Lookin for a VA LOAN with Credit score of 628 $40-$45k no deragatory credit just inquires, with 12 months credit history and 12 month employment.

Asked by Richard Alexander, College Park, GA Sat Jun 23, 2012

Lookin for a VA LOAN with Credit score of 628 $40-$45k no deragatory credit just inquires, with 12 months credit history and 12 month employment.

Can this be done.... ayone know who can do this loan...

thanks

Richard Alexander 404-316-4925
richardalexander40@hotmail.com

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6
Joel Lobb, Mortgage Broker Or Lender, Louisville, KY
Sun Apr 7, 2013
Current score needed for most Va loans are 640
Web Reference:  Http://kentuckyvaloan.com
0 votes
Robert Robbi…, , Atlanta, GA
Sat Jun 23, 2012
before your 12 months work history were you still in the military? If so you may be able to do something. You should still try to get your credit scores up to 640.
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Sat Jun 23, 2012
Perhaps you can look into FHA loan based on what Rodney stated. It's $100 down if you buy a house from HUDpemco.com. You will have mortgage insurance, but it's better than renting. You may also qualify for GA Dream down payment assistance.

Our illustrious president pretty much killed our desire to do loans below 80k. With all the financial reform laws that he passed and doing away with our yield spread, there's no benefit in working a loan that will be this difficult to close. I don't mean to sound rude but if you were getting paid commission to do a loan that was going to take a lot of work to close, would you stop everything you're doing for $300 or spend more time on a $100,000 loan that pays $750?
0 votes
Thats great just need to find a mortgage company willing to do what you stated. Not sure what is rewuired for the FHA loan Hud with 628 score ..
THANKS
Flag Sat Jun 23, 2012
Donna Newman, Agent, Covington, GA
Sat Jun 23, 2012
You can call Johnny Dykes, he specializes in VA loans. He will be able to tell you if you meet the criteria. His number is 770-914-6680. Let me know if I can further assist you with the home buying process.
0 votes
Thanks for the information, will do that... Will contact him.
Flag Sat Jun 23, 2012
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sat Jun 23, 2012
No, all mortgage loans, including VA require a verifed 24 month employment history. All lenders have to follow these same guidelines. Only if you just graduated from college, do you not have to have the required 24 months. If there is only 12 months of credit history, that may very well also pose a problem.

Anything less than 24 months does not give the underwriting systme or the underwriter much stabilty to make a decision. The 24 month employment history does not necesarily have to be with the same employer, so long as you are not self employed or paid by 1099.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes
NOT true, Quicken will arite a loan for the 12 months history at 628 score but wants 5% down.....if the score is 640 they will do the loan with no money out of pocket THIS IS A VA LOAN, just talked to them....thanks
but there are a lot of lenders that I have talk to with different criteria.....
Flag Sat Jun 23, 2012
Donna Newman, Agent, Covington, GA
Sat Jun 23, 2012
You can call Johnny Dykes, he is a loan offier that specializes in VA Loan. His number is 770-914-6680. He can tell you if you meet the criteria. Let me know if I can further assist you with the home buying process. Thanks
0 votes
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