Does anyone know of ANY bank in MI. that would finance a VA loan with a mid credit score of 615?

Asked by mtodd416, White Lake, MI Mon Mar 18, 2013

We have a house that we put in a bid for and they accepted the offer. We need a VA loan for $100,000.00. My husband is a 12 yr. veteran of the Marine Corp and is also a disabled veteran and employed. We need a bank ASAP. But they have to be willing to accept a mid credit score of 615. We are doing what we can to raise it but it takes time, time we don't have. Can anyone please help? email is mtodd416@hotmail.com. Contact us ASAP please. Mike and Janine Todd

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galina196773, , Livonia, MI
Tue Aug 5, 2014
Hello Mike!
I can help you, please call me 248-722-3528 cell . I have bank , who offering VA loan with credit score as low as 550.

Galina Tatulyan
Security Mortgage Corp
Loan Officer , NMLS 314010
0 votes
William Asper, Agent, Birmingham, MI
Sat Jul 27, 2013
No bank will give you a loan with that credit score. I work with banks very much. The lowest I've seen is a 660-680. However, if you own the home you are living in now, I would try to apply for an equity loan from the bank. That's really your only option. You do have one other option, but it would be hard to find someone. You could try to find an investor (a cash buyer) who could buy it for you and do a land contract with him. A land contract is basically doing a loan from the owner himself/herself. BUT, if you are late on a payment (just 1 even) he can take the house back and everything you paid is still his/hers. If you do this route, you will want the agreement to say that, for example, "If a payment from the buyer is late, a one month grace period will be honored." Since, you don't want to lose your house or all the money you put into it.... You might be able to find one, but I would try the equity loan first. The fact that you put a bid in and it was accepted....bad move. If you signed a document and cannot close by the date agreed upon, the seller can actually sue you for that, usually it just means you lose your earnest deposit money. If you used an agent, he could, legally, sue you too for the commission he/she lost. You need to have everything figured out first before you start placing bids and signing agreements. Even if you do get an equity loan, it takes time to process. If you don't have that time, sorry. You should have had everything figured out beforehand. Otherwise, you could end up being sued (or lose your earnest deposit money) and have even less money than you started with.
0 votes
Aaron! If you need mortgage for borrower with credit score below 580, I am your mortgage agent. I specialize in lower credit score for VA and FHA loan
I can go as low as 560 FHA and 550 for VA. Let me know if you need more info, contact me
galina@securitymortgage1.com
or call me 248 722-3528 cell
Galina Tatulyan
Flag Tue Aug 5, 2014
A. Edwards, Mortgage Broker Or Lender, Bingham Farms, MI
Thu Mar 21, 2013
I am not aware of a lender than can work with 615 credit score. However often times credit scores can be raised very easily and I have the ability to work with a borrowers credit, getting higher scores in 5-7 days.
0 votes
Tim Miller, Agent, Commerce TWP, MI
Mon Mar 18, 2013
I know a great mortgage guy. Unsure if he can get you that loan, but if anyone can, it's him. His name is Steve Stork from Summit Funding 248-755-3701. Hope that helps.
0 votes
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