Is it better for my husband and I to use his VA to purchase a home even though we have poor credit or would it be better to buy a HUD home?

Asked by Danielle Whitman, Upland, CA Mon Aug 20, 2012

We live in Upland and are looking for a home in the Victorville area.

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Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Mon Aug 20, 2012
VA has no absolute lowest credit score allowable.
These loans are taken on a case by case basis and whether or not they pass the residual income test.
You would be much better off with the VA. It is a better product and you will, most likely, be better qualified for it. cg
2 votes
Bo Goulet, b…, Agent, Spring Valley Lake, CA
Mon Aug 20, 2012

Obtaining a VA home loan is almost always easier and more affordable than an FHA insured mortgage. VA home loans have more lenient underwriting guidelines, NO DOWN PAYMENT requirement, and NO MORTGAGE INSURANCE. Under most conditions, you'll just have to put $500 into escrow as an earnest money deposit, and sometimes $500 to your lender for a credit report and appraisal fee. Both of these can be refunded to you at the close of escrow! Then, simply start making your monthly payment 4 to 6 weeks after you move in!

A HUD home is a house that is being sold by the US department of Housing and Urban Development. You can purchase a HUD home using a VA home mortgage!

If you have any further questions, please contact me directly -

Bo Goulet, cdpe
Certified Distressed Property Expert
DRE #01854568
Shear Realty-Spring Valley Lake
12170 Spring Valley Pkwy.
Victorville, CA 92395
Mobile: (760) 713-6137
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