Home Buying in Franklin Park>Question Details

Falconsetter, Home Buyer in Franklin Park, IL

Help! Want to qualify for a VA loan with low fico scores!

Asked by Falconsetter, Franklin Park, IL Sun May 24, 2009

Hello, me and my wife are moving to the Chicago area soon, and would like to look at buying a $200K condo. My fico score is low (540) but my wife is upper 600, however I have the only income ($150K). I am eligible for a VA loan. What are my options?

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Vicky Chrisner’s answer
Work on raising your credit score. VA loans are among the most forgiving that are available today, but I don't know of anyone approving them with a 540 credit score. Start by getting a copy of your credit report and challenging everything that's bad. Credit repair takes time, so don't drag your feet.
1 vote Thank Flag Link Sun May 24, 2009

My name is Jake Johnson and I work with one of the largest nationwide bankers (not a broker) in the country. Our company will do VA loans down to 500 credit scores. My email is jjohnson@lendamerica.com.
0 votes Thank Flag Link Wed Jun 17, 2009
I have a lender with no minimum Fico score for VA loans. Please give me a call and I will get you their number.

David Cruickshank
Ardain Mortgage Corp
0 votes Thank Flag Link Wed May 27, 2009
You're going to need at least a 580 credit score in order to qualifed. Take a look at what's currently causing your score to be where they are and try to pay some of them off.
0 votes Thank Flag Link Sun May 24, 2009
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