Best of Luck & Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
Saffirerebel, Dave Jackson & David Rider - you might all want to check out a lender by the name of First Mortgage Corporation. They are located here in California but also lend in Arizona. They have a VA loan program with no minimum FICO score requirement however they require no derogatory credit within the past 12 months & no open collections. Rates obviously aren't as good as with a 620+ credit score but it's definitely a good option to have in your arsenal. Good luck out there.
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
Underwriting will use the lowest middle score. A spouses high score will not be used to off set the other spouses low score. The low middle score will stand on it's own for underwriting purposes.
With a 604 score the only loan product I have is FHA and at that score it is highly restrictive as in additional requirements needed above a FHA loan for a client that has a 640 or higher score.
Loan Officer/Real Estate Asset Planner
Financing Solutions for Arizona Real Estate since 1993
American Financial Lending, Inc.
20860 N. Tatum Blvd, Suite 160
Phoenix, AZ 85050-4277
602 277-3800 w
602 631-9788 f
602 524-2401 c
602 912-9438 h
BK # 0910057 NMLS LO ID # 284875
Not enough information here to answer your question. Your mortgate lender can tell you after you fill out your preliminary application. You will have to show your sources of income if you are borrowing.
IF you need lenders, just ask .
Jeff Masich, Realtor, GRI, MBA
Contact me if you would life her contact info.
Ryan Buckley RealtorÂ®
Turning your Dream into an Address
Coldwell Banker Residential Brokerage
First, please let me say, "THANK YOU!" to your husband for his Service to our Nation!
Next: While VA Lending tends to be more "liberal" in guidelines for Veterans, that credit score seems to be the sticking point in your qualifying for a VA Guaranteed Mortgage Loans.
While your score appears to be acceptable for most VA Approved Lenders today, we all go by the LOWER scored Applicant; therefore your husband's score is preventing you from qualifying.
Here's what I suggest:
1. Spend a few minutes educating yourself about how to improve your husband's credit scores. I say this because clearly you're not getting proper guidance from the mortgage professionals you're encountering. Depending on the severity of the problems on your husband's credit report, you may be able to increase his scores in a reasonable amount of time.
Here are some links to the best internet resources I've found about Credit:
Federal Trade Commission advice on credit repair: http://www.consumer.ftc.gov/articles/0058-credit-repair-how-
MyFICO education about how credit scores are calculated:
Get your FREE annual credit report to correct errors:
Consumer Action, the BEST non-profit Consumer Advocacy group about Credit:
2. Identify a Local Mortgage Banker who is both experienced (at least 15 years) and Approved for VA Lending. Mortgage Bankers will provide a substantially higher quality of service than a regular bank. You can find Local Mortgage Bankers on the VA website: https://vip.vba.va.gov/SiteDown/siteDown.html
You can verify the License of your Loan Originator and her experience level on the NMLS Consumer Access website: http://www.nmlsconsumeraccess.org/
A great Mortgage Banker will insist on meeting you in person to perform the Prequalification. Even if you're not qualified, the experienced Mortgage Banker can guide you on the steps necessary to improve your husband's credit so you can become a Homeowner in the future.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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We have some great lenders that understand credit and can provide the tools to fix his credit.
Lets start now, some solutions are pretty fast.