Your best bet is to speak to a credible Mortgage Broker to get the answers. I can give you advice, but that is like getting Plumbing advice from an electrician. :)
I work with two gentlemen that I refer all my clients to, so feel free to contact me if you would like their information.
Have a great one...
You need to get your finance's FICO score up and show he can be responsible in handling his finances, and not just for buying a house.
Many people have had their credit crushed in the past few years, but there is nothing more important to you and your future together than getting that score up and keeping it up.
If you don't do this, it will continue to restrict how you live and what you can accomplish financially.
It will also inevitably hurt your credit, too.
Housing prices will be in this range for awhile, so you have time to get his credit repaired and have take advantage of some excellent opportunities down the road, but you have to do the right things now.
You won't be able to use your fiance's VA benefits with him because you are not married.
If your income is sufficient, you can purchase on your own. There are several Down Payment Assistance Programs available to first time homebuyers that will help you with your down payment.
If you would like more information regarding these programs, and/or would like to find out how much you can qualify to purchase, please contact me at firstname.lastname@example.org
A mortgage lender is going to pull all three credit bureaus and use the middle score to qualify. Are the 720 & 530 scores the middle scores for both of you? If so then your options are:
1) Qualifying in your name only. You would need to be able to support the mortgage payment including P&I, taxes, homeowners insurance, & association dues (if a condo) plus any other debt on credit bureau.
2) Repair your fiancee's credit. This is something I can help you with.
If you would like more information and direction, don't hesitate to contact me.
Nicholas S. Nelson (Mortgage Loan Officer)
1st Step Mortgage Group
Don't pay anything off yet until you talk to someone qualified to coach you on what to and what not to pay off. Paying off the wrong card may result in lowering the scores.
Don't open anything new. Opening an account may result in lower scores especially if you open the wrong kind of account.
Depending on your credit file and income, he may not need to be on the loan. He may still be on title if your state allows it (some states don't allow non-married people on title together).
The VA loan may have to wait if you want to buy now. It can take up to a year to fix credit. It's not so much the bad credit as it is the lack of good credit.
He may need to open new accounts (if he doesn't have any) and wait a year.
A good credit management company should be able to dispute on his behalf and get those accounts removed. Again, you should not dispute if the loan is in your name only. If you need more info, let me know.
Dispute his credit and clear it up over time and hopefully within 4-6 months it will have risen enough so you both qualify together
If your income is enough qualify for the loan based on your credit/income/assets etc and buy it yourself. You can always add him to the title even though he is not on the loan.
In the meantime work on your credit as well and if possible try to get it above the 740-750 range which could allow you to obtain even better terms on the future loan.
You need to talk to a real estate broker who is a VA broker experienced in VA Loans and transactions. I am experienced in putting together transactions for buyer's who are using their VA loan benefits.. I have a couple of mortgage brokers who specialize in getting buyer's their VA certificate.
Since your husband is a veteran he could use his VA loan benefits. Of course he had to be honorable discharged. One of my experienced mortgage broker would help him to get his VA Certificate. You do not have to be a veteran to finance using FHA... a lot of real estate brokers who are not experience with both VA and FHA loans; can easily get the benefits mixed up.
I would be more than happy to help assist you with buying your home. I am a real estate broker with over 20 years of experience; specializing with first time buyers with a ABR designation Accredit Buyers Respresentative. Please f eel free to contact me directly.
Gail A. Kipp
and get all the necessary information and recommendations.... Then you can connect with an area Realtor to
assist you with finding the right property at the right price and in the right location for you.
But clear up the financing first. If you need any lender recommendations contact us and we can provide some
Edith YourRealtor4Life! and your Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients
Although VA has no minimum credit score requirements there are not any investors avaialble that will lend on a transaction with a credit score beow 600
Have you looked to see if you can qualify without your Fiance's assistance? If that is not an ption then I would recommend looking into reparing his credit
Should yo uhave any further questions please feel free to contact me directly
Senior Vice President Of Mortgage Lending
1. you are the only one on the loan
2. your finance was honorably discharged and has the entitlement amount for a VA loan.
3. if the 530 is his lowest score, and you both are needed for income on the loan, FHA is an option.
Talk to Michael Plating, Inlanta Mortgage (630) 842-3328 email@example.com
Great guy, knows this part of the mortgage market, and is as close to a miracle worker as I know in the residential lending world.
If it can be done, he will do it.