is very difficult to get a loan with a score below 620. Many lenders work with credit repair companies to fix credit issues, which raises the score, and then write the loan. You have to be very careful because many credit repair companies are scams. A reputable mortgage lender or broker will work with a reputable credit repair company.
If you want the name of a mortgage broker, who specializes in credit repair, email me and I will send you their contact info.
Regards,
Margaret Mitchell
Coldwell Banker Yorke Realty
529 US Route 1, Suite 101
York, ME 03909
EMail: Margaret@MargaretMitchellRE.com
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