Home Buying in 60617>Question Details

Skatergirl144, Home Buyer in 60617

my credit is 720 my fiance is 530 can we still get a home he is also a veteran who do we talk to?

Asked by Skatergirl144, 60617 Tue Dec 6, 2011

we want to own a home how long does it to pull his score up there are some things we need toi dispute on his credit.

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Robert Chomentowski’s answer
On any loan with 2 borrowers the lender will use the lower of the two borrowers credit scores. 530 is too low. What is bringing his score down? Many times there are things that can be done to quickly raise a credit score. It is possible to do the VA loan if we can his score up to 600. Alternatively, can you qualify on your own?
Web Reference: http://www.socalvaloans.com
0 votes Thank Flag Link Mon Mar 18, 2013
The short answer is: not together. The minimum fico score is 620 for any applicant. At that you would need to do FHA. I am a former lender.

If you have any additional questions, give me a call.

1 vote Thank Flag Link Tue Dec 6, 2011
Your fiance's credit is really bad. It takes time to pull up a bad score like that one. You might be better off qualifying on your own, although your income alone will also need to be sufficient to pay the mortgage. For specific advice, you will need to contact a mortgage professional. Call Quality Mortgage Lending at 630-470-6830 and ask for Mike Krakowski.
1 vote Thank Flag Link Tue Dec 6, 2011
Thanks for the question!

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...
Web Reference: http://www.tedkuhlmann.com
1 vote Thank Flag Link Tue Dec 6, 2011
yes..it will cost more but yes
0 votes Thank Flag Link Mon Mar 18, 2013
Minimum credit score for VA is 640. A good lender may be able to tell your fiance how to bring his score up. If you are in California, we have an excellent lender you can speak with. Call us at 818 705-1442.
0 votes Thank Flag Link Fri Mar 30, 2012
Check with a VA (Veteran) lender. They will know all the ins and outs and tell you want you need to do.
0 votes Thank Flag Link Fri Mar 30, 2012
My suggestion is to talk to a credit counselor, and put the home buy on hold for right now. Anyone who says they can get this done for you is not telling you the truth and is going to take money from you and not get you a loan.
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.
0 votes Thank Flag Link Fri Mar 30, 2012
You can’t get a VA loan together unless you are married. His score is too low for any type of traditional mortgage, be careful disputing any accurate information on his credit report just because it is negative in nature. Doing something like that in order to get a mortgage is fraud and he won’t need a home if he gets caught, the feds will provide one for free. See more info on the link below, I hope it keeps you from getting hurt financially, good luck,
0 votes Thank Flag Link Fri Mar 30, 2012
Depending on the lender that you use, your credit score can range anywhere between 620 and 640 for you to qualify to purchase FHA/VA. Many loan officers will assist buyers these days to raise their credit scores. To get your credit score up to 620 would probably take about 6 months (depending on how many judgements and past due accounts you have to deal with and how much money you have to work with).

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 laura@lauraslappey.com
Web Reference: http://LauraSlappey.com
0 votes Thank Flag Link Fri Mar 30, 2012
In addition to what every one else has mentioned as to credit, if you are going to buy with a VA loan you can only use the veteran's income, unless you are married. As you work on cleaning up your credit keep this in mind so you are prepared when it comes time to buy.
0 votes Thank Flag Link Mon Dec 12, 2011
Good Morning Skatergirl,

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.

Good Luck,

Nicholas S. Nelson (Mortgage Loan Officer)
NMLS #384413
1st Step Mortgage Group
815-289-0880 (Phone)
nickn@1stepmortgage.com (email)
0 votes Thank Flag Link Wed Dec 7, 2011
Don't dispute anything on your credit report. Doing so will give the appearance of a higher score since disputed accounts remove the points of a bad account from the scoring system. To buy a house, disputed accounts must be removed and this will lower the score.
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.
0 votes Thank Flag Link Tue Dec 6, 2011
You have a couple of options:

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.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Tue Dec 6, 2011
Talk to a lender. You can qualify on your own, but he will not be able to. VA loans require 640 credit score minimum. There are a lot of great VA programs that can save you a lot of money though. I would also talk to a credit correction person to try to get his score up. National Credit Care (Devin) is someone to call. You want to pay reasonable prices for these things. Check out my blog about what to look for in credit correction. It could take a few months 6-9 months to do this, depending on why his credit is this way. But if your income can get you what you want, you may consider just doing it this way, so you can take advantage of the wonderful interest rates now.
0 votes Thank Flag Link Tue Dec 6, 2011
There are a lot of programs for veterans. The question is why is his score low. A good mortgage banker will get you your answer. I can connect you with some if you need help.
0 votes Thank Flag Link Tue Dec 6, 2011
You can still purchase, your fiancé wont be on the loan but you can add him to the title. With a 720 score you would get an excellent loan and interest rate as long as you can prove your income.
0 votes Thank Flag Link Tue Dec 6, 2011
Sorry, can't be done.

He needs to be on everything and needs to improve his score by about 100 points.

Good luck working on the credit!

Web Reference: http://fredglick.com
0 votes Thank Flag Link Tue Dec 6, 2011
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
0 votes Thank Flag Link Tue Dec 6, 2011
First things first, connect with a good experienced lender who does VA loans, to discuss your exact situation
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
for you.

Edith YourRealtor4Life! and your Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients
0 votes Thank Flag Link Tue Dec 6, 2011
Its possible. I would speak to a few different lenders. I can refer you to some if you need one.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Tue Dec 6, 2011
Hello Skater Girl
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

Sam Sharp
Senior Vice President Of Mortgage Lending
Guaranteed Rate
0 votes Thank Flag Link Tue Dec 6, 2011
Yes, this is possible.
Some options:
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 michaelplating@inlanta.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.
0 votes Thank Flag Link Tue Dec 6, 2011
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